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Wyndham Hotels & Resorts Inc Ordinary Shares WH

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Wyndham Continues to Lead the Global Travel Rebound; More Demand Recovery Expected in 2022

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

Wyndham’s leisure, drive-to-based portfolio continued to lead the global travel recovery in the third quarter, with total revenue per available room reaching 98% of 2019 levels, ahead of our 92% estimate, and an improvement from last quarter’s 84%. U.S. and international revPAR increased to 107% and 75% of 2019 levels, respectively, up from 95% and 56% in the three months prior. Wyndham expects demand to sustain in the fourth quarter and now sees its 2021 revPAR growth at 43% versus 40% prior and compared with our forecast of 41%.

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Company Profile

Business Description

As of Sept. 30, 2021, Wyndham Hotels & Resorts operates 803,000 rooms across 22 brands in the economy (around 51% of total U.S. rooms) and midscale (45%) segments. Super 8 is the largest brand, representing around 30% of all hotels, with Days Inn (18%) and La Quinta (10%) the next two largest brands. During the past several years, the company has expanded its extended stay/lifestyle brands (2% of total properties), which appeal to travelers seeking to experience the local culture of a given location. The United States represents 61% of total rooms. The company closed its La Quinta acquisition in the second quarter of 2018, adding around 90,000 rooms at the time the deal closed.

22 Sylvan Way
Parsippany, NJ, 07054
T +1 973 753-6000
Sector Consumer Cyclical
Industry Lodging
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 9,000