Wyndham Hotels: U.S. RevPAR Has To Recover For The Stock To Have Upside

Core Viewpoint - The demand outlook for Wyndham Hotels & Resorts has become less attractive, leading to a downgrade in rating to hold [1] Group 1: Investment Philosophy - The company adopts a fundamentals-based approach to value investing, focusing on long-term durability and affordability rather than just low multiples [1] - There is a belief that successful companies can be risky investments if overvalued, emphasizing the importance of valuation [1] - The company is particularly interested in firms with steady long-term growth, no cyclicality, and strong balance sheets [1] Group 2: Market Conditions - The current market conditions suggest that the development runway for certain companies may diminish the immediate importance of price [1]