Core Insights - Wyndham Hotels & Resorts has appointed Alexandra A. Jung to its Board of Directors, expanding the board to 9 directors, with 7 being independent [1][5] - Ms. Jung brings over 25 years of experience in investment management across various sectors, which will aid Wyndham in its growth strategy [2][4] - The company operates approximately 8,300 hotels in around 100 countries, making it the largest hotel franchisor globally [5] Company Overview - Wyndham Hotels & Resorts is the world's largest hotel franchising company, with a portfolio of 25 hotel brands [5] - The company has a significant presence in the economy and midscale segments, with over 855,000 rooms available [5] - Wyndham Rewards loyalty program has approximately 121 million enrolled members, allowing them to redeem points at various properties [5] Board Composition - The board now consists of 9 directors, including Stephen P. Holmes as Chairman and Geoffrey A. Ballotti as CEO [6] - Other notable board members include former executives from various industries, enhancing the board's diverse expertise [6] Ms. Jung's Background - Ms. Jung has held significant roles in investment management, including Partner & Head of European Investments at Oak Hill Advisors and positions at Goldman Sachs [3][4] - She is also a supporter of women in leadership and was a founding board member of the Women's Business Collaborative [4]

Core Points - Wyndham Rewards is offering a complimentary one-level status upgrade for its members during the holiday season, enhancing travel experiences with additional perks [1][2][3] - The promotion is available until December 31, allowing members to request their upgrade through WyndhamRewards.com/Upgrade [3][10] - The upgrade allows all members to enjoy at least Gold level membership, which includes benefits such as early check-in, late checkout, and preferred room selection [5][11] Membership Levels - **Blue Level**: Automatically unlocked upon enrollment, offering 1,000 points per qualified stay, free Wi-Fi, and rollover nights [6] - **Gold Level**: Achieved after five qualifying nights, providing all Blue benefits plus late checkout and a dedicated member services line, with 10% more points earned [6] - **Platinum Level**: Requires 15 qualifying nights, includes early check-in and free car rental upgrades, with 15% more points earned [7] - **Diamond Level**: Requires 40 qualifying nights, offers suite upgrades and a welcome amenity, with 20% more points earned [8] Promotional Details - The holiday upgrade is available to all Blue, Gold, and Platinum members globally, and new members can join for free to claim the upgrade [10] - Upgraded perks take effect immediately, except for Caesars Rewards status match benefits, and members who upgrade are not eligible for the 5x points promotion [11] - Wyndham Rewards is recognized as the 1 hotel rewards program, with approximately 121 million members globally [13]

Core Points - Wyndham Hotels & Resorts announced the departure of Michele Allen, the Chief Financial Officer, who will pursue a new career opportunity outside the hotel industry. Kurt Albert has been appointed as the Interim Chief Financial Officer [1][2] - The company will conduct a comprehensive search for a permanent CFO, considering both internal and external candidates. Michele Allen will assist in an advisory role until the end of 2025 to ensure a smooth transition [1][2] - Wyndham has reaffirmed its full-year 2025 outlook as provided in its third-quarter earnings materials released on October 22, 2025 [3] Company Overview - Wyndham Hotels & Resorts is the world's largest hotel franchising company, with approximately 8,300 hotels across around 100 countries on six continents. The company operates a portfolio of 25 hotel brands and has over 855,000 rooms [4] - Wyndham Rewards, the company's loyalty program, has approximately 121 million enrolled members, allowing them to redeem points at various hotels and vacation rentals globally [4]

Core Points - Days Inns - Canada has renewed its partnership with Curling Canada for the 2026 season, continuing its role as an Official Partner [1][2] - The partnership will include Days Inns' presence at major curling events such as the 2026 Scotties Tournament of Hearts and the 2026 BKT World Women's Championship [2][3] - Days Inns - Canada will engage with curling fans through on-site activations and promotional offers, enhancing the experience for attendees [3][4] Company Overview - Days Inns - Canada operates over 105 properties and more than 8,515 rooms across the country, offering a range of amenities including free Wi-Fi and breakfast [5][6] - The company is part of Realstar Hospitality and is affiliated with Wyndham Hotels & Resorts, which is the largest hotel franchising company globally [6] Industry Context - Curling Canada is the governing body for curling in Canada, responsible for promoting and organizing the sport at various levels, from youth to seniors [7] - The partnership with Days Inns - Canada aims to provide savings and enhance the experience for curling fans, demonstrating the value of corporate sponsorship in sports [4][7]

Financial Data and Key Metrics Changes - The company reported a 21% increase in room openings and signed 24% more deals in the quarter, with a global pipeline growing by 4% to 257,000 rooms [5][6] - Adjusted EBITDA for the third quarter was $213 million, with fee-related and other revenues declining 3% year over year [16][17] - Adjusted diluted EPS for the quarter was $1.46, up 1% on a comparable basis [17] - Adjusted free cash flow was $97 million in the third quarter and $265 million year to date, with a conversion rate from adjusted EBITDA of 48% [18] Business Line Data and Key Metrics Changes - Ancillary fee streams increased by 18%, contributing to the overall revenue despite a decline in other franchise fees [5][11] - The company introduced Dazzler Select by Wyndham, expanding its brand offerings in the economy lifestyle space [7] Market Data and Key Metrics Changes - RevPAR declined 5% in constant currency globally and domestically, with a notable decline in the select service segments in the U.S. [10] - Internationally, RevPAR declined 2%, primarily driven by an 8% decline in Asia-Pacific, particularly in China [10] - EMEA grew its net rooms by 8%, while Latin America and the Caribbean grew net rooms by 4% [8][9] Company Strategy and Development Direction - The company is focusing on higher-fee-par brands and expanding direct franchising in regions that previously relied on master licensees [6] - The introduction of Wyndham Rewards Insider aims to enhance customer engagement and loyalty, tapping into the growing subscription economy [12][88] Management's Comments on Operating Environment and Future Outlook - Management noted that despite a challenging macro environment, there are no structural concerns in the economy segment, with positive indicators such as improved cancellation rates [26][27] - The outlook for full-year constant currency global RevPAR has been adjusted to a decline of 3% to 2%, reflecting a reduction from previous expectations [20][21] Other Important Information - The company completed the refinancing of its revolving credit facility, increasing total capacity to $1 billion and reducing borrowing costs [19] - The marketing fund expenses are expected to exceed revenues by approximately $5 million, reflecting investments in initiatives to strengthen the franchise system [22][96] Q&A Session Summary Question: Can you talk about what's in your control and what you're doing regarding the RevPAR environment? - Management indicated that there are no structural concerns and highlighted positive booking lead times and improved cancellation rates [26][27] Question: How has government spending affected infrastructure-related travel demand? - Management remains optimistic about infrastructure spending as a multi-year tailwind, despite some projects being paused [35][36] Question: What are the early trends in RevPAR for Q4? - Early trends show RevPAR tracking about 100 basis points above September performance, with stabilization in booking pace [41] Question: Can you discuss net unit growth momentum for next year? - Management expressed confidence in net unit growth, with a strong pipeline and record room openings year to date [48][49] Question: What is the outlook for ancillary revenue growth? - Ancillary revenues are expected to continue growing, driven by several initiatives including credit card programs and technology enhancements [59][60] Question: How does the company view the impact of key money deals versus growth in China? - Key money deals are seen as accretive to RevPAR, and the company is experiencing strong growth in China without the use of key money [65][70] Question: Can you elaborate on the Wyndham Rewards Insider program? - The program is expected to enhance engagement and loyalty, with significant potential for long-term fee growth [87][88]

Financial Data and Key Metrics Changes - The company reported a 21% increase in room openings and signed 24% more deals in the quarter, with a global pipeline growing by 4% to 257,000 rooms [5][6] - Adjusted EBITDA for the third quarter was $213 million, with fee-related and other revenues declining 3% year over year [16][17] - Adjusted diluted EPS for the quarter was $1.46, up 1% on a comparable basis [17] - Adjusted free cash flow was $97 million in the third quarter, totaling $265 million year to date [18] Business Line Data and Key Metrics Changes - Ancillary fee streams increased by 18%, contributing to the overall revenue despite a decline in fee-related revenues [5][11] - The company introduced new brands and expanded its offerings, including the Dazzler Select by Wyndham targeting the economy lifestyle space [7] Market Data and Key Metrics Changes - RevPAR declined 5% in constant currency globally and domestically, with a notable decline in the select service segments in the U.S. [10] - Internationally, RevPAR declined 2%, primarily driven by an 8% decline in Asia-Pacific, particularly in China [10] Company Strategy and Development Direction - The company is focusing on higher-fee-par brands and expanding direct franchising in regions that previously relied on master licensees [6][7] - The introduction of Wyndham Rewards Insider aims to enhance customer engagement and loyalty, tapping into the growing subscription economy [12][88] Management's Comments on Operating Environment and Future Outlook - Management noted that there are no structural concerns in the economy segment despite recent RevPAR trends, citing stable booking lead times and improved cancellation rates [26][27] - The outlook for full-year constant currency global RevPAR has been adjusted to a decline of 3% to 2%, reflecting a reduction from previous forecasts [20][21] Other Important Information - The company completed the refinancing of its revolving credit facility, increasing total capacity to $1 billion and extending maturity to 2030 [19] - The marketing fund expenses are expected to exceed revenues by approximately $5 million, reflecting a strategic investment in long-term initiatives [22][96] Q&A Session Summary Question: Can you discuss the RevPAR environment and what actions are being taken? - Management indicated that there are no structural issues affecting the economy segment, with positive indicators such as improved cancellation rates and stable booking lead times [26][27] Question: How is the infrastructure spending impacting the business? - The company views the $1.2 trillion infrastructure spending as a multi-year tailwind, with significant revenue potential for hotels in those markets [35][36] Question: What are the expectations for ancillary revenue growth? - Ancillary revenues are expected to continue growing, driven by initiatives such as the credit card program and new technology implementations [59][60] Question: Can you elaborate on the impact of the marketing fund overspend? - The overspend is viewed as an investment in long-term initiatives, with expectations to recover these funds in future periods [96][98]

Financial Data and Key Metrics Changes - The company reported a 21% increase in room openings and signed 24% more deals in Q3 2025, growing the global pipeline by 4% to 257,000 rooms [6][10] - Adjusted EBITDA for the quarter was $213 million, with fee-related and other revenues declining 3% year over year to $382 million [16][17] - Adjusted diluted EPS increased by 1% to $1.46, while adjusted free cash flow was $97 million for the quarter and $265 million year to date [17][18] Business Line Data and Key Metrics Changes - Ancillary fee streams grew by 18%, driven by new strategic partnerships and technology initiatives [12][16] - The company introduced Dazzler Select by Wyndham, expanding its brand into the economy lifestyle space [7][8] - The U.S. mid-scale and above system grew by over 200 basis points, with significant contributions from new constructions and conversions [7][10] Market Data and Key Metrics Changes - RevPAR declined by 5% in constant currency globally and domestically, with the U.S. showing particular softness in the select service segments [10][11] - Internationally, RevPAR decreased by 2%, primarily due to declines in Asia Pacific and Latin America [10][11] - Canada saw an 8% increase in RevPAR, indicating strong domestic travel [11] Company Strategy and Development Direction - The company is focusing on development in higher fee geographies and expanding direct franchising [6][7] - A strategic partnership with the Ovalo Group was announced to enhance upscale offerings in Australia [10] - The introduction of Wyndham Rewards Insider aims to capture a share of the growing subscription economy [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that RevPAR trends are softening, expecting full-year constant currency global RevPAR to decline between 2% to 3% [18][19] - The company remains focused on cost discipline and delivering strong ancillary revenue growth despite the challenging economic environment [21] - Management expressed optimism about infrastructure spending and private investment in reshoring and manufacturing, particularly in data centers [34][36] Other Important Information - The company completed refinancing its revolving credit facility, increasing total capacity to $1 billion [18] - The marketing fund revenues exceeded expenses by $18 million in Q3 2025, compared to $12 million in Q3 2024 [15][16] - The company has a strong track record of recovering marketing fund investments, with expectations of recovery in the near term [108] Q&A Session Summary Question: What actions are being taken in the current RevPAR environment? - Management indicated that there are no structural concerns in the economy segment, with positive indicators such as improved cancellation rates and consistent lengths of stay [24][25] Question: How is government spending affecting project pipelines? - Management remains optimistic about infrastructure spending, noting that contracted room nights are pacing well ahead of last year [34][35] Question: What are the early trends for Q4 RevPAR? - Early trends in October show RevPAR tracking about 100 basis points above September performance in key states [42][43] Question: What is the outlook for net unit growth? - The company is confident in its net unit growth outlook, with a record 48,000 organic rooms opened year to date [51][53] Question: Can you elaborate on ancillary revenue growth expectations? - Ancillary revenues are expected to continue growing, driven by credit card initiatives and new technology [64][66] Question: How does the introduction of Wyndham Rewards Insider fit into the strategy? - The program aims to enhance member engagement and is expected to provide long-term fee growth opportunities [96][99]

Core Insights - Wyndham Hotels & Resorts reported a 4% year-over-year growth in global system size and development pipeline, achieving record levels in both metrics [1][3][9] - The company experienced a 5% decline in global RevPAR in constant currency, with a notable decrease in the U.S. and international markets [4][5][21] - Ancillary revenues increased by 18% year-over-year, contributing positively to the overall financial performance despite challenges in core revenue streams [9][21] System Size and Development - As of September 30, 2025, the total number of rooms globally reached 855,400, up from 823,200 a year earlier, marking a 4% increase [3] - The development pipeline included approximately 2,180 hotels and 257,000 rooms, also reflecting a 4% year-over-year increase [3][10] - The U.S. system size grew by 0.2% to 503,400 rooms, while international rooms increased by 9% to 352,000 [3] Revenue Performance - Total fee-related and other revenues for Q3 2025 were $382 million, down from $394 million in Q3 2024, primarily due to a 5% decline in RevPAR [21] - Adjusted EBITDA for Q3 2025 increased by 2% to $213 million, while net income rose by 3% to $105 million [9][21] - The diluted earnings per share increased by 5% to $1.36, reflecting a lower share count due to share repurchase activities [21] Market Trends - The U.S. RevPAR decreased by 5% to $55.07, with occupancy down by 300 basis points and ADR down by 200 basis points [4][5] - Internationally, RevPAR declined by 2%, with significant drops in Asia Pacific and Latin America, while EMEA and Canada showed growth [5][33] - The company continues to focus on high-quality, FeePAR-accretive hotels, particularly in the midscale and above segments [1][10] Financial Outlook - The company updated its full-year 2025 outlook, maintaining a rooms growth forecast of 4.0% - 4.6% and adjusting global RevPAR growth expectations to a range of -3% to -2% [15] - Adjusted EBITDA is projected to be between $715 million and $725 million, down from previous estimates [15] - The company expects marketing fund expenses to exceed revenues by approximately $5 million for the full year 2025, indicating a strategic investment for future recovery [16] Balance Sheet and Liquidity - As of September 30, 2025, the company had a cash balance of $70 million and total liquidity of approximately $540 million [12] - The net debt leverage ratio stood at 3.5 times, consistent with the company's target range [12][30] - In October 2025, the company refinanced its $750 million revolving credit facility, increasing capacity to $1 billion and extending maturity to October 2030 [13][30]

Core Insights - Wyndham Rewards has launched a new subscription service called Wyndham Rewards Insider, aimed at enhancing the travel experience for everyday travelers by providing significant savings and benefits [1][3]. Subscription Details - The subscription costs $95 per year and offers new subscribers their first 14 months for the price of 12, along with a bonus of 7,500 Wyndham Rewards points [2][7]. - Members can enjoy automatic Gold level status, concierge services, and the ability to double-dip on points with select partners [2][5]. Benefits and Savings - Members can save 10% or more on hotel stays at over 8,000 hotels, earn up to 50% more points as Gold, Platinum, and Diamond members, and receive discounts on flights, cruises, and car rentals [5][9]. - Specific savings examples include over $850 for a family of four booking a five-night all-inclusive stay and more than $580 for a couple on a three-night trip to Orlando [8][13]. Industry Positioning - Wyndham Rewards is recognized as the 1 hotel rewards program, emphasizing simplicity and generosity, with members earning a minimum of 1,000 points per qualified stay [14]. - The program has introduced new experiential offerings, allowing members to redeem points for unique experiences, further enhancing its value proposition [10].

Core Insights - Wyndham Hotels & Resorts has launched Dazzler Select by Wyndham, a new franchise offering aimed at independent hoteliers in the economy lifestyle segment, filling a gap in the soft-brand landscape [1][4][14] Company Overview - Wyndham is the world's largest hotel franchising company, with approximately 8,300 hotels across around 100 countries [17] - The company operates a portfolio of 25 hotel brands and has a leading presence in the economy and midscale segments [17] New Franchise Offering - Dazzler Select is an extension of the Dazzler by Wyndham brand, allowing independent hotel owners to maintain their unique character while benefiting from Wyndham's scale and resources [4][16] - The first Dazzler Select hotel is the Magic Moment Resort & Kids Club in Kissimmee, Florida, known for its family-friendly amenities and design [2][3] Market Opportunity - There are over 16,000 independently owned economy hotels in the U.S., representing more than 70% of the segment, indicating a significant market opportunity for Dazzler Select [5][6] - Wyndham aims to open 50 additional Dazzler Select hotels over the next five years, with two additional hotels already signed and discussions ongoing with over 25 developers [8][14] Target Demographic - Lifestyle travel is a key growth driver, particularly among younger travelers such as millennials and Gen Z, who prioritize experiences over material possessions [9] - These demographics average nearly 5 trips per year and allocate about 29% of their income to travel [9] Operational Model - Dazzler Select features a flat monthly brand fee, simplifying costs for independent hotels and avoiding unpredictable expenses [11] - The model emphasizes quality, requiring hotels to maintain a guest rating of 4.0 or higher and offering essential amenities like free Wi-Fi and complimentary breakfast items [12][13] Support and Resources - Hotels under Dazzler Select gain access to Wyndham's award-winning loyalty program, advanced technology, and dedicated sales and marketing support [13][16] - The offering is designed to help independent owners succeed while providing travelers with boutique-inspired stays [14]