PARSIPPANY, NJ—Wyndham Hotels & Resorts Inc. has completed its spin-off from Wyndham Worldwide Corporation, which has been renamed Wyndham Destinations Inc.
Wyndham Hotels & Resorts has a portfolio of 20 lodging brands and nearly 9,000 franchised hotels in more than 80 countries.
As previously reported, Wyndham Worldwide common stockholders received one share of Wyndham Hotels & Resorts common stock for each share of Wyndham Worldwide common stock held on May 18, the record date. Following the spin-off, Wyndham Hotels & Resorts has approximately 100 million shares outstanding.
“We’re thrilled to begin a new era in which we will continue to build upon our powerful asset-light and fee-based business model that is driven by an exceptional portfolio of market-leading economy and midscale brands,” said Geoff Ballotti, CEO of Wyndham Hotels & Resorts. “As the world’s largest hotel franchisor with a proven ability to create value through acquisitions and organic growth, we will focus on strengthening our industry leading loyalty and technology platforms to drive more direct distribution to our owners and franchisees at a lower cost, while serving everyday travelers exceptionally well.”
With the transition complete, Wyndham Destinations Inc., formerly known as Wyndham Worldwide Corporation, will become the world’s largest vacation ownership and exchange company. It has a global presence in 110 countries at more than 220 vacation ownership resorts and 4,300 affiliated exchange properties.
“Over the past decade, we have built the world’s largest vacation ownership and exchange company thanks to the hard work of our employees and the loyalty of our customers,” said Michael D. Brown, president and CEO for Wyndham Destinations.
“We are excited to move forward as a focused, pure-play company with a leading market position and significant growth opportunities. With our experienced management team, robust sales and marketing platform, and increased financial flexibility, we look forward to providing our owners and guests with great vacation experiences and delivering value for our shareholders in the years to come.”
Wyndham Destinations expects to file a Form 8-K report with the U.S. Securities and Exchange Commission containing unaudited pro forma condensed consolidated financial statements reflecting the impact of the spin-off.