DALLAS- Wyndham International reported what it termed “strong results” for the quarter ended September 30, 2000, driven by a 6.5% improvement in RevPAR.
On a pro forma basis, which reflects adjustments for asset acquisitions and dispositions, EBITDA increased 13.9% to $131.9 million in the third quarter 2000, from $115.8 million in the same period a year ago. According to Wyndham, these results exceeded analysts expectations.
On an owned, leased and managed basis, performance was led by Wyndham Hotels & Resorts, which achieved RevPAR growth of 8.1%. Summerfield Suites by Wyndham posted a RevPAR gain of 7.3% while Wyndham Luxury Resorts experienced a 3.2% RevPAR gain.
On a pro forma basis, the company reported a net loss of $119.5 million for the third quarter, or $0.87 per diluted share, compared with a loss of $49.8 million, or $0.45 per diluted share, in the third quarter 1999. The 2000 results were affected by a write-down of certain non-strategic assets currently being held for sale as part of Wyndhams strategy to focus on its core proprietary brands.
Wyndham sold $30.9 million of non-strategic assets in the quarter. With the recent completion of the sale of the Malmaison properties, Wyndham has sold $406 million in assets this year. (11/7/00)