PARSIPPANY, NJ—Wyndham Worldwide Corporation’s board of directors has approved the previously announced spin-off of the wholly owned subsidiary Wyndham Hotels & Resorts Inc.
The distribution is expected to occur after the market close on May 31 to Wyndham Worldwide stockholders of record as of May 18. In conjunction with the spin-off, Wyndham Worldwide Corporation will be renamed Wyndham Destinations Inc. and will continue to be the world’s largest vacation ownership and exchange company.
Following the spin-off, Wyndham Hotels & Resorts will trade on the New York Stock Exchange under the symbol “WH,” and Wyndham Destinations will continue to trade on the New York Stock Exchange under the new symbol “WYND.” Wyndham Hotels & Resorts is expected to begin regular-way trading on June 1.
In addition, the board of directors of Wyndham Hotels & Resorts has approved a share repurchase authorization of $300 million, while Wyndham Destinations will have approximately $1 billion remaining under its current share repurchase authorization.
“We’re confident that as two independent companies, Wyndham Hotels & Resorts and Wyndham Destinations have the right focus and strategic flexibility to unlock significant long-term value for stockholders,” said Stephen P. Holmes, chairman and CEO of Wyndham Worldwide. “Each of the new companies will have significant scale and a leadership position within its industry, strong cash flows, and a rich portfolio of trusted brands.”