Company Grows Development Pipeline by 11% and Global RevPAR by 12%; Raises Full-Year 2023 Outlook
PARSIPPANY, N.J., April 27, 2023 — Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2023. Highlights include:
- Global RevPAR grew 12% compared to first quarter 2022 in constant currency.
- U.S. RevPAR grew 4% compared to first quarter 2022.
- System-wide rooms grew 4% year-over-year, including 1% of growth in the U.S. and 9% of growth internationally.
- Development pipeline grew 11% year-over-year to 226,000 rooms, and signings increased 7%, excluding ECHO Suites Extended Stay by Wyndham.
- Awarded 35 new construction projects for ECHO Suites Extended Stay by Wyndham, bringing the total number to 205 since launch in March 2022.
- Returned $87 million to shareholders through $56 million of share repurchases and a quarterly cash dividend of $0.35 per share.
- Company raises full-year 2023 outlook.
“Our impressive first quarter results demonstrate continued momentum with global RevPAR growth of 12%, net room growth of 4% and the 11th consecutive quarter of sequential growth in our development pipeline,” said Geoffrey A. Ballotti, president and chief executive officer. “We outperformed our adjusted EBITDA expectations, leading us to raise our full-year outlook as a result. With our seasonally strongest summer season on the horizon and no signs of slowdown in our middle-income guests’ desire to spend on travel, we’re enthusiastic about the opportunities that lie ahead and our ability to deliver outstanding value to our shareholders, guests, franchisees and team members.”
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