PARSIPPANY, N.J., April 26, 2024 — Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2024. Highlights include:
- Global RevPAR grew 1% in constant currency and ancillary revenues grew 8% compared to first quarter 2023.
- System-wide rooms grew 4% year-over-year.
- Opened over 13,000 rooms, representing a year-over-year increase of 27%.
- Awarded 171 development contracts, an increase of 8% year-over-year.
- Development pipeline grew 1% sequentially and 8% year-over-year to a record 243,000 rooms.
- Entered upscale extended stay segment through a strategic relationship with WaterWalk Extended Stay by Wyndham.
- Net cash provided by operating activities of $76 million and adjusted free cash flow of $102 million.
- Returned $89 million to shareholders through $57 million of share repurchases and quarterly cash dividends of $0.38 per share.
“We’re thrilled to announce another strong quarter of progress in our executions, openings, franchisee retention and net room growth around the world,” said Geoff Ballotti, president and chief executive officer. “Increased interest from hotel owners in our brands has propelled our development pipeline to a record 243,000 rooms, marking an impressive 8% increase. Our strong balance sheet and cash flow generation capabilities provide significant opportunity to continue to enhance returns to our shareholders over both the short and long-term, as evidenced by our Board of Directors’ approval of a $400 million increase in our share repurchase authorization.”
