WH · Wyndham Hotels & Resorts, Inc.

Wyndham Hotels & Resorts delivered a solid start to 2026 with first-quarter results reflecting resilient demand and strategic execution amid a complex recovery environment. System-wide rooms expanded 4% to 869,300, powered by 9% international growth in higher RevPAR regions like EMEA and Latin America, offsetting flat U.S. performance due to legacy room losses. The development pipeline hit a record 259,000 rooms across 2,200 hotels, with 70% in midscale-and-above segments and 77% new construction, signaling robust future fee growth potential. U.S. RevPAR held flat at $42.25, outperforming expectations by 250 basis points despite 40 basis points of hurricane drag from prior year; sequential improvements in occupancy and ADR, plus Midwest and Texas strength, countered Florida and California softness. Globally, RevPAR dipped 1% in constant currency, with international declines in China and Latin America offsetting gains in Canada, Southeast Asia, and EMEA. Revenues rose 3% to $327 million, fueled by 21% ancillary revenue growth and 4% room expansion, though tempered by lower franchise fees and Revo deferrals. Adjusted EBITDA climbed 8% to $156 million, with ancillaries offsetting royalty softness and prior cost reductions; on a comparable basis excluding marketing fund variability, it dipped 1%. EPS metrics benefited from share repurchases, with adjusted diluted EPS up 12% to $0.96. Balance sheet strength persisted, with $1.1 billion liquidity, 3.5x net leverage in target range, and $85 million returned to shareholders. The $650 million notes issuance refinanced revolver and term loan A, enhancing flexibility. Updated full-year guidance holds steady on rooms (4-4.5%) and Adjusted EBITDA ($730-745 million), with slight net revenue expansion to $1.47-1.50 billion incorporating $10 million from foreclosed Revo properties, while RevPAR range widened to -1% to 1%. CEO Ballotti emphasized U.S. economy/midscale recovery, pipeline expansion, ancillary scaling, and AI tech differentiation for long-term value creation as leisure summer peaks.