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[dropcap]N[/dropcap]ew Delhi: Wyndham Hotels & Resorts, announced the completion of its spin-off from Wyndham Worldwide Corporation, which has been renamed Wyndham Destinations, Inc. Wyndham Hotels & Resorts is the world’s largest hotel franchisor and a leading provider of hotel management services, with a portfolio of 20 well-recognised lodging brands and nearly 9,000 franchised hotels in more than 80 countries.
“We’re thrilled to begin a new era in which we will continue to build upon our powerful asset-light and fee-based business model that is driven by an exceptional portfolio of market-leading economy and midscale brands,” saidGeoff Ballotti, chief executive officer of Wyndham Hotels & Resorts. “As the world’s largest hotel franchisor with a proven ability to create value through acquisitions and organic growth, we will focus on strengthening our industry-leading loyalty and technology platforms to drive more direct distribution to our owners and franchisees at a lower cost, while serving everyday travellers exceptionally well.”
As previously announced, Wyndham Worldwide common stockholders received one share of Wyndham Hotels & Resorts common stock for each share of Wyndham Worldwide common stock held recently. Following the spin-off, Wyndham Hotels & Resorts has approximately 100 million shares outstanding.
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