Q3 2024 Wyndham Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Wyndham Hotels & Resorts Inc (WH) reported strong earnings with a 7% growth in adjusted EBITDA and a 10% increase in EPS.
- The company achieved a 4% growth in its system and increased both US and international royalty rates.
- Wyndham Hotels & Resorts Inc (WH) opened over 17,000 rooms in Q3, bringing the year-to-date total to more than 48,000 rooms globally, marking a 13% increase compared to the previous year.
- The company improved its global franchisee retention rate by 40 basis points year over year.
- Wyndham Hotels & Resorts Inc (WH) saw a 32% year-over-year increase in new accounts for its Wyndham Rewards earner business card, contributing to ancillary fee growth.
- Domestic RevPAR declined by 80 basis points in the quarter compared to the prior year.
- The company faced higher interest expenses, which partially offset the benefits from adjusted EBITDA growth.
- Wyndham Hotels & Resorts Inc (WH) noted that occupancy is still 10% behind where it was in 2019, indicating a recovery lag.
- The company is experiencing challenges in the economy segment, which continues to normalize.
- There is uncertainty regarding the duration and impact of relief efforts from recent hurricanes, which could affect future performance.
Welcome to the Wyndham Hotels & Resorts Third Quarter 2024 earnings conference call. At this time, all participants have been placed on a listen only mode and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star two. Lastly if you should require operator assistance, please press star zero. I would now like to turn the call over to Matt capuzzi, the Senior Vice President of Investor Relations. Please go ahead.
Thank you, operator. Good morning and thank you for joining us. With me today are Geoff Ballotti, RCEO., and Michelle Allen, our CFO and Head of Strategy. Before we get started, I want to remind you that our remarks today will contain forward looking statements. These statements are subject to risk factors that may cause our actual results to
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