Wyndham Hotels & Resorts has announced the
completion of its spin-off from Wyndham Worldwide Corporation, which has
been renamed Wyndham Destinations.
"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,"
said Geoff 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 on May 18, 2018, the record date.
Following the spin-off, Wyndham Hotels & Resorts has approximately
100 million shares outstanding.