Wyndham Hotels & Resorts has revealed that it has completed its spin-off from Wyndham Worldwide Corporation, which has been renamed Wyndham Destinations. The news of its spin-off was first reported in August 2017.
Wyndham Hotel Group, with headquarters in Parsippany, New Jersey, has become a new, publicly traded pure-play hotel company with a portfolio of brands. Wyndham Vacation Ownership, with headquarters in Orlando, Florida, will be the world’s largest publicly traded timeshare company and will be joined with Wyndham Destination Network, home to RCI, the world’s largest timeshare exchange company.
"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," Ballotti said in a release.
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. Following the spin-off, Wyndham Hotels & Resorts has approximately 100 million shares outstanding.