US-based Wyndham Hotels and Resorts (Wyndham) has reported net revenues of $313m in the first quarter (Q1) of 2023, down by 15.6% from $371m in the same period last year.
The company’s adjusted diluted earnings per share stood at $0.86 compared to $0.95 in Q1 2022.
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Its global revenue per available room (RevPAR) rose by 12% to $37.2 over the same period last year, driven by the US RevPAR growth of 4% and international RevPAR growth of 37%.
The RevPAR growth was fuelled by stronger pricing power and higher occupancy levels.
Wyndham reported a system-wide room growth of 4% year-over-year to 844,800 rooms, with US growth at 1% and international growth at 9%.
The company’s global development pipeline grew by 11% year-over-year to 226,000 rooms, with a 28% growth in the US.
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By GlobalDataDuring Q1 2023, the company generated a net income of $67m, down by 36.79% from $106m in the year-ago quarter.
The company attributed the fall in net income to the exit of its select-service management business and the sale of its owned hotels.
The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was $147m during the quarter, down by 7.54% from Q1 2022.
Wyndham Hotels and Resorts president and CEO Geoffrey A Ballotti said: “Our impressive first quarter results demonstrate continued momentum with global RevPAR growth of 12%, net room growth of 4% and the 11th consecutive quarter of sequential growth in our development pipeline.
“We outperformed our adjusted EBITDA expectations, leading us to raise our full-year outlook as a result.
“With our seasonally strongest summer season on the horizon and no signs of a slowdown in our middle-income guests’ desire to spend on travel, we’re enthusiastic about the opportunities that lie ahead and our ability to deliver outstanding value to our shareholders, guests, franchisees and team members.”
As of 31 March this year, the company’s global development pipeline comprises roughly 1,800 hotels.
The hotel franchising company has a network of approximately 9,100 hotels across more than 95 countries on six continents.
