Wyndham Hotels & Resorts has recorded a net income of $103m for the third quarter (Q3) of 2023, up by roughly 2% from $101m in the year-ago quarter.
The company’s net revenue for the latest quarter ending September 30 was $402m as against $407m in the corresponding period of the prior year.
Global revenue per available room (RevPAR) grew 3% to $49.71 in Q3 2023 on a constant currency basis, compared with 2022, reflecting a 1% fall in the US and a 16% growth internationally.
The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the latest quarter was $200m while it was $191m in the same period of last year.
The basic earnings per share in Q3 2023 stood at $1.22 as against $1.13 in the comparable year-ago period, while the diluted earnings per share was $1.21 as against $1.13 in Q3 2022.
Total expenses recorded in Q3 2023 were $239 when compared with $247 in the same period a year ago.
Wyndham Hotels & Resorts president and CEO Geoff Ballotti said: "We recently announced our Board of Directors unanimously rejected an unsolicited stock-and-cash proposal by Choice Hotels to acquire our company. Our board of directors, together with our financial and legal advisors, closely reviewed Choice's latest proposal and determined, for multiple reasons, that it is not in the best interest of our shareholders.
“Supporting that belief are our third quarter results, which were highlighted by continued growth in global RevPAR, ongoing domestic and international organic net room growth and another 8% increase in hotel contracts awarded to franchisees driving our development pipeline to a record 1,930 hotels.”
In Q3 2023, the company's global development pipeline consisted of more than 1,930 hotels and about 237,000 rooms, reflecting a 12% year-over-year expansion.
Additionally, the company returned $134m to its shareholders by buying back $105m worth of shares and paying a quarterly cash dividend of $0.35 per share.
For the full year 2023, the company anticipates its adjusted EBITDA to be in the range of $654m to $664m while the adjusted net income to be between $336m and $348m.
