Wyndham Hotels & Resorts has recorded a net income of $50m in the fourth quarter (Q4) of 2023, down by 10.71% from $56m in the same quarter of 2022.
For the quarter ending 31 December 2023, the company's net revenue saw a decline of 2.90%, reaching $321m compared with $334m in the corresponding period of 2022.
Total expenses for Wyndham in Q4 2023 were at $217m, down from $241m in the same quarter of the previous year.
In Q4 2023, basic earnings per share (EPS) dropped to $0.61 from $0.64, while diluted EPS decreased to $0.60 from $0.63 in Q4 2022.
Wyndham's adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter rose to $154m from $126m.
The company's global revenue per available room (RevPAR) for the fourth quarter was $38.90, a decrease from $39.86 in Q4 2022.
For the entire year 2023, the company recorded a net income of $289m, down from $355m in 2022.
The net revenue for 2023 stood at $1.39bn, compared with $1.49bn in Q4 2022.
Adjusted EBITDA for the full year saw an increase to $659m from $650m in 2022.
Basic EPS for the full year 2023 was reported at $3.43, down from $3.93 in 2022, and diluted EPS was $3.41 compared with $3.91 the previous year.
Wyndham's global development pipeline as of 31 December 2023, consisted of more than 1,950 hotels and approximately 240,000 rooms, marking a 10% year-over-year increase.
Wyndham Hotels & Resorts president and CEO Geoff Ballotti said: “Our team opened 27% more rooms than last year in the fourth quarter and we welcomed 500 new hotels to our system in 2023.
“This, when combined with our improving franchisee engagement and record retention rate, drove the best organic system growth we've ever achieved. We grew comparable adjusted EBITDA by 6% and returned over half a billion dollars to our shareholders through dividends and share repurchases.”
Looking ahead to the full year 2024, Wyndham anticipates adjusted EBITDA to be between $690m and $700m, and adjusted net income to be between $341m and $351m.
The company also expects global RevPAR to increase by 2% to 3% and room growth to be between 3% to 4%.
