PARSIPPANY, N.J., Aug. 19, 2021 /PRNewswire/ -- Wyndham Hotels
& Resorts, Inc. (NYSE: WH) announced today that its Board
of Directors approved the resumption of the Company's share
repurchase program, which has $191
million available under its current authorization for
repurchase.
"Resuming our share repurchase program reflects the Board's
continued confidence in our ability to generate significant cash
flow and the resiliency of our business model, which continues to
lead the industry's recovery and positions us to emerge from the
pandemic stronger than before," said Geoffrey A. Ballotti, president and chief
executive officer.
The amount and timing of specific repurchases are subject to
market conditions, applicable legal requirements and other factors.
Repurchases may be conducted through a variety of methods,
including open market purchases or in privately negotiated
transactions. The Company's share repurchase program has no
termination date and may be suspended or discontinued at any
time.
About Wyndham Hotels & Resorts
Wyndham Hotels
& Resorts (NYSE: WH) is the world's largest hotel franchising
company by the number of properties, with approximately 9,000
hotels across nearly 95 countries on six continents. Through
its network of approximately 798,000 rooms appealing to the
everyday traveler, Wyndham commands a leading presence in the
economy and midscale segments of the lodging industry. The
Company operates a portfolio of 21 hotel brands, including Super
8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®,
AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®.
Wyndham Hotels & Resorts is also a leading provider of hotel
management services. The Company's award-winning Wyndham Rewards
loyalty program offers 89 million enrolled members the opportunity
to redeem points at thousands of hotels, vacation club resorts and
vacation rentals globally. For more information, visit
www.wyndhamhotels.com. The Company may use its website as a
means of disclosing material non-public information and for
complying with its disclosure obligations under Regulation
FD. Disclosures of this nature will be included on the
Company's website in the Investors section, which can currently be
accessed at www.investor.wyndhamhotels.com. Accordingly,
investors should monitor this section of the Company's website in
addition to following the Company's press releases, filings
submitted with the Securities and Exchange Commission and any
public conference calls or webcasts.
Forward-Looking Statements
This press release
contains "forward-looking statements" within the meaning of federal
securities laws, including statements related to Wyndham
Hotels' share repurchase program.
Forward-looking statements include those that convey
management's expectations as to the future based on plans,
estimates and projections at the time Wyndham Hotels makes the
statements. Forward-looking statements involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of Wyndham Hotels to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release.
Factors that could cause actual results to differ materially
from those in the forward-looking statements include, without
limitation, general economic conditions; the continuation or
worsening of the effects from COVID-19, its scope, duration and
impact on the Company's business operations, financial results,
cash flows and liquidity, as well as the impact on the Company's
franchisees and property owners, guests and team members, the
hospitality industry and overall demand for travel; the success of
the Company's mitigation efforts in response to COVID-19;
the Company's performance in any recovery from COVID-19; the
performance of the financial and credit markets; the economic
environment for the hospitality industry; operating risks
associated with the hotel franchising and management businesses;
the Company's relationships with franchisees and property owners;
the impact of war, terrorist activity, political instability or
political strife; concerns with or threats of pandemics, contagious
diseases or health epidemics, including the effects of COVID-19 and
any resurgence or mutations of the virus and actions governments,
businesses and individuals take in response to the pandemic,
including stay-in-place directives and other travel restrictions;
risks related to restructuring or strategic initiatives; risks
related to the Company's relationship with CorePoint Lodging; the
Company's ability to satisfy obligations and agreements under its
outstanding indebtedness, including the payment of principal and
interest and compliance with the covenants thereunder; risks
related to the Company's ability to obtain financing and the terms
of such financing, including access to liquidity and capital
as a result of COVID-19; and the Company's ability to make or pay,
plans for, and the timing and amount of any future share
repurchases and/or dividends, as well as the risks described in the
Company's most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission and any subsequent reports filed
with the Securities and Exchange Commission. The Company undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, subsequent events or
otherwise.
Contacts
|
|
Investors:
Matt
Capuzzi
Senior Vice
President, Investor Relations
973
753-6453
ir@wyndham.com
|
Media:
Dave DeCecco
Group Vice President, Global Communications
973 753-6590
WyndhamHotelsNews@wyndham.com
|
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SOURCE Wyndham Hotels & Resorts