PARSIPPANY, N.J., May 31, 2018 /PRNewswire/ -- Wyndham Worldwide
Corporation (NYSE: WYN) today announced that its subsidiary,
Wyndham Hotels & Resorts, has completed its previously
announced acquisition of La Quinta Holdings' hotel franchising and
hotel management business. The addition of La Quinta's over
900 franchised hotels with a total of nearly 89,000 rooms builds
Wyndham Hotels & Resorts' midscale presence and expands its
reach further into the upper-midscale segment of the lodging
industry.
Wyndham Hotels & Resorts is the world's largest hotel
franchising company based on number of properties and will become
an independent public company (NYSE: WH) when it is spun-off from
Wyndham Worldwide after the market close on May 31. Wyndham
Hotels & Resorts now operates a portfolio of 20 lodging brands
with nearly 9,000 franchised hotels across more than 80 countries
and six continents, and is a leading provider of hotel management
services.
La Quinta's loyalty program, La Quinta Returns®, which includes
approximately 15 million enrolled members, will be combined in the
coming months with the award-winning Wyndham Rewards® program,
which includes over 56 million enrolled members. As a result,
La Quinta guests and franchisees will soon benefit from Wyndham
Hotels & Resorts' intense focus on product quality,
state-of-the-art technology solutions and a loyalty program widely
regarded as the most generous in the industry.
Wyndham Hotels & Resorts funded the $1.95 billion acquisition of La Quinta with
proceeds from its $500 million
offering of 5.375% senior notes due 2026 completed in April and a
$1.6 billion term loan due 2025 that
closed in connection with the acquisition.
Prior to Wyndham Hotels & Resorts' acquisition of La
Quinta's hotel franchising and hotel management business, La Quinta
completed its spin-off of CorePoint Lodging Inc. (NYSE: CPLG), a
publicly traded real estate investment trust that owns 316 La
Quinta hotels.
ABOUT WYNDHAM WORLDWIDE
Wyndham Worldwide Corporation
(NYSE: WYN) is one of the largest global hospitality companies,
providing travelers with access to a collection of trusted
hospitality brands in hotels, vacation ownership, and unique
accommodations including vacation exchange and managed vacation
rentals. With a collective inventory of over 22,000 places to
stay across 110 countries on six continents, Wyndham Worldwide and
its more than 42,000 associates welcome people to experience travel
the way they want. This is enhanced by Wyndham Rewards®,
Wyndham Worldwide's award-winning guest loyalty program across its
businesses, which is making it simpler for members to earn more
rewards and redeem their points faster. For more information,
please visit www.wyndhamworldwide.com.
ABOUT WYNDHAM HOTELS & RESORTS
Wyndham Hotels
& Resorts, Inc. (NYSE: WH beginning June
1) is the largest hotel franchising Company in the world,
with nearly 9,000 hotels across more than 80 countries on six
continents. Through its network of approximately 790,000
rooms appealing to the everyday traveler, Wyndham commands a
leading presence in both the economy and midscale segments of the
lodging industry. The Company operates a portfolio of 20
hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn
& Suites®, La Quinta®, Wingate®, AmericInn®, Hawthorn Suites®,
The Trademark Collection® and Wyndham®. Wyndham Hotels &
Resorts is also a leading provider of hotel management services,
with more than 400 properties under management. The Company's
award-winning Wyndham Rewards® loyalty program offers more than 56
million enrolled members the opportunity to redeem points at
thousands of hotels, condominiums and holiday homes globally.
For more information, visit www.wyndhamhotels.com.
FORWARD-LOOKING STATEMENTS
This press release
contains "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended.
Forward-looking statements are those that convey management's
expectations as to the future based on plans, estimates and
projections at the time Wyndham Worldwide makes the statements and
may be identified by words such as "will," "expect," "believe,"
"plan," "anticipate," "intend," "goal," "future," "guidance,"
"estimate" and similar words or expressions, including the negative
version of such words and expressions. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of Wyndham Worldwide or Wyndham Hotels & Resorts
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements contained in this
press release include statements related to Wyndham Worldwide's
current views and expectations with respect to the spin-off and
related transactions.
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, but are not limited to, general economic conditions; the
performance of the financial and credit markets; the economic
environment for the hospitality industry; operating risks
associated with the hotel, vacation exchange and rentals and
vacation ownership businesses; uncertainties that may delay or
negatively impact the planned spin-off of Wyndham Hotels &
Resorts or cause the spin-off to be delayed or to not occur at all;
uncertainties related to Wyndham Worldwide's and Wyndham Hotels
& Resorts' ability to realize the anticipated benefits of the
spin-off or the La Quinta acquisition; uncertainties related to
Wyndham Worldwide's ability to successfully complete the spin-off
on a tax-free basis within the expected time frame or at all;
uncertainties related to Wyndham Worldwide's and Wyndham Hotels
& Resorts' ability to obtain financing or the terms of such
financing, including in connection with the spin-off; unanticipated
developments related to the impact of the spin-off, the acquisition
and integration of La Quinta and related transactions on Wyndham
Worldwide's and Wyndham Hotels & Resorts' relationships with
their respective customers, suppliers, employees and others with
whom they have relationships; unanticipated developments resulting
from possible disruption to the operations of Wyndham Worldwide and
Wyndham Hotels & Resorts resulting from the proposed spin-off,
the La Quinta acquisition; the potential negative effects of the
spin-off, the La Quinta acquisition and related transactions on the
credit ratings of Wyndham Worldwide and Wyndham Hotels &
Resorts; uncertainties related to the successful integration of
Wyndham Hotels & Resorts' business with La Quinta's hotel
franchising and management business; the timing and amount of
future share repurchases and dividends; as well as those risks
described in Wyndham Hotels & Resorts' Registration Statement
on Form 10 initially filed with the SEC on March 16, 2018, as amended, Wyndham Worldwide's
Annual Report on Form 10-K, filed with the SEC on February 16, 2018, and subsequently filed
Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. We undertake no obligation to release publicly any
revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events.
MEDIA AND INVESTOR CONTACTS
Wyndham Worldwide
Investors:
Margo
Happer
Senior Vice President, Investor
Relations
973-753-6472
margo.happer@wyn.com
Wyndham Hotels & Resorts Investors:
Matt Capuzzi
Vice President, Investor Relations
973-753-6453
Matthew.Capuzzi@wyndham.com
Wyndham Worldwide and Wyndham Hotels & Resorts
Media:
Nadeen Ayala
Senior Vice President, Global Communications
973-753-8054
nadeen.ayala@wyndham.com
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SOURCE Wyndham Worldwide