PARSIPPANY, N.J., May 16, 2018 /PRNewswire/ -- In conjunction
with its meeting with investors today, Wyndham Worldwide
Corporation (NYSE: WYN) announced the expected quarterly dividends
for the two independent public companies that will result from the
upcoming spin-off of Wyndham Hotels & Resorts, Inc. from
Wyndham Worldwide. The expected dividends are subject to
declaration by the Boards of Directors of each company.
Wyndham Hotels & Resorts, Inc. expects to pay a quarterly
cash dividend of $0.25 per share
beginning in June 2018, and Wyndham
Worldwide Corporation, which will be renamed Wyndham
Destinations, Inc., expects to pay a quarterly cash dividend
of $0.41 per share beginning in
June 2018. The dividends, in
aggregate, are consistent with Wyndham Worldwide's current
quarterly dividend of $0.66 per
share. The Boards of Directors of both companies are expected
to declare the respective dividends in the near future.
Wyndham Worldwide is hosting an investor meeting from
9:00 a.m. EDT until approximately
12:30 p.m. EDT time on May 16, 2018, at which they will provide an
update and introduction to Wyndham Hotels & Resorts and Wyndham
Destinations, including an overview of their business models,
growth opportunities and capital allocation frameworks. The
event is being webcast at investor.wyndhamworldwide.com.
Presentations will be posted to Investor.wyndhamworldwide.com
following the meeting and a replay of the webcast will be available
at investor.wyndhamworldwide.com until May
16, 2019.
Following the spin-off, Wyndham Destinations, Inc. will
continue to be the world's largest vacation ownership and exchange
company. Wyndham Hotels & Resorts, Inc. will be the
world's largest hotel franchisor, with approximately 8,000
affiliated hotels in over 80 countries.
ABOUT WYNDHAM WORLDWIDE
Wyndham Worldwide (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 39,000
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.
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, Wyndham Hotels & Resorts,
Wyndham Destinations or their respective subsidiaries 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 future dividend
payments.
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, a market demand for shares of
Wyndham Hotels & Resorts and Wyndham Worldwide common stock;
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 and the planned
acquisition of La Quinta's hotel franchising and management
businesses or cause the spin-off or the La Quinta acquisition to be
delayed or to not occur at all; uncertainties related to Wyndham
Destinations' 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 and the La Quinta acquisition; unanticipated
developments related to the impact of the planned spin-off or the
proposed La Quinta acquisition 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
and the proposed La Quinta acquisition; the potential negative
effects of the spin-off and the La Quinta acquisitions and related
transactions on the credit ratings of Wyndham Worldwide and Wyndham
Hotels & Resorts; uncertainties related to the successful
integration of Wyndham Worldwide's and Wyndham Hotels &
Resorts' business with La Quinta's hotel franchising and management
businesses; uncertainties related to La Quinta's ability to
complete the spin-off of its owned real estate assets; 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 filed with the SEC on April 19, 2018, 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.
INVESTOR CONTACTS
Wyndham Worldwide Corporation
Margo C. Happer
Senior Vice President, Investor Relations
973-753-6472
Margo.Happer@wyn.com
Wyndham Destinations, Inc.
Christopher Agnew
Vice President, Investor Relations
407-626-4050
Christopher.Agnew@wyn.com
Wyndham Hotels & Resorts, Inc.
Matt Capuzzi
Vice President, Investor Relations
973-753-6453
Matthew.Capuzzi@wyndham.com
MEDIA CONTACT:
Nadeen N. Ayala
Senior Vice President, Corporate Communications
Wyndham Worldwide Corporation
973-753-8054
Nadeen.Ayala@wyn.com
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SOURCE Wyndham Worldwide