Wyndham Board Approves Spin-Off
Hotel, timeshare units separate as two publicly traded companies
Wyndham Worldwide Corp.’s board of directors has approved the previously announced spin-off of its wholly-owned subsidiary Wyndham Hotels & Resorts Inc. As part of the split, the company’s vacation ownership and exchange business, Wyndham Worldwide, will be renamed Wyndham Destinations Inc.
The board of directors of Wyndham Hotels & Resorts—a hotel franchisor with more than 8,300 affiliated properties—has also approved a share repurchase authorization of $300 million, while Wyndham Destinations will have approximately $1 billion remaining under its current share repurchase authorization.
"We're confident that as two independent companies, Wyndham Hotels & Resorts and Wyndham Destinations have the right focus and strategic flexibility to unlock significant long-term value for stockholders,” says Stephen Holmes, chairman and ceo of Wyndham Worldwide. “Each of the new companies will have significant scale and a leadership position within its industry, strong cash flows and a rich portfolio of trusted brands."
Shown above is The Summit, a Dolce Hotels and Resorts by Wyndham property that recently debuted in Cincinnati. Photo: Courtesy of The Summit, A Dolce Hotel by Wyndham