Wyndham Hotels & Resorts Reports Fourth Quarter and Full-Year 2020 Results

February 10, 2021, 5:00 PM·16 min read

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Company Increases Dividend 100%

PARSIPPANY, N.J., Feb. 10, 2021 /PRNewswire/ -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months and year ended December 31, 2020. Highlights include:

Diluted loss per share for the quarter was $0.08 and adjusted diluted earnings per share was $0.07; diluted loss per share for the full-year was $1.42 and adjusted diluted earnings per share was $1.03.
Net loss for the quarter was $7 million and adjusted net income was $7 million; net loss for the full-year was $132 million and adjusted net income was $96 million.
Adjusted EBITDA was $56 million for the quarter and $327 million for the full-year.
Global comparable RevPAR for the quarter declined 33% year-over-year; global comparable RevPAR for the year declined 35% year-over-year.
System-wide rooms declined 4% year-over-year.
Net cash provided by operating activities for the full-year was $67 million and free cash flow was $34 million.
Paid quarterly cash dividend of $0.08 per share in fourth quarter, and Board of Directors recently authorized a 100% increase in the quarterly cash dividend to $0.16 per share beginning with the dividend expected to be declared in first quarter 2021.
Repaid all remaining revolver credit facility borrowings.

"We generated strong adjusted EBITDA and free cash flow in the worst year our industry has ever experienced. At the same time, we strengthened our portfolio with the completion of our strategic termination plan and drove sequential growth in hotel openings and our development pipeline," said Geoffrey A. Ballotti, president and chief executive officer. "Our non-urban, drive-to economy and midscale hotels, combined with our ongoing investment in sales and marketing, captured rising pent-up leisure travel demand, which continued to produce sequential RevPAR improvements and domestic market share gains for our franchisees over the course of 2020."

Fourth Quarter 2020 Operating Results

Revenues declined from $492 million in the fourth quarter of 2019 to $296 million in the fourth quarter of 2020. The decline includes lower pass-through cost-reimbursement revenues of $70 million, which have no impact on adjusted EBITDA, in the Company's hotel management business. Excluding cost-reimbursement revenues, revenues declined $126 million primarily reflecting a 33% decline in comparable RevPAR and the impact from hotels temporarily closed due to COVID-19, as well as a $15 million decline in license and other fees also reflecting the impact of COVID-19 on travel demand globally.

The Company generated a net loss of $7 million, or $0.08 per diluted share, compared to net income of $64 million, or $0.68 per diluted share, in the fourth quarter of 2019. The decrease of $71 million, or $0.76 per diluted share, was primarily due to the RevPAR and license fee declines, as well as excess marketing fund spend, which were partially offset by cost containment initiatives, lower volume-related expenses and the absence of transaction-related expenses. Full reconciliations of GAAP results to the Company's non-GAAP adjusted measures for all reported periods appear in the tables to this press release.

Fourth Quarter 2020 Business Segment Discussion

The following discussion of fourth quarter operating results focuses on revenue and adjusted EBITDA for each of the Company's segments.

Hotel Franchising


	2020		2019		% Change
System size	746,500		770,200		(3)
Global RevPAR	$	23.19	$	34.51	(33)

Revenue (millions)	$	202	$	300	(33)
Adjusted EBITDA (millions)	75		151		(50)

The Company's franchised system declined 3% primarily reflecting the Company's previously announced removal of approximately 18,500 non-compliant and brand detracting rooms. In addition, net franchised rooms includes approximately 7,800 rooms that were transferred from the hotel management segment primarily related to the CorePoint Lodging asset sales, which were partially offset by the deletion of approximately 5,300 low-royalty rooms in connection with the sale of certain hotels by a strategic partner.

RevPAR declined 33% globally reflecting a 28% decline in the U.S. and a 43% decline internationally. On a comparable basis, which is in constant currency and excludes hotels temporarily closed due to COVID-19, global RevPAR declined 31% reflecting a 28% decline in the U.S. and a 40% decline internationally.

Revenues decreased $98 million compared to fourth quarter 2019 reflecting the impact of COVID-19 on travel demand globally, while a decline in adjusted EBITDA of $76 million further reflected excess marketing fund spend, partially mitigated by cost containment initiatives and lower volume-related expenses.

Hotel Management


	2020		2019		% Change
System size	49,400		60,800		(19)
Global RevPAR	$	32.91	$	59.19	(44)

Revenue (millions)	$	94	$	190	(51)
Adjusted EBITDA (millions)	(1)		21		N/A

The Company's managed system declined 19% primarily reflecting approximately 7,800 rooms that were transferred to the hotel franchising segment primarily as a result of CorePoint Lodging asset sales. Excluding the transfer of these rooms, the Company's managed system decreased 7% primarily reflecting the Company's previously announced removal of approximately 2,900 unprofitable management guarantee hotel rooms.

RevPAR declined 44% globally, domestically and internationally. On a comparable basis, which excludes hotels temporarily closed due to COVID-19, global RevPAR declined 43%, including a 44% decline in the U.S. and a 42% decline internationally.

Revenues decreased $96 million compared to the prior-year period primarily due to lower cost-reimbursement revenues, which have no impact on adjusted EBITDA. Absent cost-reimbursements, revenues decreased $26 million due to the unfavorable impact of COVID-19 on travel demand globally. Adjusted EBITDA declined $22 million as the RevPAR impacts were partially mitigated by lower volume-related expenses.

Full-Year 2020 Operating Results

Revenues declined from $2,053 million in 2019 to $1,300 million in 2020. The decline includes lower pass-through cost-reimbursement revenues of $273 million, which have no impact on adjusted EBITDA, in the Company's hotel management business. Excluding cost-reimbursement revenues, revenues declined $480 million primarily reflecting a 35% decline in comparable RevPAR and the impact from hotels temporarily closed due to COVID-19, as well as a $47 million decline in license and other fees also reflecting the impact of COVID-19 on travel demand globally.

The Company generated a net loss of $132 million, or $1.42 per diluted share, in 2020 compared to net income of $157 million, or $1.62 per diluted share, in 2019. The decline of $289 million, or $3.04 per diluted share, was primarily due to the revenue decline, impact of the non-cash impairment charges and excess marketing fund spend, which were partially offset by cost containment initiatives, lower volume-related, separation-related and transaction-related expenses and the absence of contract termination expenses. Full reconciliations of GAAP results to the Company's non-GAAP adjusted measures for all reported periods appear in the tables to this press release.

Development

As of December 31, 2020, the Company's hotel system of over 8,900 properties and approximately 796,000 rooms declined 4% year-over-year primarily reflecting unusual termination events resulting in the deletion of approximately 26,700 rooms, comprised of 18,500 non-compliant, brand detracting rooms, 5,300 rooms in connection with the strategic partner hotel sales and 2,900 unprofitable management guarantee rooms. As a result, the Company's global retention rate declined 330 basis points year-over-year to 91.5%.

The Company awarded over 580 new contracts this year and its development pipeline at year-end consisted of approximately 1,400 hotels and approximately 185,000 rooms, growing sequentially by 120 basis points domestically and 20 basis points globally. Approximately 64% of the Company's development pipeline is international and 75% is new construction, of which 34% have broken ground.

Cash and Liquidity

During the fourth quarter of 2020, the Company repaid all remaining borrowings under its revolving credit facility. Accordingly, the Company's cash balance decreased $242 million since September 30, 2020 to $493 million as of December 31, 2020. The Company had over $1.2 billion in total liquidity available as of December 31, 2020.

The Company generated $67 million of net cash provided by operating activities in 2020 and $34 million of free cash flow in 2020. Excluding $66 million of special-item cash outlays, primarily relating to the Company's restructuring initiatives, as well as transaction-related and separation-related cash payments, adjusted free cash flow in 2020 was $100 million.

Dividends

The Company paid common stock dividends of $7 million, or $0.08 per share, in the fourth quarter of 2020. For the full-year, the Company paid $53 million, or $0.56 per share, in common stock dividends.

The Company's Board of Directors authorized a 100% increase in the quarterly cash dividend to $0.16 per share from $0.08 per share, beginning with the dividend that is expected to be declared in the first quarter of 2021.

2021 Projections

The Company is not providing a complete outlook for full-year 2021 given the RevPAR uncertainties ahead; however, provided below is the Company's best view of certain operating statistics and financial metrics for full-year 2021:

Net rooms growth of 1% to 2%.
Every point of RevPAR change versus 2020 is expected to generate approximately $2.5 million of adjusted EBITDA change versus 2020. This estimate does not include impacts from license fees or the marketing funds.
License fees are expected to be $70 million reflecting the minimum levels outlined in the underlying agreements.
Marketing, reservation and loyalty expenses are not expected to exceed marketing, reservation and loyalty revenues. As such, the Company expects no meaningful impact to full-year 2021 adjusted EBITDA from the marketing, reservation and loyalty funds.
The Company does not expect any meaningful special-item cash outlays in 2021.

More detailed projections are available in Table 8 of this press release. The Company is providing certain financial metrics only on a non-GAAP basis because, without unreasonable efforts, it is unable to predict with reasonable certainty the occurrence or amount of all of the adjustments or other potential adjustments that may arise in the future during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Based on past reported results, where one or more of these items have been applicable, such excluded items could be material, individually or in the aggregate, to the reported results.

Conference Call Information

Wyndham Hotels will hold a conference call with investors to discuss the Company's results and outlook on Thursday, February 11, 2021 at 8:30 a.m. ET. Listeners can access the webcast live through the Company's website at www.investor.wyndhamhotels.com. The conference call may also be accessed by dialing 877 876-9173 and providing the passcode "Wyndham". Listeners are urged to call at least five minutes prior to the scheduled start time. An archive of this webcast will be available on the website beginning at noon ET on February 11, 2021. A telephone replay will be available for approximately ten days beginning at noon ET on February 11, 2021 at 800 723-7372.

Presentation of Financial Information

Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company's ongoing operating performance. The Company uses these measures internally to assess its operating performance, both absolutely and in comparison to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions. Exclusion of items in the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of this press release.

About Wyndham Hotels & Resorts

Wyndham Hotels & Resorts (NYSE: WH) is the world's largest hotel franchising company by the number of properties, with over 8,900 hotels across nearly 95 countries on six continents. Through its network of approximately 796,000 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 20 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 86 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' current views and expectations with respect to its future performance and operations, including revenues, earnings, cash flow and other financial and operating measures and dividends, restructuring charges and statements related to the COVID-19 pandemic. 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 and may be identified by words such as "will," "expect," "believe," "plan," "anticipate," "intend," "goal," "future," "outlook," "guidance," "target," "estimate," "projection" 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 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 the COVID-19 pandemic, 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 the COVID-19 pandemic; the Company's performance in any recovery from the COVID-19 pandemic; the performance of 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 or political strife; concerns with or threats of pandemics, contagious diseases or health epidemics, including the effects of the COVID-19 pandemic and any resurgence 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 the acquisition of La Quinta and 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 limitations related to share repurchases and ability to pay dividends under its credit facility and the timing and amount of any future 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

973 753-7474

WyndhamHotelsNews@wyndham.com


Table 1
WYNDHAM HOTELS & RESORTS
INCOME (LOSS) STATEMENT
(In millions, except per share data)
(Unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Net revenues
Royalties and franchise fees	$	78	$	113	$	328	$	480
Marketing, reservation and loyalty	82		142		370		562
Management and other fees	14		37		64		125
License and other fees	20		35		84		131
Cost reimbursements	76		146		350		623
Other	26		19		104		132
Net revenues	296		492		1,300		2,053

Expenses
Marketing, reservation and loyalty	108		126		419		563
Operating	27		40		109		164
General and administrative	34		32		116		130
Cost reimbursements	76		146		350		623
Depreciation and amortization	24		28		98		109
Impairments, net	—		—		206		45
Restructuring	5		8		34		8
Transaction-related, net	—		10		12		40
Separation-related	1		—		2		22
Contract termination	—		(1)		—		42
Total expenses	275		389		1,346		1,746

Operating income/(loss)	21		103		(46)		307
Interest expense, net	30		25		112		100

(Loss)/income before income taxes	(9)		78		(158)		207
(Benefit from)/provision for income taxes	(2)		14		(26)		50
Net (loss)/income	$	(7)	$	64	$	(132)	$	157

(Loss)/earnings per share
Basic	$	(0.08)	$	0.68	$	(1.42)	$	1.63
Diluted	(0.08)		0.68		(1.42)		1.62

Weighted average shares outstanding
Basic	93.3		94.8		93.4		96.5
Diluted	93.3		95.0		93.4		96.6

Table 2

WYNDHAM HOTELS & RESORTS

HISTORICAL REVENUE AND ADJUSTED EBITDA BY SEGMENT

The reportable segments presented below represent our operating segments for which separate financial information is available and is utilized on a regular basis by our chief operating decision maker to assess performance and allocate resources. In identifying our reportable segments, we also consider the nature of services provided by our operating segments. Management evaluates the operating results of each of our reportable segments based upon net revenues and adjusted EBITDA. We believe that adjusted EBITDA is a useful measure of performance for our segments which, when considered with GAAP measures, allows a more complete understanding of our operating performance. We use this measure internally to assess operating performance, both absolutely and in comparison to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions. Our presentation of adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

Hotel Franchising

Net revenues

2020

243

182

236

202

863

2019

269

331

379

300

1,279

2018

203

289

348

295

1,135

Adjusted EBITDA

2020

108

117

383

2019

113

162

195

151

...

622

2018

129

178

122

515

Hotel Management

Net revenues

2020

167

101

437

2019

197

201

180

190

768

2018

146

252

229

726

Adjusted EBITDA

2020

(4)

(1)

2019

2018

Corporate and Other

Net revenues

2020

—

2019

2018

—

Adjusted EBITDA

2020

(18)

(16)

(18)

(69)

2019

(18)

(19)

(18)

(19)

(75)

2018

(10)

(12)

(17)

(15)

(55)

Total Company

Net revenues

2020

410

258

337

296

1,300

2019

468

533

560

492

2,053

2018

302

435

604

527

1,868

Net income/(loss)

2020

(174)

(7)

(132)

2019

157

2018

162

Adjusted EBITDA

2020

107

101

327

2019

111

159

190

153

613

2018

125

166

125

507

NOTE: Amounts may not add across due to rounding.

See Table 7 for reconciliations of Total Company non-GAAP measures and Table 9 for definitions.


Table 3
WYNDHAM HOTELS & RESORTS
CONDENSED CASH FLOWS
(In millions)

	Year Ended December 31,
	2020		2019
Operating activities
Net (loss)/income	$	(132)	$	157
Depreciation and amortization	98		109
Impairment (a)	209		45
Trade receivables	(38)		(27)
Accounts payable, accrued expenses and other current liabilities	(46)		(28)
Payment of tax liability assumed in La Quinta acquisition	—		(195)
Deferred revenues	(54)		33
Other, net	30		6
Net cash provided by operating activities	67		100
Investing activities
Property and equipment additions	(33)		(50)
Other, net	2		(3)
Net cash used in investing activities	(31)		(53)
Financing activities
Proceeds from borrowings	1,244		—
Principal payments on long-term debt	(760)		(16)
Debt issuance costs	(10)		—
Capital contribution from former Parent	—		68
Dividends to shareholders	(53)		(112)
Repurchases of common stock	(50)		(242)
Other, net	(8)		(18)
Net cash provided by/(used in) financing activities	363		(320)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—		1
Net increase/(decrease) in cash, cash equivalents and restricted cash	399		(272)
Cash, cash equivalents and restricted cash, beginning of period	94		366
Cash, cash equivalents and restricted cash, end of period	$	493	$	94

Free Cash Flow:
We define free cash flow to be net cash provided by operating activities less property and equipment additions, which we also refer to as capital expenditures. We believe free cash flow to be a useful operating performance measure to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases, to the extent permitted. This non-GAAP measure is not necessarily a representation of how we will use excess cash. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating Wyndham Hotels is that free cash flow does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows.

	Year Ended December 31,
	2020		2019
Net cash provided by operating activities	$	67	$	100
Less: Property and equipment additions	(33)		(50)
Free cash flow	$	34	$	50
Adjusted free cash flow (b)	$	100	$	360



(a) 2020 excludes $3 million of cash proceeds from a previously impaired asset.
(b) Excludes $36 million and $78 million in 2020 and 2019, respectively, relating to transaction-related and separation-related cash payments in connection with our acquisition of La Quinta, our spin-off from Wyndham Worldwide and our agreement with CorePoint Lodging. Additionally, 2020 excludes $30 million of cash outlays relating to our restructuring initiatives and 2019 excludes $195 million of payments to tax authorities related to the La Quinta acquisition, $35 million related to a payment to terminate an unprofitable hotel-management arrangement and $2 million of capital expenditures at our owned hotel in Puerto Rico, reimbursed by insurance proceeds in 2018. See Table 9 for definition of adjusted free cash flow.


Table 4
WYNDHAM HOTELS & RESORTS
BALANCE SHEET SUMMARY AND DEBT
(In millions)

	As of December 31, 2020		As of December 31, 2019
Assets
Cash and cash equivalents	$	493	$	94
Trade receivables, net	295		304
Property and equipment, net	278		307
Goodwill and intangible assets, net	3,240		3,485
Other current and non-current assets	338		343
Total assets	$	4,644	$	4,533

Liabilities and stockholders' equity
Total debt	$	2,597	$	2,122
Other current liabilities	325		441
Deferred income tax liabilities	359		387
Other non-current liabilities	400		371
Total liabilities	3,681		3,321
Total stockholders' equity	963		1,212
Total liabilities and stockholders' equity	$	4,644	$	4,533

Our outstanding debt as of December 31, 2020 was as follows:
	As of December 31, 2020		As of December 31, 2019

$750 million revolving credit facility (due May 2023)	$	—	$	—
Term loan (due May 2025)	1,554		1,568
5.375% senior unsecured notes (due April 2026)	496		494
4.375% senior unsecured notes (due August 2028)	492		—
Finance leases	55		60
Total debt	2,597		2,122
Cash and cash equivalents	493		94
Net debt	$	2,104	$	2,028

Our outstanding debt as of December 31, 2020 matures as follows:
			Amount
Within 1 year			$	21
Between 1 and 2 years			21
Between 2 and 3 years			22
Between 3 and 4 years			22
Between 4 and 5 years			1,496
Thereafter			1,015
Total			$	2,597


Table 5
WYNDHAM HOTELS & RESORTS
REVENUE DRIVERS

	Year Ended December 31,
	2020	2019	Change	% Change
Beginning Room Count (January 1)
United States	510,200	506,100	4,100	1%
International	320,800	303,800	17,000	6
Global	831,000	809,900	21,100	3

Additions
United States	13,600	27,000	(13,400)	(50)
International	22,000	36,500	(14,500)	(40)
Global	35,600	63,500	(27,900)	(44)

Deletions
United States (a)	(36,500)	(22,900)	(13,600)	(59)
International (a)	(34,200)	(19,500)	(14,700)	(75)
Global (a)	(70,700)	(42,400)	(28,300)	(67)

Ending Room Count (December 31)
United States	487,300	510,200	(22,900)	(4)
International	308,600	320,800	(12,200)	(4)
Global	795,900	831,000	(35,100)	(4%)

	As of December 31,				FY 2019 Royalty Contribution ^(b)
	2020	2019	Change	% Change
System Size
United States
Economy	250,700	259,900	(9,200)	(4%)
Midscale and Upper Midscale	203,700	209,200	(5,500)	(3)
Extended Stay/Lifestyle	17,000	23,600	(6,600)	(28)
Upscale	15,900	17,500	(1,600)	(9)
Total United States (a)	487,300	510,200	(22,900)	(4)	86%

International
Greater China (a)	144,500	154,600	(10,100)	(7)	3
Rest of Asia Pacific (a)	27,800	27,600	200	1	1
Europe, the Middle East and Africa (a)	66,200	68,700	(2,500)	(4)	4
Canada	40,700	40,700	—	—	5
Latin America (a)	29,400	29,200	200	1	1
Total International (a)	308,600	320,800	(12,200)	(4)	14

Global	795,900	831,000	(35,100)	(4%)	100%


(a) 2020 includes the global impacts from the Company's removal of approximately 18,500 non-compliant brand detracting rooms, 2,900 unprofitable rooms in connection with a guaranteed management contract and 5,300 low-royalty rooms in connection with hotel sales by a strategic partner.
(b) FY 2019 provided to illustrate pre COVID-19 results.


Table 5 (continued)
WYNDHAM HOTELS & RESORTS
REVENUE DRIVERS

	Three Months Ended December 31,
	2020		2019		% Change	Constant Currency % Change (a)
Regional RevPAR Growth
United States
Economy	$	25.67	$	31.75	(19%)
Midscale and Upper Midscale	29.70		44.57		(33)
Extended Stay/Lifestyle	29.56		59.08		(50)
Upscale	36.12		94.91		(62)
Total United States	$	27.80	$	40.09	(31)

International
Greater China	$	17.42	$	18.26	(5)	(10%)
Rest of Asia Pacific	20.22		39.52		(49)	(51)
Europe, the Middle East and Africa	16.34		48.68		(66)	(66)
Canada	21.22		37.25		(43)	(44)
Latin America	10.84		33.30		(67)	(63)
Total International	$	17.37	$	30.29	(43)	(44)

Global	$	23.84	$	36.36	(34%)	(35%)

Average Royalty Rate
United States	4.5%		4.5%		—
International	1.8%		2.0%		(20 bps)
Global	3.8%		3.7%		10 bps

	Year Ended December 31,
	2020		2019		% Change	Constant Currency % Change (a)
Regional RevPAR Growth
United States
Economy	$	27.32	$	37.38	(27%)
Midscale and Upper Midscale	32.44		51.73		(37)
Extended Stay/Lifestyle	33.97		65.98		(49)
Upscale	43.21		101.78		(58)
Total United States	$	30.20	$	46.39	(35)

International
Greater China	$	10.99	$	18.30	(40)	(41%)
Rest of Asia Pacific	18.45		37.94		(51)	(51)
Europe, the Middle East and Africa	19.41		51.07		(62)	(61)
Canada	24.26		45.16		(46)	(46)
Latin America	12.36		33.88		(64)	(58)
Total International	$	15.35	$	31.85	(52)	(51)

Global	$	24.51	$	40.92	(40%)	(40%)

Average Royalty Rate
United States	4.5%		4.5%		—
International	2.1%		2.0%		10 bps
Global	4.0%		3.8%		20 bps


(a) Excludes the impact of currency exchange movements.


Table 6
WYNDHAM HOTELS & RESORTS
HISTORICAL REVPAR AND ROOMS


		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
*Hotel Franchising*
	Global RevPAR
	2020	$	25.90	$	17.05	$	28.83	$	23.19	$	23.74
	2019	$	33.76	$	42.04	$	45.23	$	34.51	$	38.91
	2018	$	32.34	$	41.07	$	46.34	$	35.39	$	38.86
	U.S. RevPAR
	2020	$	31.43	$	23.19	$	36.06	$	27.28	$	29.50
	2019	$	37.69	$	48.65	$	51.93	$	37.96	$	44.09
	2018	$	34.20	$	46.17	$	52.36	$	38.92	$	43.04
	International RevPAR
	2020	$	17.39	$	7.66	$	17.39	$	16.71	$	14.75
	2019	$	27.56	$	31.59	$	34.79	$	29.15	$	30.80
	2018	$	29.39	$	32.85	$	36.42	$	29.68	$	32.09
	Global Rooms (a)
	2020	769,000		754,700		748,200		746,500		746,500
	2019	745,300		751,300		758,400		770,200		770,200
	2018	697,300		725,700		731,200		742,800		742,800
	U.S. Rooms (a)
	2020	463,900		460,200		459,600		452,600		452,600
	2019	454,900		457,600		460,100		464,600		464,600
	2018	424,500		450,900		451,100		453,900		453,900
	International Rooms (a)
	2020	305,100		294,500		288,600		293,900		293,900
	2019	290,400		293,700		298,300		305,600		305,600
	2018	272,800		274,700		280,100		288,900		288,900

*Hotel Management*
	Global RevPAR
	2020	$	50.00	$	20.67	$	34.34	$	32.91	$	34.67
	2019	$	63.25	$	66.67	$	66.65	$	59.19	$	64.01
	2018	$	77.61	$	76.52	$	68.53	$	61.00	$	68.72
	U.S. RevPAR
	2020	$	54.35	$	23.21	$	39.12	$	34.14	$	37.97
	2019	$	65.58	$	71.61	$	70.75	$	60.89	$	67.32
	2018	$	94.28	$	87.43	$	71.95	$	61.43	$	72.76
	International RevPAR
	2020	$	38.07	$	13.78	$	23.16	$	29.86	$	26.21
	2019	$	55.12	$	49.53	$	52.49	$	53.67	$	52.69
	2018	$	61.82	$	55.08	$	55.19	$	59.36	$	57.84
	Global Rooms (b)
	2020	59,300		58,200		55,800		49,400		49,400
	2019	66,800		65,200		63,400		60,800		60,800
	2018	25,700		66,700		67,000		67,100		67,100
	U.S. Rooms (b)
	2020	42,900		41,800		38,100		34,700		34,700
	2019	51,700		50,700		49,100		45,600		45,600
	2018	12,800		53,400		53,300		52,200		52,200
	International Rooms
	2020	16,400		16,400		17,700		14,700		14,700
	2019	15,100		14,500		14,300		15,200		15,200
	2018	12,900		13,300		13,700		14,900		14,900


Table 6 (continued)
WYNDHAM HOTELS & RESORTS
HISTORICAL REVPAR AND ROOMS

		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
*Total System*
	Global RevPAR
	2020	$	27.68	$	17.31	$	29.23	$	23.84	$	24.51
	2019	$	36.21	$	44.06	$	46.94	$	36.36	$	40.92
	2018	$	33.95	$	42.95	$	48.21	$	37.54	$	40.80
	U.S. RevPAR
	2020	$	33.45	$	23.19	$	36.31	$	27.80	$	30.20
	2019	$	40.56	$	50.98	$	53.79	$	40.09	$	46.39
	2018	$	35.91	$	48.50	$	54.42	$	41.28	$	45.30
	International RevPAR
	2020	$	18.45	$	7.96	$	17.72	$	17.37	$	15.35
	2019	$	28.92	$	32.47	$	35.63	$	30.29	$	31.85
	2018	$	30.90	$	33.89	$	37.31	$	31.08	$	33.31
	Global Rooms
	2020	828,300		812,900		804,000		795,900		795,900
	2019	812,100		816,600		821,800		831,000		831,000
	2018	723,000		792,300		798,300		809,900		809,900
	U.S. Rooms
	2020	506,800		502,000		497,700		487,300		487,300
	2019	506,600		508,300		509,200		510,200		510,200
	2018	437,200		504,300		504,500		506,100		506,100
	International Rooms
	2020	321,500		310,900		306,300		308,600

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Wyndham Hotels & Resorts Reports Fourth Quarter and Full-Year 2020 Results