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Wyndham Hotels has revealed that its RevPAR grew 2% on a constant currency basis for the three months ended 30 June 2024.
Alongside this, the company saw its system-wide rooms grow 4% year-over-year as it opened over 18,000 rooms globally.
Wyndham’s adjusted EBITDA increased 13% compared with the prior-year quarter, to $178m (£138.3m), or 6% on a comparable basis.
The company awarded 180 development contracts globally, including 96 contracts in the US, which represented an increase of 33% year-over-year.
Furthermore, its development pipeline grew 1% sequentially and 7% year-over-year to a record 245,000 rooms.
Lastly, Wyndham successfully completed the repricing of its Term Loan B Facility, reducing its interest rate by 60 basis points to SOFR plus 1.75%, and upsizing the facility by $400m(£310.8m).
Geoff Ballotti, president and chief executive officer, said: “The resilience and highly cash generative nature of our business model was once again on full display this quarter. Amid a normalising domestic RevPAR environment, we delivered strong adjusted EBITDA driven by net room and ancillary fee growth.
“We awarded 33% more hotel contracts domestically which grew our development pipeline to a record 245,000 rooms, and drove significant increases in our U.S, international and global royalty rates. Year-to-date, we’ve returned over $250m (£194.3m) to shareholders, representing 4% of our beginning market capitalization this year.”
