Here are 1-2 brief analogies for Wyndham Hotels & Resorts (WH):

• McDonald's for hotels: Like McDonald's, Wyndham is primarily a franchisor, offering a vast network of independently owned and operated hotels under various well-known brands.
• Yum! Brands for hotels: Similar to how Yum! Brands owns and franchises multiple distinct restaurant chains (KFC, Pizza Hut, Taco Bell), Wyndham operates as a parent company for a large portfolio of franchised hotel brands.

Wyndham Hotels & Resorts (WH) primarily provides the following services:

• Hotel Franchising: Licensing its diverse portfolio of hotel brands and providing a comprehensive suite of support services including a global reservation system, marketing, and the Wyndham Rewards loyalty program to independent hotel owners.
• Hotel Management: Providing operational management services for hotels owned by third parties, overseeing daily operations, staffing, guest services, and financial performance.

Major Customers of Wyndham Hotels & Resorts (WH)

Wyndham Hotels & Resorts (WH) operates primarily through a franchising model and hotel management services. This means its direct customers are other companies, specifically independent hotel owners, developers, and management companies that license Wyndham's various brands (such as Super 8, Days Inn, Ramada, Wyndham, La Quinta, etc.) and pay franchise fees, royalties, and other related service fees.

Due to the highly fragmented nature of the hotel ownership and franchising industry, Wyndham's customer base consists of thousands of individual business entities (often private companies or LLCs) across the globe who operate properties under its 24 brands. Therefore, there are no specific, major publicly traded "customer companies" that can be listed by name with their symbols, as one might for a traditional business-to-business supplier relationship where a few large corporations procure goods or services from the company.

Instead, Wyndham's "major customers" in a collective sense are the vast network of independent franchisees and hotel owners who choose to operate under a Wyndham brand and form the backbone of the company's revenue stream.

• Amadeus (AMS.MC)
• Sabre (SABR)
• Booking Holdings (BKNG)
• Expedia Group (EXPE)

Geoffrey A. Ballotti, President and Chief Executive Officer

Geoffrey A. Ballotti has served as President and Chief Executive Officer of Wyndham Hotels & Resorts since June 2018. Prior to this, he was CEO of Wyndham Hotel Group for four years and CEO of Wyndham Destinations Network for six years. Before joining Wyndham, Mr. Ballotti spent 20 years in leadership roles of increasing responsibility at Starwood Hotels and Resorts Worldwide, including President of Starwood North America, Executive Vice President of Operations, Senior Vice President of Southern Europe, and Managing Director of Ciga Spa, Italy. He was also a Banking Officer in the Commercial Real Estate Group at the Bank of New England. He has led Wyndham through significant M&A transactions, such as the acquisition of La Quinta, and the tuck-in acquisitions of AmericInn and Vienna House.

Kurt Albert, Interim Chief Financial Officer

Kurt Albert was appointed Interim Chief Financial Officer of Wyndham Hotels & Resorts, effective November 4, 2025. Prior to this role, he served as Treasurer and Head of Financial Partnerships & Planning, overseeing capital markets activity, enterprise-wide budgeting, forecasting, capital allocation, financial analysis, and financial partner relationships. He has over 15 years of experience in the hospitality industry, having served in various financial leadership positions of increasing responsibility with Wyndham Hotels & Resorts and its predecessors.

Amit Sripathi, Chief Development Officer

Amit Sripathi oversees the growth and development of Wyndham's brands across North America. He joined Wyndham in 2021 as Senior Vice President, Strategic and Corporate Development, where he was responsible for the company's global development activities, including M&A and property-level investments. Before joining Wyndham, Amit was with RLJ Lodging Trust, responsible for Capital Markets and Corporate Finance. He began his career in the Real Estate, Lodging and Gaming investment banking group at Deutsche Bank.

Shilpan Patel, Executive Vice President, North America Operations

Shilpan Patel serves as Executive Vice President, North America Operations, where he oversees Franchise Operations, Brand Operations, Franchise Services, and Managed Operations. A 20-year veteran of the company, he previously held the position of Senior Vice President, Franchise Services, leading contract administration and relicensing efforts and contributing to high retention rates for the company's economy hotel brands.

Dimitris Manikis, President, Europe, Middle East, Eurasia and Africa (EMEA)

Dimitris Manikis is responsible for the development of all Wyndham brands and maximizing the performance of both franchised and managed hotels in the EMEA region. Before the spin-off of Wyndham Hotels & Resorts in 2018, he served as President and Managing Director, EMEA for Wyndham Hotel Group. Prior to joining Wyndham, he spent 27 years with RCI in various senior roles, including Vice President, Business Development, EMEA and Managing Director, South Africa.

Key Risks to Wyndham Hotels & Resorts (WH)

1. Economic Uncertainty and Fluctuations in Travel Demand: As an asset-light, fee-for-service franchisor, Wyndham Hotels & Resorts' revenue is highly sensitive to economic conditions and shifts in global Revenue per Available Room (RevPAR). Economic downturns, currency fluctuations, and political instability can lead to reduced travel demand, lower occupancy rates, and decreased revenue. For instance, the company reported a 5% decline in global and U.S. RevPAR in the third quarter of 2025, reflecting dampened consumer sentiment in a challenging macroeconomic environment.
2. Intense Competition: The lodging industry is highly competitive, with numerous global and local hotel chains, online travel agencies, and alternative accommodation providers vying for market share. Wyndham competes aggressively for franchisees, and its continued success and ability to grow its franchise system depend on effectively navigating this competitive landscape against rivals, some of whom possess significantly greater financial and marketing resources.
3. Increased Leverage and Debt Levels: Wyndham Hotels & Resorts carries debt, and higher-than-expected debt levels could strain its financial position, particularly if global travel demand faces further setbacks. The company's net debt leverage ratio increased to 3.5 times as of September 30, 2024, from 3.2 times, and with significant debts having 7.2% coupons due in April 2027, refinancings may be necessary.

The increasing professionalization and market share expansion of short-term rental (STR) platforms and operators represents a clear emerging threat. These platforms and the properties they offer are becoming more sophisticated, often providing hotel-like amenities and services, and are directly competing with Wyndham's predominantly economy and midscale franchised hotels for leisure and value-conscious business travelers. This evolving segment continues to divert demand and potentially impact pricing power for traditional hotel brands.

Wyndham Hotels & Resorts (WH) primarily operates in hotel franchising and provides hotel management services. The addressable markets for its main products and services are significant globally and within specific regions.

For Hotel Franchising:

• The global hotel franchise market was valued at approximately USD 37.02 billion in 2023 and is projected to grow to USD 77.16 billion by 2033.
• North America accounted for 38.16% of the global hotel franchise market revenue share in 2023.
• The United States hotel franchise market stood at approximately USD 8.47 billion in 2024 and is anticipated to grow to USD 16.07 billion by 2033.

For the broader Hospitality Market, which encompasses lodging and other related services:

• The global hospitality market size was approximately USD 5.24 trillion in 2024 and is projected to reach USD 7.01 trillion by 2029.
• The U.S. hotels and motels market size was estimated at USD 263.21 billion in 2024 and is projected to grow to USD 395.69 billion by 2030.

Wyndham Hotels & Resorts (WH) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion of Global Development Pipeline, particularly in Midscale and Extended-Stay Segments: Wyndham is focused on growing its system-wide rooms, with a reported 4% year-over-year growth in 2024 and a record development pipeline of 252,000 rooms, representing a 5% year-over-year increase. A significant portion of this pipeline, 70%, is concentrated in midscale and extended-stay categories, and 79% are new constructions. The company's ECHO Suites® Extended Stay by Wyndham brand is highlighted as its fastest-growing new-construction brand, with new hotel openings in these segments achieving a FeePAR (Fees Per Available Room) premium approximately 40% above the existing system.

2. Growth in Ancillary Revenues and Expansion of the Wyndham Rewards Loyalty Program: The company has demonstrated an 18% increase in ancillary revenues in Q3 2025. Wyndham is also continuing to invest in and expand its Wyndham Rewards loyalty program, which boasts approximately 112 million enrolled members. This program is designed to drive repeat business and offers extensive redemption opportunities globally.

3. Leveraging Technology and Digital Capabilities: Wyndham is scaling its technology and digital platforms to enhance both franchisee revenue generation and guest experience. The introduction of Wyndham Connect^SM is a notable initiative, utilizing AI-generated messaging, upsells, mobile check-in/out, and mobile tipping, which has resulted in significant incremental revenue for participating hotels.

4. Strategic International Expansion and Partnerships: International growth is a key driver, with 58% of Wyndham's development pipeline being international. The company is actively pursuing strategic partnerships, such as the alliance with Cygnett in South Asia to introduce La Quinta by Wyndham and Registry Collection Hotels, with plans for over 60 hotels in the next decade. Another example is the partnership with Le Park Concord to launch 100 Super 8 economy hotels in Saudi Arabia, tapping into growing tourism markets.

5. Domestic RevPAR Tailwinds from U.S. Infrastructure Spending: Wyndham benefits from increased demand in its domestic market due to the U.S. Infrastructure Investment and Jobs Act. Management estimated that over 20% of 2024 gross room revenue was related to U.S. infrastructure spending, providing a sustained tailwind for domestic Revenue Per Available Room (RevPAR).

Share Repurchases

• Wyndham Hotels & Resorts repurchased approximately 2.5 million shares of its common stock for $223 million year-to-date through September 30, 2025.
• In 2024, the company repurchased approximately 4.1 million shares for a cost of $308 million.
• The Board of Directors authorized increases to the share repurchase program by $400 million in 2024 and $800 million in 2022, with $538 million remaining availability as of December 31, 2024.

Outbound Investments

• Wyndham Hotels & Resorts acquired Vienna House, a hotel operator, in September 2022 for $43.7 million.

Capital Expenditures

• The company anticipates spending approximately $40-45 million on capital expenditures in 2025.
• In 2024, capital expenditures amounted to $34 million, primarily focused on information technology and digital innovation, with an additional $15 million spent on the purchase of its corporate headquarters.
• Wyndham also anticipates spending approximately $110 million on development advance notes in 2025, which are crucial for attracting higher "FeePAR" hotels.