Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended September 30, 2021.
"Our resilient select-service franchising business model continues to lead the industry's recovery with RevPAR well in excess of 2019 levels. These results have been fueled by the many investments we made over the last two years to capture an increasing share of both leisure and everyday business travel," said Geoffrey A. Ballotti, president and chief executive officer. "Developer interest in our brands is strong. Our pipeline grew another 440 basis points and is now at pre-pandemic levels. At the same time our teams opened over 50% more rooms than we opened last year, and more rooms than we opened in the third quarter of 2019. Our diversified brand portfolio, now including our newly launched upper midscale all-inclusive brand, Alltra, and compelling owner value proposition, combined with our asset-light business model positions us to deliver strong free cash flow and shareholder returns well into the future."
Fee-related and other revenues increased 48% to $377 million compared to $255 million in the third quarter of 2020 primarily reflecting the ongoing recovery in travel demand and its impact on global RevPAR, which has now recovered to 97% of 2019 levels, including domestic RevPAR at 7% above 2019.
The Company generated net income of $103 million, or $1.09 per diluted share, compared to net income of $27 million, or $0.29 per diluted share, in the third quarter of 2020. The increase of $76 million, or $0.80 per diluted share, reflects the increase in fee-related and other revenues and lower net interest expense, partially offset by higher volume-related expenses due to the ongoing recovery in travel demand.
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