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Wyndham 3rd Qtr Net Income Up 27% to $117 million from $92 million a Year Ago;
Wyndham Brands Operating Statistics

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Delivers Double-Digit Top- and Bottom-Line Growth for Quarter

Parsippany, N.J. 10-31-2007   Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended September 30, 2007. 

Financial information discussed in this press release includes both GAAP and non-GAAP measures, which include or exclude certain items, or reflect pro forma adjustments, related to the Company's spin-off effective July 31, 2006.  These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons.  Non-GAAP measures are indicated as "Adjusted."  A complete reconciliation of reported GAAP results to the comparable Adjusted information appears in the financial tables section of this press release.  

HIGHLIGHTS:

Revenues for the third quarter of 2007 increased to over $1.2 billion, up 16% compared to the third quarter of 2006
Net income for the third quarter of 2007 increased 27% to $117 million, or $0.65 per diluted share, compared to third quarter 2006 net income of $92 million, or $0.45 per diluted share
Adjusted net income for the third quarter of 2007 increased 17% to $134 million, or $0.75 per diluted share, compared to third quarter 2006 Adjusted net income of $115 million, or $0.56 per diluted share
Vacation Ownership continued to post strong results for the third quarter of 2007, with revenues and gross vacation ownership sales increasing 22% and 15%, respectively, compared to the third quarter of 2006 
Comparable revenue per available room (RevPAR) in the third quarter of 2007 increased 6.2% compared to the third quarter of 2006 and system-wide RevPAR increased 5.6% from the prior year period
Hotel pipeline was over 104,000 rooms as of September 30, 2007
Average number of vacation exchange members increased 5% in the third quarter of 2007 compared to the third quarter of 2006
Average net price per vacation rental increased 14% in the third quarter of 2007 compared to the third quarter of 2006, or 7% excluding the favorable effect of currency translations
Wyndham Worldwide repurchased approximately 560,000 shares of stock during the third quarter of 2007 at an average price of $31.08. At September 30, 2007, approximately $187 million remained under the Company's previously announced share repurchase program.
The Company announced that $455 million of insured investment grade asset-backed notes are expected to be issued by Sierra Timeshare 2007-2 Receivables Funding, LLC, an indirect subsidiary of Wyndham Vacation Ownership
The Company announced that its asset-backed commercial paper facility, Sierra Timeshare Conduit Receivables Funding, was renewed through October 2008 and upsized to $1.2 billion.
"Wyndham Worldwide continues to perform well despite the uncertainties in the macroeconomic environment, demonstrating our strong portfolio of brands and the resilience of our model, which is focused on the leisure traveler," said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer.  "Our businesses are positioned to take advantage of favorable demographics as the baby-boomer generation begins to retire and spends more time on leisure travel. We look forward to a strong finish in 2007 and continued growth in 2008."

The Company also announced that Kenneth N. May, President and Chief Executive Officer of Wyndham's Vacation Exchange and Rentals (Group RCI) business unit, will leave the Company effective November 2, 2007 to pursue new interests. 

Mr. Holmes said, "Ken has been an integral part of shaping the vision for Group RCI, and I thank him for his many valuable contributions and wish him all the best.  As we search for his successor, we will be looking at candidates who have strong and deep experience in global operations, relationship management, and online distribution and marketing, in order to best execute on that vision and drive results."

THIRD QUARTER 2007 OPERATING RESULTS

Revenues for the third quarter of 2007 were $1.2 billion, up 16% over the same period in 2006, reflecting strong organic growth. Net income for the third quarter of 2007 was $117 million or $0.65 diluted earnings per share, compared to $92 million or $0.45 diluted earnings per share for the third quarter of 2006.
 
Net income for the third quarter of 2007 includes $2 million after-tax of separation and related costs associated with Wyndham Worldwide's spin-off from Cendant Corporation (now Avis Budget Group) and $15 million of an after-tax net charge from the resolution of and adjustments to certain legacy items primarily related to a previously disclosed increase in the legacy litigation reserve. Excluding these items, Adjusted net income for the third quarter of 2007 was $134 million, or $0.75 diluted earnings per share.

Third quarter 2006 included $43 million after-tax of separation and related costs and a $15 million tax benefit related to refinements of the Company's 2005 state effective tax rates.  Excluding these items and including $5 million after-tax of estimated incremental stand-alone costs (assuming Wyndham Worldwide had been a stand-alone, public company in July 2006), Adjusted net income for the third quarter of 2006 was $115 million, or $0.56 diluted earnings per share.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues increased 12% to $211 million in the third quarter of 2007 compared with the third quarter of 2006, reflecting increased property management reimbursable revenues and strong RevPAR gains both domestically and internationally. Comparable RevPAR increased 6.2% in the third quarter of 2007 and system-wide RevPAR increased 5.6% from the prior year period. 

Property management reimbursable revenues were $26 million and marketing/reservation revenues, including TripRewards revenues, were $85 million; these items contribute little, if any, margin. Lodging EBITDA grew to $70 million compared to $67 million in the third quarter of 2006, which included $1 million of separation and related costs. 

As of September 30, 2007, the Company's hotel system consisted of 540,900 rooms and 6,460 properties with a development pipeline of over 104,000 rooms and approximately 940 hotels, of which 45% were new construction and 30% were international. 

Vacation Exchange and Rentals (Group RCI)

Revenues increased to $336 million in the third quarter of 2007, an 8% increase compared with the third quarter of 2006, reflecting growth in both vacation exchange and vacation rentals as well as favorable currency translations. Excluding the favorable effect of currency translations of $14 million, revenues grew 4% compared to the third quarter of 2006. 

Vacation exchange revenues were $116 million, a 4% increase compared to the third quarter of 2006, primarily driven by a 5% increase in the average number of members.

Vacation rentals revenues were $182 million, up 16% compared to the third quarter of 2006, or up 8% excluding the favorable effect of currency translations. These results reflected a 14% increase in the average net price per vacation rental and a 1% increase in rental transactions. 

Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $38 million in the third quarter of 2007 compared with $40 million in the third quarter of 2006.  

Third quarter 2007 EBITDA was $103 million, compared to third quarter 2006 EBITDA of $97 million, which included $1 million of separation and related costs.  Excluding the favorable effect of currency translations of $7 million during 2007 and the separation and related costs during 2006, Adjusted EBITDA was down $2 million compared to the third quarter of 2006.  Third quarter 2007 EBITDA included marginally higher costs consistent with increased rentals, severance expense, and incremental investment in information technology infrastructure.  

Vacation Ownership (Wyndham Vacation Ownership)

Revenues increased 22% to $671 million in the third quarter of 2007 compared with the third quarter of 2006 reflecting continued success in marketing and sales.  

Gross Vacation Ownership Interest sales were $552 million for the third quarter of 2007, up 15% compared to the third quarter of 2006, driven by marketing efforts resulting in 6% growth in tour flow and an 8% increase in volume per guest from strong performance by our sales force and continued strength in transaction pricing.  Results continue to reflect the strength of our marketing, sales and new locations added in the second half of 2006.

Consumer finance revenues increased 21% for the third quarter of 2007 compared to the third quarter of 2006 reflecting continued Vacation Ownership sales growth.

EBITDA for the third quarter of 2007 increased 32% to $116 million, which includes $1 million of separation and related costs, compared to $88 million in the third quarter of 2006, which also included $1 million of separation and related costs.  Third quarter 2007 EBITDA also reflects a $7 million pre-tax gain on the sale of certain vacation ownership properties that were no longer consistent with the Company's development plans.

On October 24, 2007, the Company priced a term securitization transaction involving the issuance of $455 million of insured investment grade asset-backed notes by Sierra Timeshare 2007-2 Receivables Funding, LLC, an indirect subsidiary of Wyndham Vacation Ownership.  The notes are backed by vacation ownership receivables originated by subsidiaries of Wyndham Vacation Ownership.  The transaction is expected to close on or about November 1, 2007. 

Other Items

Interest expense for the third quarter of 2007 was $20 million, an increase of $3 million from the third quarter of 2006. This increase is primarily due to higher average borrowings primarily due to differences in the Company's capital structure since the spin-off.  Interest income for the quarter was $4 million, a $1 million decrease from the third quarter of 2006, primarily due to differences in the Company's capital structure since the spin-off.  Depreciation and amortization rose $6 million to $43 million. 

Balance Sheet Information as of September 30, 2007:

Cash and cash equivalents of approximately $230 million compared to approximately $270 million at December 31, 2006
Vacation ownership and other inventory of approximately $1.1 billion compared to approximately $955 million at December 31, 2006
Vacation ownership contract receivables, net, of $2.8 billion compared to $2.4 billion at December 31, 2006  
Securitized vacation ownership debt of $1.9 billion compared to $1.5 billion at December 31, 2006
Other debt of $1.5 billion, compared to $1.4 billion at December 31, 2006 

A schedule of debt is included in the financial tables section of this press release.

Share Repurchase

The Company repurchased 560,000 shares of stock during the third quarter of 2007 at an average price of $31.08 and an additional 235,000 shares at an average price of $32.69 through October 30, 2007.   

Outlook and Guidance

"We are confident, based on Wyndham Worldwide's third quarter performance, that 2007 full year results will be within the upper end of our plan of $4,340 $4,480 million in revenues and full year Adjusted EPS of $2.02 $2.13," said Mr. Holmes.
  
"We anticipate fourth quarter Adjusted EPS of $0.44 $0.46, excluding separation and related costs and legacy matters, based on weighted average shares of approximately 180 million." Mr. Holmes noted that the Company's expectations for the fourth quarter assumes approximately $25 million in deferred vacation ownership revenue, or $0.04 per share, that will be recognized in future quarters.
Looking ahead to 2008, management provided preliminary guidance for the full-year 2008:

  • Revenues of approximately $4.8 $4.9 billion
  • EBITDA, excluding legacy matters, of approximately $920 $945 million.
Table 1
                         Wyndham Worldwide Corporation
                   OPERATING RESULTS OF REPORTABLE SEGMENTS
                                 (In millions)
 

    In addition to other measures, management evaluates the operating
    results of each of its reportable segments based upon net revenues and
    "EBITDA," which is defined as net income before depreciation and
    amortization, interest expense (excluding interest on securitized vacation
    ownership debt), interest income, income taxes and cumulative effect of
    accounting change, net of tax, each of which is presented on the Company's
    Consolidated and Combined Statements of Income. The Company's presentation
    of EBITDA may not be comparable to similarly-titled measures used by other
    companies.

    The following tables summarize net revenues and EBITDA for reportable
    segments, as well as reconcile EBITDA to net income for the three and
    nine months ended September 30, 2007 and 2006:
 

                                         Three Months Ended September 30,
                                      --------------------------------------
                                             2007                2006
                                      ------------------   -----------------
                                         Net                 Net
                                       Revenues EBITDA(c)  Revenues EBITDA(c)
                                      --------  --------   -------  --------
    Lodging                              $211       $70      $189       $67
    Vacation Exchange and Rentals    336       103       310        97
    Vacation Ownership                    671       116       551        88
                                      --------  --------   -------  --------
         Total Reportable Segments      1,218       289     1,050       252
    Corporate and Other (a) (b)            (2)      (41)       (3)      (76)
                                      --------  --------   -------  --------
         Total Company                 $1,216      $248    $1,047      $176
                                      ========  ========   =======  ========
    Reconciliation of EBITDA to Net
     Income

    EBITDA                                         $248                $176
    Depreciation and amortization                    43                  37
    Interest expense                                 20                  17
    Interest income                                  (4)                 (5)
                                                --------            --------
    Income before income taxes                      189                 127
    Provision for income taxes                       72                  35
                                                --------            --------
    Net income                                     $117                 $92
                                                ========            ========
 
 

                                         Nine Months Ended September 30,
                                      --------------------------------------
                                              2007               2006
                                      ------------------   -----------------
                                        Net                  Net
                                      Revenues  EBITDA(d)  Revenues EBITDA(d)
                                      --------  --------   -------  --------
    Lodging                              $549      $174      $509      $162
    Vacation Exchange and Rentals    937       237       853       206
    Vacation Ownership                  1,849       279     1,514       236
                                      --------  --------   -------  --------
         Total Reportable Segments      3,335       690     2,876       604
    Corporate and Other (a) (b)            (7)      (40)       (4)      (81)
                                      --------  --------   -------  --------
         Total Company                 $3,328      $650    $2,872      $523
                                      ========  ========   =======  ========
    Reconciliation of EBITDA to Net
     Income

    EBITDA                                         $650                $523
    Depreciation and amortization                   122                 107
    Interest expense                                 55                  50
    Interest income                                  (9)                (30)
                                                --------            --------
    Income before income taxes                      482                 396
    Provision for income taxes                      184                 137
    Income before cumulative effect of          --------            --------
     accounting change                              298                 259
    Cumulative effect of accounting
     change, net of tax                               -                 (65)
                                                --------            --------
    Net income                                     $298                $194
                                                ========            ========

    (a) Includes the elimination of transactions between segments; excludes
        incremental stand alone company costs through July 31, 2006.
    (b) Includes $25 million of a net expense and $5 million of a net benefit
        related to the resolution of and adjustment to certain contingent
        liabilities and assets during the three and nine months ended
        September 30, 2007, respectively.
    (c) Includes separation and related costs of $1 million and $2 million for
        Vacation Ownership and Corporate and Other, respectively, during the
        three months ended September 30, 2007 and $1 million, $1 million, $1
        million and $65 million for Lodging, Vacation Exchange and Rentals,
        Vacation Ownership and Corporate and Other, respectively, during the
        three months ended September 30, 2006.
    (d) Includes separation and related costs of $9 million and $7 million for
        Vacation Ownership and Corporate and Other, respectively, during the
        nine months ended September 30, 2007 and $1 million, $3 million, $3
        million and $69 million for Lodging, Vacation Exchange and Rentals,
        Vacation Ownership and Corporate and Other, respectively, during the
        nine months ended September 30, 2006.
 
 

                                                                    Table 2
                         Wyndham Worldwide Corporation
            CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME
                     (In millions, except per share data)
 
 

                                        Three Months Ended  Nine Months Ended
                                        ------------------  -----------------
                                           September 30,      September 30,
                                        -------- --------   -------- --------
                                           2007     2006       2007     2006
    Net revenues                        -------- --------   -------- --------
       Vacation ownership interest sales   $467     $396     $1,283   $1,081
       Service fees and membership          442      392      1,232    1,088
       Franchise fees                       155      146        406      389
       Consumer financing                    93       77        261      211
       Other                                 59       36        146      103
                                        -------- --------   -------- --------
    Net revenues                          1,216    1,047      3,328    2,872
                                        -------- --------   -------- --------
    Expenses
       Operating                            469      382      1,323    1,083
       Cost of vacation ownership
        interests                           101       92        296      239
       Marketing and reservation            229      198        632      566
       General and administrative (a)       174      131        419      385
       Separation and related costs (b)       3       68         16       76
       Depreciation and amortization         43       37        122      107
                                        -------- --------   -------- --------
    Total expenses                        1,019      908      2,808    2,456
                                        -------- --------   -------- --------
    Operating income                        197      139        520      416
    Other income, net                        (8)     -           (8)     -
    Interest expense                         20       17         55       50
    Interest income                          (4)      (5)        (9)     (30)
                                        -------- --------   -------- --------
    Income before income taxes              189      127        482      396
    Provision for income taxes               72       35        184      137
                                        -------- --------   -------- --------
    Income before cumulative effect of
     accounting change                      117       92        298      259
    Cumulative effect of accounting
     change, net of tax (c)                 -        -          -        (65)
                                        -------- --------   -------- --------
    Net income                             $117      $92       $298     $194
                                        ======== ========   ======== ========
    Earnings per share
       Basic
       Income before cumulative effect of
        accounting change                 $0.65    $0.46      $1.63    $1.29
       Cumulative effect of accounting
        change, net of tax                  -        -          -      (0.32)
                                        -------- --------   -------- --------
       Net income                         $0.65    $0.46      $1.63    $0.97
                                        ======== ========   ======== ========
       Diluted
       Income before cumulative effect of
        accounting change                 $0.65    $0.45      $1.62    $1.29
       Cumulative effect of accounting
        change, net of tax                  -        -          -      (0.32)
                                        -------- --------   -------- --------
       Net income                         $0.65    $0.45      $1.62    $0.97
                                        ======== ========   ======== ========
    Weighted average shares outstanding
       Basic                                179      200        183      200
       Diluted                              180      203        184      201

    (a) Includes $25 million of a net expense and $5 million of a net
        benefit related to the resolution of and adjustment to certain
        contingent liabilities and assets during the three and nine months
        ended September 30, 2007, respectively.
    (b) Represents costs that the Company incurred in connection with the
        execution of its separation from its former parent, Cendant (now  Avis
        Budget Group, Inc.). Such amounts, net of tax, were $2 million and $43
        million during the three months ended September 30, 2007 and 2006,
        respectively, and $10 million and $47 million during the nine  months
        ended September 30, 2007 and 2006, respectively.
    (c) Represents non-cash charges to reflect the cumulative effect of
        adopting Statement of Financial Accounting Standards No. 152,
        "Accounting for Real Estate Time-Sharing Transactions," on January 1,
        2006.
 
 

                                                                     Table 3
                                                                    (1 of 2)
                         Wyndham Worldwide Corporation
                              OPERATING STATISTICS
 
 

                      Year      Q1        Q2        Q3       Q4        Full
    Year              ----   -------   -------   ------- --------  ----------
    Lodging (a)
      Number of
       Rooms (b)      2007   539,300   541,700   540,900      N/A         N/A
                      2006   525,500   535,900   533,700  543,200         N/A
                      2005   519,300   516,000   512,000  532,700         N/A
                      2004   515,700   514,500   509,600  521,200         N/A

      Weighted Average
       Rooms
       Available      2007   529,700   530,700   529,800      N/A         N/A
                      2006   520,600   531,000   529,200  529,900     527,700
                      2005   517,400   512,000   511,500  535,100     519,000
                      2004   512,000   510,700   507,300  503,000     508,200

      RevPAR          2007    $31.35    $38.35    $43.10      N/A         N/A
                      2006    $30.45    $36.97    $40.82   $31.41      $34.95
                      2005    $25.53    $31.91    $36.86   $29.72      $31.00
                      2004    $22.50    $29.08    $34.04   $24.53      $27.55

      Royalty, Marketing
       and Reservation
       Revenues
       (in 000s)      2007  $105,426  $129,453  $146,290      N/A         N/A
                      2006  $102,741  $125,409  $138,383 $104,505    $471,039
                      2005   $84,704  $104,281  $119,829  $99,804    $408,620
                      2004   $77,830   $97,959  $112,765  $82,502    $371,058

    Vacation Exchange
     and Rentals
      Average Number
       of Members
      (in 000s)       2007     3,474     3,506     3,538      N/A         N/A
                      2006     3,292     3,327     3,374    3,429       3,356
                      2005     3,148     3,185     3,233    3,271       3,209
                      2004     2,995     3,031     3,074    3,116       3,054

      Annual Dues and
       Exchange Revenue
       Per Member     2007   $155.60   $132.33   $131.38      N/A         N/A
                      2006   $152.10   $130.37   $132.31  $128.13     $135.62
                      2005   $159.12   $134.98   $125.64  $124.05     $135.76
                      2004   $159.55   $132.51   $123.55  $124.43     $134.82

      Vacation Rental
       Transactions
       (in 000s)      2007       398       326       360      N/A         N/A
                      2006       385       310       356      293       1,344
                      2005       367       311       344      278       1,300
                      2004       309       246       295      253       1,104

      Average Net Price
       Per Vacation
       Rental         2007   $349.73   $415.71   $506.78      N/A         N/A
                      2006   $312.51   $374.91   $442.75  $356.16     $370.93
                      2005   $331.37   $363.14   $412.66  $325.62     $359.27
                      2004   $279.46   $333.76   $368.79  $337.42     $328.77

    Vacation Ownership
      Gross Vacation
      Ownership Interest
      Sales (in 000s) 2007  $430,000  $523,000  $552,000       N/A        N/A
                      2006  $357,000  $434,000  $482,000  $469,000 $1,743,000
                      2005  $281,000  $354,000  $401,000  $360,000 $1,396,000
                      2004  $274,000  $315,000  $361,000  $304,000 $1,254,000

      Tours           2007   240,000   304,000   332,000       N/A        N/A
                      2006   208,000   273,000   312,000   254,000  1,046,000
                      2005   195,000   250,000   272,000   217,000    934,000
                      2004   181,000   227,000   246,000   205,000    859,000

      Volume Per
       Guest (VPG)    2007    $1,607    $1,596    $1,545       N/A        N/A
                      2006    $1,475    $1,426    $1,434    $1,623     $1,486
                      2005    $1,349    $1,284    $1,349    $1,507     $1,368
                      2004    $1,303    $1,253    $1,273    $1,327     $1,287
 

    Note: Full year amounts may not foot across due to rounding.

    (a) Quarterly drivers in the Lodging segment include the acquisitions of
        Ramada International (December 2004), Wyndham Hotels and Resorts
        (October 2005) and Baymont Inn & Suites (April 2006) from their
        acquisition dates forward.  Therefore, the operating statistics are
        not presented on a comparable basis.
    (b) Numbers include affiliated rooms from the fourth quarter of 2006
        forward.
 

                                                                     Table 3
                                                                     (2 of 2)

                        Wyndham Worldwide Corporation
                             OPERATING STATISTICS

                              GLOSSARY OF TERMS
    Lodging
    Number of Rooms: Represents the number of rooms at lodging properties
under franchise and/or management agreements at the end of the period.
    Weighted Average Rooms Available: Represents the weighted average
number of hotel rooms available for rental during the period.
    Average Occupancy Rate: Represents the percentage of available rooms
occupied during the period.
    Average Daily Rate (ADR): Represents the average rate charged for
renting a lodging room for one day.
    RevPAR: Represents revenue per available room and is calculated by
multiplying average occupancy rate by ADR.
    Royalty, Marketing and Reservation Revenues: Royalty, marketing and
reservation revenues are typically based on a percentage of the gross room
revenues of each franchised hotel. Royalty revenue is generally a fee
charged to each franchised hotel for the use of one of our trade names,
while marketing and reservation revenues are fees that we collect and are
contractually obligated to spend to support marketing and reservation
activities. Marketing and reservation fees are also included in the above
table within marketing, reservation and TripRewards revenues.
    Vacation Exchange and Rentals
    Average Number of Members: Represents members in our vacation exchange
programs who pay annual membership dues. For additional fees, such
participants are entitled to exchange intervals for intervals at other
properties affiliated with our vacation exchange business. In addition,
certain participants may exchange intervals for other leisure-related
products and services.
    Annual Dues and Exchange Revenue Per Member: Represents total revenues
from annual membership dues and exchange fees generated for the period
divided by the average number of vacation exchange members during the year.
    Vacation Rental Transactions: Represents the gross number of
transactions that are generated in connection with customers booking their
vacation rental stays through us. In our European vacation rentals
businesses, one rental transaction is recorded each time a standard
one-week rental is booked; however, in the United States, one rental
transaction is recorded each time a vacation rental stay is booked,
regardless of whether it is less than or more than one week.
    Average Net Price Per Vacation Rental: Represents the net rental price
generated from renting vacation properties to customers divided by the
number of rental transactions.
    Vacation Ownership
    Gross Vacation Ownership Interest Sales: Represents gross sales of
vacation ownership interests (including tele-sales upgrades, which are a
component of upgrade sales) before deferred sales and loan loss provisions.
    Tours: Represents the number of tours taken by guests in our efforts to
sell vacation ownership interests.
    Volume per Guest (VPG): Represents revenue per guest and is calculated
by dividing the gross vacation ownership interest sales, excluding
tele-sales upgrades, which are a component of upgrade sales, by the number
of tours.
                                                                       Table 4

                          Wyndham Worldwide Corporation
                                 ADDITIONAL DATA
 
 

                           Year     Q1       Q2       Q3       Q4   Full Year
                           ----  -------  -------  -------  ------- ---------
    Lodging (a)
      Number of
       Properties (b)      2007    6,450    6,460    6,460      N/A       N/A
                           2006    6,300    6,440    6,420    6,470       N/A
                           2005    6,400    6,380    6,350    6,350       N/A
                           2004    6,380    6,390    6,350    6,400       N/A

      Marketing,
       Reservation and
       TripRewards
       Revenues
       (in 000s) (c)       2007  $61,369  $74,575  $84,820      N/A       N/A
                           2006  $58,572  $70,931  $78,856  $61,135  $269,495
                           2005  $45,066  $56,558  $65,812  $58,053  $225,491
                           2004  $39,092  $50,181  $57,485  $43,284  $190,044

      Property Management
       Reimbursable
       Revenue
       (in 000s) (d)       2007  $15,624  $22,338  $25,612      N/A       N/A
                           2006  $15,732  $19,935  $17,210  $16,263   $69,142
                           2005     $-       $-       $-    $17,291   $17,291
                           2004     $-       $-       $-       $-        $-

    Note: Full year amounts may not foot across due to rounding.

    (a) Information includes the acquisitions of Ramada International
        (December 2004), Wyndham Hotels and Resorts (October 2005) and Baymont
        Inn & Suites (April 2006) from their acquisition dates forward.
        Therefore, the data is not presented on a comparable basis.
    (b) Numbers include affiliated hotels from the fourth quarter of 2006
        forward.
    (c) Marketing and reservation revenues represent fees we receive from
        franchisees that are to be expended for marketing purposes or the
        operation of a centralized, brand-specific reservation system for the
        respective franchisees.  These fees are typically based on a
        percentage of the gross room revenues of each franchised hotel.
        Marketing and reservation fees are also included in the above table
        within royalty, marketing and reservation revenues.  TripRewards
        revenues represent fees we receive from the franchisees relating to
        our loyalty program.
    (d) Primarily represents payroll costs in our hotel management business
        that we incur and pay on behalf of property owners and for which we
        are reimbursed by the property owners.
 
 

                                                                      Table 5
                          Wyndham Worldwide Corporation
                                SCHEDULE OF DEBT
                                  (In millions)
 

                                       Sept.   June    March   Dec.    Sept.
                                        30,     30,     31,     31,     30,
                                       2007    2007    2007    2006    2006
    Securitized vacation ownership    ------  ------  ------  ------  ------
     debt
      Term notes                      $1,148  $1,322    $887    $838    $967
      Bank conduit facility (a)          777     491     826     625     371
    Securitized vacation ownership    ------  ------  ------  ------  ------
     debt (b)                          1,925   1,813   1,713   1,463   1,338
    Less: Current portion of
     securitized vacation ownership
     debt                                304     242     231     178     213
    Long-term securitized vacation    ------  ------  ------  ------  ------
     ownership debt                   $1,621  $1,571  $1,482  $1,285  $1,125
                                      ======  ======  ======  ======  ======
    Debt:
     6.00% Senior unsecured notes
      (due December 2016) (c)           $797    $797    $796    $796    $-
     Revolving credit facility
      (due July 2011) (d)                133     215      48     -       150
     Interim loan facility (due July
      2007)                              -       -       -       -       350
     Term loan (due July 2011)           300     300     300     300     300
     Bank borrowings:
      Vacation ownership                 148     130     112     103     113
      Vacation rentals (e)               -       -       -        73      70
    Vacation rentals capital leases      153     147     147     148     144
    Other                                 14      14      16      17      37
                                      ------  ------  ------  ------  ------
    Total debt                         1,545   1,603   1,419   1,437   1,164
    Less: Current portion of debt        159     140     123     115     143
                                      ------  ------  ------  ------  ------
    Long-term debt                    $1,386  $1,463  $1,296  $1,322  $1,021
                                      ======  ======  ======  ======  ======

    (a) This 364-day vacation ownership bank conduit facility was renewed and
        upsized to $1,000 million on November 13, 2006.  On October 31, 2007,
        the facility was renewed through October 2008 and upsized to $1,200
        million.

    (b) This debt is collateralized by $2,428 million, $2,288 million, $2,198
        million, $1,844 million and $1,718 million of underlying vacation
        ownership contract receivables and related assets at September 30,
        2007, June 30, 2007, March 31, 2007, December 31, 2006 and September
        30, 2006, respectively.
    (c) These notes represent $800 million aggregate principal less $3 million
        of original issue discount.
    (d) The Company's revolving credit facility has a borrowing capacity of
        $900 million. At September 30, 2007, the Company has $48 million of
        outstanding letters of credit and a remaining borrowing capacity of
        $719 million.
    (e) The borrowings under this facility were repaid on January 31, 2007.
 
 

                                                                       Table 6

                          Wyndham Worldwide Corporation
                           HOTEL BRAND SYSTEMS DETAILS
 

                                                 September 30, 2007

                                                                      Average
                                                                      Revenue
                                                             Average    Per
                                   Number    Number  Average  Daily  Available
                                     of       of    Occupancy  Rate     Room
              Brand              Properties  Rooms    Rate    (ADR)   (RevPAR)

    Wyndham Hotels and Resorts        75     20,585   65.3%  $110.47  $72.10

    Wingate Inn                      152     13,952   67.1%   $89.71  $60.18

    Ramada                           854    103,230   61.6%   $79.38  $48.91

    Baymont                          182     15,962   63.6%   $72.61  $46.16

    AmeriHost Inn                     39      2,754   58.4%   $70.99  $41.45

    Days Inn                       1,857    150,667   59.7%   $67.91  $40.57

    Super 8                        2,061    127,038   65.4%   $62.05  $40.60

    Howard Johnson                   465     44,422   53.9%   $69.40  $37.41

    Travelodge                       492     36,639   59.1%   $71.48  $42.27

    Knights Inn                      261     18,193   45.2%   $46.49  $21.01

    Unmanaged, Affiliated and
     Managed, Non-Proprietary
     Hotels (*)                       23      7,475     N/A      N/A     N/A
                                   ----------------
      Total                        6,461    540,917   60.9%   $70.77  $43.10
                                   ================
 

                                                 September 30, 2006

                                                                      Average
                                                                      Revenue
                                                             Average    Per
                                   Number    Number  Average  Daily  Available
                                     of       of    Occupancy  Rate     Room
              Brand              Properties  Rooms    Rate    (ADR)   (RevPAR)

    Wyndham Hotels and Resorts        89     24,241   70.1%  $106.15  $74.45

    Wingate Inn                      154     14,171   68.1%   $85.41  $58.14

    Ramada                           877    105,901   60.1%   $72.97  $43.87

    Baymont                          129     11,633   64.1%   $64.63  $41.45

    AmeriHost Inn                    107      7,495   60.3%   $65.65  $39.60

    Days Inn                       1,848    149,926   59.1%   $64.12  $37.86

    Super 8                        2,036    124,584   64.2%   $59.60  $38.28

    Howard Johnson                   456     42,041   53.5%   $68.49  $36.65

    Travelodge                       499     37,053   58.7%   $69.37  $40.70

    Knights Inn                      225     16,655   47.9%   $42.41  $20.30
                                   ----------------
      Total                        6,420    533,700   60.5%   $67.50  $40.82
                                   ================

    NOTE: A glossary of terms is included in Table 3 (2 of 2).

    (*) Represents 1) affiliated properties for which we receive a fee for
        reservation services provided and 2) properties managed under the CHI
        Limited joint venture.  These properties are not branded; as such,
        certain operating statistics (such as average occupancy rate, ADR and
        RevPAR) are not relevant.  Ten of the managed properties are scheduled
        to be branded or cobranded as either Wyndham or Ramada during 2007 and
        2008.
 
 

                                                                      Table 7
                                                                     (1 of 2)
                          Wyndham Worldwide Corporation
                            NON-GAAP RECONCILIATIONS
                      (In millions, except per share data)
 

                                                                       Nine
                                              Three Months Ended      Months
                                        ---------------------------    Ended
                                        March 31, June 30, Sept. 30, Sept. 30,
                                          2007      2007      2007     2007
                                        --------- -------- --------- ---------
    Reported EBITDA                        $192     $211     $248      $650
       Separation and related costs (a)       6        7        3        16
       Resolution of and adjustment to
        contingent liabilities and
        assets (b)                          (13)     (17)      25        (5)
                                        --------- -------- --------- ---------
    Adjusted EBITDA                        $185     $201     $276      $661
                                        --------- -------- --------- ---------
    Reported PreTax Income                 $139     $154     $189      $482
       Separation and related costs (a)       6        7        3        16
       Resolution of and adjustment to
        contingent liabilities and
        assets (b)                          (13)     (17)      25        (5)
                                        --------- -------- --------- ---------
    Adjusted PreTax Income                 $132     $144     $217      $493
                                        --------- -------- --------- ---------
    Reported Tax Provision                 $(53)    $(58)    $(72)    $(184)
       Separation and related costs (c)      (2)      (3)      (1)       (6)
       Resolution of and adjustment to
        contingent liabilities and
        assets (c)                            4        6      (10)        1
                                        --------- -------- --------- ---------
    Adjusted Tax Provision                 $(51)    $(55)    $(83)    $(189)
                                        --------- -------- --------- ---------
    Reported Net Income                     $86      $96     $117      $298

       Separation and related costs           4        4        2        10
       Resolution of and adjustment to
        contingent liabilities and assets    (9)     (11)      15        (4)
                                        --------- -------- --------- ---------
    Adjusted Net Income                     $81      $89     $134      $304
                                        --------- -------- --------- ---------
    Reported Diluted EPS                  $0.45    $0.52    $0.65     $1.62

       Separation and related costs        0.02     0.02     0.01      0.05
       Resolution of and adjustment to
        contingent liabilities and assets (0.05)   (0.06)    0.09     (0.02)
                                        --------- -------- --------- ---------
    Adjusted Diluted EPS                  $0.43    $0.49    $0.75     $1.65
                                        --------- -------- --------- ---------
    Diluted Shares                          190      183      180       184

    Note: Amounts may not foot due to rounding.

    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group).
    (b) Relates to the net benefit from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (c) Relates to the tax effect of the adjustments.
 
 

                                                                      Table 7
                                                                     (2 of 2)
                          Wyndham Worldwide Corporation
                            NON-GAAP RECONCILIATIONS
                      (In millions, except per share data)
 
 

                                                                        Nine
                                              Three Months Ended       Months
                                        ----------------------------    Ended
                                        March 31, June 30, Sept. 30, Sept. 30,
                                           2006     2006      2006      2006
                                        --------- -------- --------- ---------
    Reported EBITDA                         $182     $166     $176      $523
      Separation and related costs (a)         3        5       68        76
      Incremental stand-alone costs (b)      (13)     (13)      (4)      (30)
                                        --------- -------- --------- ---------
    Adjusted EBITDA                         $172     $158     $240      $569
                                        --------- -------- --------- ---------
    Reported Depreciation and
     Amortization                           $(34)    $(36)    $(37)    $(107)
      Incremental stand-alone costs (b)       (1)      (1)     -          (2)
                                        --------- -------- --------- ---------
    Adjusted Depreciation and
     Amortization                           $(35)    $(37)    $(37)    $(109)

    Reported Interest Income/(Expense), --------- -------- --------- ---------
     Net                                      $2     $(11)    $(12)     $(20)
      Incremental stand-alone costs (b)      (12)     (12)      (4)      (28)
                                        --------- -------- --------- ---------
    Adjusted Interest Expense, Net          $(10)    $(23)    $(16)     $(48)
                                        --------- -------- --------- ---------
    Reported PreTax Income                  $150     $119     $127      $396
      Separation and related costs (a)         3        5       68        76
      Incremental stand-alone costs  (b)     (26)     (26)      (8)      (60)
                                        --------- -------- --------- ---------
    Adjusted PreTax Income                  $127      $98     $187      $412
                                        --------- -------- --------- ---------
    Reported Tax Provision                  $(57)    $(44)    $(35)    $(137)
      Separation and related costs (c)        (2)      (2)     (25)      (29)
      Incremental stand-alone costs (c)       10       10        3        23
      State tax rate adjustment (c) (d)      -        -        (15)      (15)
                                        --------- -------- --------- ---------
    Adjusted Tax Provision                  $(49)    $(36)    $(72)    $(158)
                                        --------- -------- --------- ---------
    Reported Net Income                      $28      $75      $92      $194
      Cumulative effect of SFAS No. 152
       (e)                                    65      -        -          65
    Reported Income before Cumulative   --------- -------- --------- ---------
     Effect of SFAS No. 152                   93       75       92       259

      Separation and related costs             1        3       43        47
      Incremental stand-alone costs          (16)     (16)      (5)      (37)
      State tax rate adjustment              -        -        (15)      (15)
                                        --------- -------- --------- ---------
    Adjusted Net Income                      $78      $62     $115      $254
                                        --------- -------- --------- ---------
    Reported Diluted EPS                   $0.14    $0.37    $0.45     $0.97
      Cumulative effect of SFAS No. 152     0.32      -        -        0.32
    Reported Income before Cumulative   --------- -------- --------- ---------
     Effect of SFAS No. 152                 0.46     0.37     0.45      1.29

      Separation and related costs          0.00     0.01     0.21      0.24
      Incremental stand-alone costs        (0.08)   (0.08)   (0.02)    (0.18)
      State tax rate adjustment              -        -      (0.07)    (0.08)
                                        --------- -------- --------- ---------
    Adjusted Diluted EPS                   $0.39    $0.31    $0.56     $1.26
                                        --------- -------- --------- ---------
    Diluted Shares (f)                       200      200      203       201

    Note: Amounts may not foot due to rounding.

    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group), primarily the
        acceleration of vesting of Cendant equity awards and the related
        equitable adjustments of such awards.
    (b) Represents the Company's estimate of incremental stand-alone corporate
        costs, depreciation and amortization and interest expense associated
        with corporate debt that the Company would have incurred in 2006 if it
        was a separate stand-alone company.
    (c) Relates to the tax effect of the adjustments.
    (d) Relates to a $15 million benefit relating to refinements in the
        Company's 2005 state effective tax rate.
    (e) Represents non-cash charges to reflect the cumulative effect of
        adopting Statement of Financial Accounting Standards No. 152,
        "Accounting for Real Estate Time-Sharing Transactions," on January 1,
        2006.
    (f) On July 31, 2006, the Separation from Cendant was completed in a
        tax-free distribution to the Company's stockholders of one share of
        Wyndham common stock for every five shares of Cendant common stock
        held on July 21, 2006. As a result, on July 31, 2006, the Company had
        200 million shares of common stock outstanding. This share amount is
        being (futilized for the calculation of diluted earnings per share for
        all) periods presented prior to the date of Separation.
 
 

                                                                    Table 8
                                                                   (1 of 4)

                         Wyndham Worldwide Corporation
                        NON-GAAP FINANCIAL INFORMATION
                     (In millions, except per share data)

                                        Three Months Ended September 30, 2007
                                       -------------------------------------
                                                Separation  Legacy
                                                   and       and
                                                  Related   Other
                                           As     Adjust-   Adjust-    As
                                        Reported  ments     ments   Adjusted
                                       --------- -------- -------- --------

    Net revenues
      Vacation ownership interest sales    $467                       $467
      Service fees and membership           442                        442
      Franchise fees                        155                        155
      Consumer financing                     93                         93
      Other                                  59                         59
                                       --------- -------- -------- --------
    Net revenues                          1,216    -         -       1,216
    Expenses                           --------- -------- -------- --------
      Operating                             469                        469
      Cost of vacation ownership
       interests                            101                        101
      Marketing and reservation             229                        229
      General and administrative            174              (25)(b)   149
      Separation and related costs            3     (3)(a)             -
      Depreciation and amortization          43                         43
                                       --------- -------- -------- --------
    Total expenses                        1,019     (3)      (25)      991
                                       --------- -------- -------- --------
    Operating income                        197      3        25       225
    Other income, net                        (8)                        (8)
    Interest expense                         20                         20
    Interest income                          (4)                        (4)
                                       --------- -------- -------- --------
    Income before income taxes              189      3        25       217
    Provision for income taxes               72      1 (c)    10 (c)    83
                                       --------- -------- -------- --------
    Net income                             $117     $2       $15      $134
                                       ========= ======== ======== ========
    Earnings per share
      Basic                                0.65  $0.01     $0.09     $0.75
      Diluted                              0.65   0.01      0.09      0.75

    Weighted average shares outstanding
      Basic                                 179    179       179       179
      Diluted                               180    180       180       180

    Note: EPS amounts may not foot across due to rounding.

    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant.
    (b) Relates to the net benefit from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (c) Relates to the tax effect of the adjustments.
 
 

                                                                       Table 8
                                                                      (2 of 4)

                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                        Nine Months Ended September 30, 2007
                                       -------------------------------------
                                                Separation  Legacy
                                                   and       and
                                                  Related   Other
                                           As     Adjust-   Adjust-     As
                                        Reported  ments     ments    Adjusted
                                       --------- -------- --------   --------
    Net revenues
       Vacation ownership interest sales  $1,283                       $1,283
       Service fees and membership         1,232                        1,232
       Franchise fees                        406                          406
       Consumer financing                    261                          261
       Other                                 146                          146
                                       --------- -------- --------   --------
    Net revenues                           3,328    -        -          3,328
                                       --------- -------- --------   --------
    Expenses
       Operating                           1,323                        1,323
       Cost of vacation ownership
        interests                            296                          296
       Marketing and reservation             632                          632
       General and administrative            419               5 (b)      424
       Separation and related costs           16    (16)(a)               -
       Depreciation and amortization         122                          122
                                       --------- -------- --------   --------
    Total expenses                         2,808    (16)       5        2,797
                                       --------- -------- --------   --------
    Operating income                         520     16       (5)         531
    Other income, net                         (8)                          (8)
    Interest expense                          55                           55
    Interest income                           (9)                          (9)
                                       --------- -------- --------   --------
    Income before income taxes               482     16       (5)         493
    Provision for income taxes               184      6 (c)   (1)(c)      189
                                       --------- -------- --------   --------
    Net income                              $298    $10      $(4)        $304
                                       ========= ======== ========   ========
    Earnings per share
       Basic                               $1.63  $0.05   $(0.02)       $1.66
       Diluted                              1.62   0.05    (0.02)        1.65

    Weighted average shares outstanding
       Basic                                 183    183      183          183
       Diluted                               184    184      184          184

    Note: EPS amounts may not foot across due to rounding.

    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant.
    (b) Relates to the net benefit from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (c) Relates to the tax effect of the adjustments.
 
 

                                                                       Table 8
                                                                      (3 of 4)

                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                         Three Months Ended September 30, 2006
                                         -------------------------------------
                                                 Separation  Stand-
                                                    and      Alone
                                                   Related   Company
                                            As     Adjust-   Adjust-     As
                                         Reported  ments     ments    Adjusted
                                         --------- -------- -------- ---------

    Net revenues
       Vacation ownership interest sales     $396                        $396
       Service fees and membership            392                         392
       Franchise fees                         146                         146
       Consumer financing                      77                          77
       Other                                   36                          36
                                         --------- -------- -------- ---------
    Net revenues                            1,047    -        -         1,047
                                         --------- -------- -------- ---------
    Expenses
       Operating                              382                         382
       Cost of vacation ownership interests    92                          92
       Marketing and reservation              198                         198
       General and administrative             131               4 (b)     135
       Separation and related costs            68    (68)(a)              -
       Depreciation and amortization           37                          37
                                         --------- -------- -------- ---------
    Total expenses                            908    (68)       4         844
                                         --------- -------- -------- ---------
    Operating income                          139     68       (4)        203
    Interest expense                           17               4 (b)      21
    Interest income                            (5)                         (5)
                                         --------- -------- -------- ---------
    Income before income taxes                127     68       (8)        187
    Provision for income taxes                 35     25 (c)   12 (c)      72
                                         --------- -------- -------- ---------
    Net income                                $92    $43     $(20)       $115
                                         ========= ======== ======== =========
    Earnings per share
       Basic                                $0.46  $0.22    $(0.10)     $0.58
       Diluted                               0.45   0.21     (0.10)      0.56

    Weighted average shares outstanding
       Basic                                  200    200      200         200
       Diluted                                203    203      203         203

    Note: EPS amounts may not foot across due to rounding.

    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group), primarily the
        acceleration of vesting of Cendant equity awards and the related
        equitable adjustments of such awards.
    (b) Represents the Company's estimate of incremental stand-alone corporate
        costs, depreciation and amortization and interest expense associated
        with corporate debt that the Company would have incurred if it was a
        separate stand-alone company.
    (c) Relates to the tax effect of the adjustments and a $15 million benefit
        relating to the refinements in the Company's 2005 state effective tax
        rates.
 
 

                                                                    Table 8
                                                                   (4 of 4)

                         Wyndham Worldwide Corporation
                        NON-GAAP FINANCIAL INFORMATION
                     (In millions, except per share data)

                                     Nine Months Ended September 30, 2006
                               -----------------------------------------------
                                        Separation  Legacy   Stand-
                                           and       and      Alone
                                          Related   Other    Company
                                   As     Adjust-   Adjust-  Adjust-     As
                                Reported  ments     ments    ments    Adjusted
                               --------- --------- --------- -------- --------

    Net revenues
     Vacation ownership interest
      sales                      $1,081                                $1,081
     Service fees and
      membership                  1,088                                 1,088
     Franchise fees                 389                                   389
     Consumer financing             211                                   211
     Other                          103                                   103
                               --------- --------- --------- -------- --------
    Net revenues                  2,872     -         -         -       2,872
                               --------- --------- --------- -------- --------
    Expenses
     Operating                    1,083                                 1,083
     Cost of vacation ownership
      interests                     239                                   239
     Marketing and reservation      566                                   566

     General and administrative     385                         30 (b)    415
     Separation and related
      costs                          76    (76)(a)                        -

     Depreciation and
      amortization                  107                          2 (b)    109
                               --------- --------- --------- -------- --------
    Total expenses                2,456    (76)       -         32      2,412
                               --------- --------- --------- -------- --------
    Operating income                416     76        -        (32)       460
    Interest expense                 50                         28 (b)     78
    Interest income                 (30)                                  (30)
                               --------- --------- --------- -------- --------
    Income before income
     taxes                          396     76        -        (60)       412

    Provision for income
     taxes                          137     29 (c)    -         (8)(c)    158
                               --------- --------- --------- -------- --------
    Income before cumulative
     effect of accounting
     change                         259     47        -        (52)       254
    Cumulative effect of
     accounting change              (65)              65 (d)              -
                               --------- --------- --------- -------- --------
    Net income                     $194    $47       $65      $(52)      $254
                               ========= ========= ========= ======== ========
    Earnings per share
     Basic
     Income before
      cumulative effect of
      accounting change           $1.29   $0.24     $-      $(0.26)     $1.27
     Cumulative effect of
      accounting change           (0.32)    -        0.32      -          -
                               --------- --------- --------- -------- --------
     Net income                   $0.97   $0.24     $0.32   $(0.26)     $1.27
                               ========= ========= ========= ======== ========
     Diluted
     Income before
      cumulative effect of
      accounting change           $1.29   $0.24      $-     $(0.26)     $1.26
     Cumulative effect of
      accounting change           (0.32)    -        0.32       -         -
                               --------- --------- --------- -------- --------
     Net income                   $0.97   $0.24     $0.32   $(0.26)     $1.26
                               ========= ========= ========= ======== ========
    Weighted average shares
     outstanding
     Basic                         200      200       200      200        200
     Diluted                       201      201       201      201        201

    Note: EPS amounts may not foot across due to rounding.

    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group), primarily the
        acceleration of vesting of Cendant equity awards and the related
        equitable adjustments of such awards.
    (b) Represents the Company's estimate of incremental stand-alone corporate
        costs, depreciation and amortization and interest expense associated
        with corporate debt that the Company would have incurred if it was a
        separate stand-alone company.
    (c) Relates to the tax effect of the adjustments and a $15 million benefit
        relating to the refinements in the Company's 2005 state effective tax
        rates.
    (d) Represents non-cash charges to reflect the cumulative effect of
        adopting Statement of Financial Accounting Standards No. 152,
        "Accounting for Real Estate Time-Sharing Transactions," on January 1,
        2006.
 
 

About Wyndham Worldwide
As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses almost 6,500 franchised hotels and almost 541,000 hotel rooms worldwide. Group RCI offers its more than 3.4 million members access to over 60,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of approximately 140 vacation ownership resorts serving over 800,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs more than 30,000 employees globally. For more information about Wyndham Worldwide, please visit the Company's web site at www.wyndhamworldwide.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to trends for the Company's revenues, earnings and related financial and operating measures, the number of hotels the Company intends to add in future periods and the closing of its term securitization transaction.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 general economic conditions, the performance of the financial markets, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those in the Company's Annual Report on Form 10-K, filed with the SEC on March 7, 2007. Except for the Company's ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. It is not practical to provide a reconciliation of forecasted Adjusted EBITDA for the full years 2007 and 2008 to the most directly comparable GAAP measure, net income, because certain items cannot be reasonably estimated or predicted at this time.  Any of those items could be significant to our financial results.

.
Contact:

Margo C. Happer 
Senior Vice President, Investor Relations
Wyndham Worldwide Corporation
(973) 753-6472
Margo.Happer@wyndhamworldwide.com
 

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Also See: Peter Strebel, President Wyndham Hotels and Resorts, Details Three-pronged Strategy to Expand, Improve Guest Satisfaction and Build Revenue / October 2007
Wyndham Hotels Assumes Management of the 364-room Lakeside Princeton Conference Center & Hotel in Plainsboro, New Jersey; Renamed The Wyndham Princeton Forrestal Hotel & Conference Center / August 2007
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