Revenue fell, but Wyndham Worldwide's first-quarter net income grew seven percent as a result of cost cutting and the restructuring of its vacation ownership business. Adjusted net income was $74 million, or $0.41 diluted earnings per share, beating analysts' expectations and last year's first-quarter numbers ($62 million and $0.35 diluted EPS). First-quarter revenues of $901 million were down 11 percent.

Wyndham Hotel Group saw a nine percent decline in revenue, to $154 million, a direct result of falling RevPar. System-wide RevPar decreased 11.3 percent (13.4 percent domestically and 5.5 percent internationally). First quarter EBITDA was $35 million, down 24 percent from a year ago.

"Wyndham Worldwide delivered solid first-quarter results despite strong economic headwinds and a significant reduction in revenues due to the realignment of our vacation ownership business," said Stephen P. Holmes, Wyndham Worldwide chairman and CEO. "Adjusted EPS was up 17 percent from last year, and the company generated net cash from operating activities of approximately $210 million. These results reflect the durability of our businesses and the resilience of our fee-for-service business models, as well as strong execution and continued cost discipline."