Wyndham Profits Fall 28 Percent
Wyndham Worldwide reported its second-quarter profit fell 28 percent, but the results still beat Wall Street expectations. Wyndham earned $71 million of profit, but last year’s second quarter brought in $98 million.
Domestic RevPAR for Wyndham Hotel Group was down 13.6 percent, which isn’t good, but it’s better than the industry average decline of 19.5 percent, according to Smith Travel Research. Wyndham’s release credited the softened declines to the group’s concentration in economy and midscale brands.
International RevPAR fell 18.1 percent for a system-wide decline of 16.7 percent compared to last year. Wyndham Hotel Group has more than 7,000 hotels with 21 percent of those located internationally.
Group RCI, Wyndham’s vacation exchange and rentals division, saw revenue fall 11 percent, while Wyndham Vacation Ownership took the brunt of the losses, with sales falling 39 percent and revenue down 25 percent.
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