Wyndham Worldwide Corp. followed rough news from Marriott and Choice earlier this week with another less than stellar earnings report released today.

The fourth-quarter revenue of $911 million was a 12-percent drop compared to 2007, in large part because of the decline in its vacation-ownership business and other factors. Full-year revenue was approximately $4.3 billion, essentially flat compared to the year before, the release said. Despite that, Wyndham Worldwide CEO Stephen P. Holmes found some positives.

“There are several special items in the fourth-quarter results, including a goodwill impairment charge, restructuring costs and foreign-currency conversion losses. If you remove those items, Wyndham Worldwide produced operating income growth in the fourth quarter and full year,” he said. “These positive operating results reflect our resilient business model and proactive efforts by the management team to reduce our costs, improve productivity and grow market share.”

The Wyndham Hotel Group had revenues of $170 million in the fourth quarter, down three percent from '07. System-wide RevPAR decreased 6.4 percent. Wyndham opened more than 19,000 rooms in the fourth quarter, ending the year with a net growth of eight percent, in large part because of the acquisition of the Microtel and Hawthorn brands.