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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wyndham Hotels & Resorts Inc | NYSE:WH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.30 | 0.31% | 96.69 | 97.31 | 96.10 | 96.61 | 520,376 | 22:31:09 |
Milestone comes as China looks to become world's largest travel and tourism market by 2035; builds on Wyndham's reacquisition of direct franchising rights for Days Inn in 2019
SHANGHAI, Oct. 29, 2024 /PRNewswire/ -- Wyndham Hotels & Resorts surpassed a major milestone in China: signing nearly 600 direct franchise agreements across the country in just five years. The achievement is a testament to Wyndham's owner-first approach to franchising and increased efforts in recent years to reduce its reliance for growth on master licensees—a move underscored in 2019 when the Company reacquired direct franchising rights for its Days Inn brand in China.
Today, Wyndham is the largest U.S. based hotel company in China by number of properties, with a footprint spanning more than 1,600 hotels and more than 180,000 rooms across 13 of its 25 brands. In the first half of 2024 alone, Wyndham signed direct franchise agreements for more than 70 hotels in key markets including Beijing, Jiangsu and Guangdong. The milestone comes amidst a travel and tourism surge in China, where it is on track to become the world's largest travel and tourism market by 2035, giving owners an opportunity to capitalize as guests look to explore the country.
"We have an industry-leading footprint in China, and as the country's tourism segment continues to grow, it's more important than ever to showcase the value of joining forces with the world's largest hotel franchisor. Through direct franchising, we gain greater control over the consistency and direction of our brands in China while unlocking the benefit of building long-term relationships with franchisees—all of which are key to driving further expansion."
- Joon Aun OOI, President, Asia Pacific, Wyndham Hotels & Resorts
A Brand for Every Owner and Guest
In line with its mission of making hotel travel possible for all and catering to the diverse needs of Chinese travelers, Wyndham has opened nearly 300 direct franchised hotels in China over the last five years spanning economy to upscale accommodations. What's more, the Company continues to broaden its portfolio of brands in the country, introducing both Hawthorn by Wyndham and La Quinta by Wyndham during that same time, the latter of which now has four hotels open and another six in the pipeline.
Standout hotel openings since 2019 include:
Growth in Greater China is powered by the Wyndham Advantage—a combination of world-class marketing, distribution and other resources designed to put owners on the path to success. Inclusive of more than $325 million in innovative technology investments over the past six years, owners have access to best-in-class technology from industry-leading providers, including next-gen property management systems, as well as a growing member base of approximately 112 million enrolled Wyndham Rewards members globally.
For more information on development opportunities with Wyndham Hotels & Resorts, visit development.wyndhamhotels.com.
Images associated with this release can be found here.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world's largest hotel franchising company by the number of properties, with approximately 9,200 hotels across over 95 countries on six continents. Through its network of approximately 893,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 25 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. The Company's award-winning Wyndham Rewards loyalty program offers approximately 112 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit wyndhamhotels.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wyndham-grows-direct-franchising-business-in-china-signs-nearly-600-hotels-over-five-years-302288998.html
SOURCE Wyndham Hotels & Resorts
Copyright 2024 PR Newswire
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