Wyndham Hotel Group will become a publicly traded hotel franchising and hotel management company with a strong portfolio of renowned brands and will be known as Wyndham Hotels & Resorts, Inc. (“Wyndham Hotels”). Wyndham Vacation Ownership will be joined with RCI to create the world’s largest vacation ownership and exchange company, which will be known as Wyndham Destinations, Inc.
The spin-off of the hotel business is subject to final approval by Wyndham Worldwide’s Board of Directors, execution of intercompany agreements, arrangement of financing facilities, the effectiveness of the registration statement, and other customary conditions. The Company has received favorable rulings from the Internal Revenue Service regarding certain U.S. federal income tax consequences of the transaction. Wyndham Worldwide expects the transaction to be tax-free to itself and its shareholders. The separation will not require a shareholder vote and is expected to be completed in the second quarter of 2018.
Wyndham Worldwide’s previously announced additional strategic transactions — its planned sale of its European vacation rentals business and its planned acquisition of La Quinta Holdings Inc.’s hotel franchising and hotel management businesses — are also expected to close in the second quarter of 2018. The La Quinta acquisition will be part of Wyndham Hotels following its separation from Wyndham Worldwide.
ABOUT WYNDHAM WORLDWIDE
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange and managed home rentals. With a collective inventory of over 22,000 places to stay across 110 countries on six continents, Wyndham Worldwide and its 39,000 associates welcome people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s award-winning guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.