PARSIPPANY, N.J., March 11,
2024 /PRNewswire/ -- Wyndham Hotels & Resorts
(NYSE: WH) ("Wyndham") today commented on the expiration of Choice
Hotels International, Inc.'s (NYSE: CHH) ("Choice") exchange offer
and its decision to withdraw its slate of nominees for election to
Wyndham's Board of Directors at the 2024 Annual Meeting of
Shareholders:
"The Wyndham Board is pleased that Choice has ended its hostile
pursuit and proxy contest, following the expiration of its
unsolicited exchange offer," said Stephen
P. Holmes, Chairman of the Board. "We are confident in
Wyndham's standalone strategy and growth prospects under the
leadership of our proven management team. The Board remains
committed to acting in the best interests of our shareholders and
driving superior long-term value creation."
Geoff Ballotti, President and
Chief Executive Officer, added, "Wyndham is focused on moving ahead
with the execution of our strategic plan, building on our success
and generating meaningful value. We look forward to doing so
without the unnecessary distraction of this situation and
disruption to our business. We would like to thank our shareholders
and franchisees for their continued support and our team members
for their dedication and focus throughout this process."
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 872,000 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 24 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 over 106
million enrolled members the opportunity to redeem points at
thousands of hotels, vacation club resorts and vacation rentals
globally. For more information, visit
https://investor.wyndhamhotels.com. The Company may use its
website as a means of disclosing material non-public information
and for complying with its disclosure obligations under Regulation
FD. Disclosures of this nature will be included on the
Company's website in the Investors section, which can currently be
accessed at www.investor.wyndhamhotels.com. Accordingly,
investors should monitor this section of the Company's website in
addition to following the Company's press releases, filings
submitted with the Securities and Exchange Commission and any
public conference calls or webcasts.
Cautionary Statement on Forward-Looking Statements
Certain statements either contained in or incorporated by
reference into this communication, other than purely historical
information, and assumptions upon which those statements are based,
are "forward-looking statements." Forward-looking statements
include those that convey management's expectations as to the
future based on plans, estimates and projections at the time
Wyndham makes the statements and may be identified by words such as
"will," "expect," "believe," "plan," "anticipate," "intend,"
"goal," "future," "forward," "remain," "outlook," "guidance,"
"target," "objective," "estimate," "projection" and similar words
or expressions, including the negative version of such words and
expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of Wyndham to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of
hereof.
Factors that could cause actual results to differ materially
from those in the forward-looking statements include, without
limitation, factors relating to the expired unsolicited exchange
offer by Choice Hotels International, Inc. to acquire all
outstanding shares of our common stock and any ongoing cost, loss
of time and disruption associated therewith; general economic
conditions, including inflation, higher interest rates and
potential recessionary pressures; global or regional health crises
or pandemics (such as the COVID-19 pandemic) including the
resulting impact on the Company's business operations, financial
results, cash flows and liquidity, as well as the impact on its
franchisees, guests and team members, the hospitality industry and
overall demand for and restrictions on travel; the performance of
the financial and credit markets; the economic environment for the
hospitality industry; operating risks associated with the hotel
franchising business; the Company's relationships with franchisees;
the impact of war, terrorist activity, political instability or
political strife, including the ongoing conflicts between
Russia and Ukraine and between Israel and Hamas; the Company's ability to
satisfy obligations and agreements under its outstanding
indebtedness, including the payment of principal and interest and
compliance with the covenants thereunder; risks related to the
Company's ability to obtain financing and the terms of such
financing, including access to liquidity and capital; and the
Company's ability to make or pay, plans for and the timing and
amount of any future share repurchases and/or dividends, as well as
the risks described in the Company's most recent Annual Report on
Form 10-K filed with the Securities and Exchange Commission and any
subsequent reports filed with the Securities and Exchange
Commission. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, subsequent events or otherwise, except as required by
law.
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SOURCE Wyndham Hotels & Resorts