Wyndham Hotels & Resorts today announced the completion of its spin-off from Wyndham Worldwide Corporation, which has been renamed Wyndham Destinations.

Wyndham Hotels & Resorts is the world's largest hotel franchisor and a leading provider of hotel management services, with a portfolio of 20 well-recognised lodging brands and nearly 9,000 franchised hotels in more than 80 countries.

"We're thrilled to begin a new era in which we will continue to build upon our powerful asset-light and fee-based business model that is driven by an exceptional portfolio of market-leading economy and midscale brands," said Geoff Ballotti, chief executive officer of Wyndham Hotels & Resorts.  

"As the world's largest hotel franchisor with a proven ability to create value through acquisitions and organic growth, we will focus on strengthening our industry-leading loyalty and technology platforms to drive more direct distribution to our owners and franchisees at a lower cost, while serving everyday travellers exceptionally well."

As previously announced, Wyndham Worldwide common stockholders received one share of Wyndham Hotels & Resorts common stock for each share of Wyndham Worldwide common stock held on May 18, the record date. Following the spin-off, Wyndham Hotels & Resorts has approximately 100 million shares outstanding. - TradeArabia News Service