Wyndham Hotels

Wyndham Hotels Q2 2026: Adjusted EBITDA +9% despite 6% revenue decline as Revo insolvency clouds international portfolio and Mexico demand softens

Wyndham Hotels delivered adjusted EBITDA of $212 million in Q2 2026, up 9% year-over-year, even as net revenues fell $22 million to $375 million — a gap driven almost entirely by the absence of pass-through franchisee conference revenues from 2025 and Revo fee deferrals, not by underlying demand deterioration. U.S. RevPAR grew 2% on continued Midwest, Texas, Florida, and California strength, while international constant-currency RevPAR declined 6%, pressured by lower U.S.-Mexico cross-border traffic, Middle East geopolitical conflict, and Chinese deflationary pricing. The global development pipeline reached a record high of over 2,200 hotels and approximately 261,000 rooms, growing 4% year-over-year excluding Revo, signaling that franchisee appetite for brand affiliation remains intact despite the near-term top-line headwinds.

Wyndham Hotels & Resorts is the world's largest hotel franchising company by number of franchised properties, operating 25 brands across approximately 100 countries under an asset-light, fee-based franchise model. The company targets economy, midscale, and upper midscale chain scales, with approximately 80% of the U.S. population living within ten miles of at least one affiliated hotel. Revenue is principally derived from royalty fees and marketing and reservation fees charged to over 6,200 franchisees globally.

Primary products

• Super 8
• Days Inn
• Travelodge
• Microtel
• Howard Johnson
• Dazzler Select

“We are a global leader in the economy, midscale and upper midscale chain scales where our brands represent approximately 19% of branded rooms in the United States.” Competitive position, as stated in the filing