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Wyndham Worldwide Announces Expected Dividends for Two Post-Spin-Off Companies
PARSIPPANY, N.J., May 16, 2018 /PRNewswire/ -- In conjunction with its meeting with investors today, Wyndham Worldwide Corporation (NYSE: WYN) announced the expected quarterly dividends for the two independent public companies that will result from the upcoming spin-off of Wyndham Hotels & Resorts, Inc. from Wyndham Worldwide. The expected dividends are subject to declaration by the Boards of Directors of each company.
Wyndham Hotels & Resorts, Inc. expects to pay a quarterly cash dividend of $0.25 per share beginning in June 2018, and Wyndham Worldwide Corporation, which will be renamed Wyndham Destinations, Inc., expects to pay a quarterly cash dividend of $0.41 per share beginning in June 2018. The dividends, in aggregate, are consistent with Wyndham Worldwide's current quarterly dividend of $0.66 per share. The Boards of Directors of both companies are expected to declare the respective dividends in the near future.
Wyndham Worldwide is hosting an investor meeting from 9:00 a.m. EDT until approximately 12:30 p.m. EDT time on May 16, 2018, at which they will provide an update and introduction to Wyndham Hotels & Resorts and Wyndham Destinations, including an overview of their business models, growth opportunities and capital allocation frameworks. The event is being webcast at investor.wyndhamworldwide.com. Presentations will be posted to Investor.wyndhamworldwide.com following the meeting and a replay of the webcast will be available at investor.wyndhamworldwide.com until May 16, 2019.
Following the spin-off, Wyndham Destinations, Inc. will continue to be the world's largest vacation ownership and exchange company. Wyndham Hotels & Resorts, Inc. will be the world's largest hotel franchisor, with approximately 8,000 affiliated hotels in over 80 countries.
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 vacation 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 RewardsŪ, Wyndham Worldwide'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.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that convey management's expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide makes the statements and may be identified by words such as "will," "expect," "believe," "plan," "anticipate," "intend," "goal," "future," "guidance," "estimate" and similar words or expressions, including the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Worldwide, Wyndham Hotels & Resorts, Wyndham Destinations or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to Wyndham Worldwide's current views and expectations with respect to future dividend payments.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a market demand for shares of Wyndham Hotels & Resorts and Wyndham Worldwide common stock; general economic conditions; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses; uncertainties that may delay or negatively impact the planned spin-off of Wyndham Hotels & Resorts and the planned acquisition of La Quinta's hotel franchising and management businesses or cause the spin-off or the La Quinta acquisition to be delayed or to not occur at all; uncertainties related to Wyndham Destinations' and Wyndham Hotels & Resorts' ability to realize the anticipated benefits of the spin-off or the La Quinta acquisition; uncertainties related to Wyndham Worldwide's ability to successfully complete the spin-off on a tax-free basis within the expected time frame or at all; uncertainties related to Wyndham Worldwide's and Wyndham Hotels & Resorts' ability to obtain financing or the terms of such financing, including in connection with the spin-off and the La Quinta acquisition; unanticipated developments related to the impact of the planned spin-off or the proposed La Quinta acquisition and related transactions on Wyndham Worldwide's and Wyndham Hotels & Resorts' relationships with their respective customers, suppliers, employees and others with whom they have relationships; unanticipated developments resulting from possible disruption to the operations of Wyndham Worldwide and Wyndham Hotels & Resorts resulting from the proposed spin-off and the proposed La Quinta acquisition; the potential negative effects of the spin-off and the La Quinta acquisitions and related transactions on the credit ratings of Wyndham Worldwide and Wyndham Hotels & Resorts; uncertainties related to the successful integration of Wyndham Worldwide's and Wyndham Hotels & Resorts' business with La Quinta's hotel franchising and management businesses; uncertainties related to La Quinta's ability to complete the spin-off of its owned real estate assets; the timing and amount of future share repurchases and dividends; as well as those risks described in Wyndham Hotels & Resorts' Registration Statement on Form 10 filed with the SEC on April 19, 2018, Wyndham Worldwide's Annual Report on Form 10-K, filed with the SEC on February 16, 2018, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
Wyndham Worldwide Corporation
Margo C. Happer
Senior Vice President, Investor Relations
Wyndham Destinations, Inc.
Vice President, Investor Relations
Wyndham Hotels & Resorts, Inc.
Vice President, Investor Relations
Nadeen N. Ayala
Senior Vice President, Corporate Communications
Wyndham Worldwide Corporation
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SOURCE Wyndham Worldwide
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