Wyndham Hotels & Resorts reported a net income of USD 24 million for the quarter.
Net revenues for the three months ended March 31, 2021 decreased $107 million, or 26%, compared to the prior-year period, primarily driven by:
• $55 million of lower cost-reimbursement revenues in our hotel management business primarily due to lower travel demand from COVID-19 and CorePoint Lodging asset sales in 2020;
• $21 million of lower marketing, reservation and loyalty fees, reflecting a 10% decline in RevPAR due to lower travel demand as a result of COVID-19;
• $14 million of lower royalty and franchise fees due to the decline in RevPAR;
• $13 million of lower management and other fees primarily due to the decline in RevPAR.
Rooms as of March 31, 2021 decreased 4% compared to the prior year primarily reflecting our 2020 strategic termination plan, which resulted in the removal of approximately 26,700 rooms during the second, third and fourth quarters of 2020.
Global RevPAR for the three months ended March 31, 2021 decreased 10% to $24.90 compared to the prior year due to COVID-19. Global and international RevPAR began to lap the onset of the COVID-19 pandemic in January 2021 while the U.S. began to lap its onset in March 2021. As such, comparisons to 2019 may be more meaningful when evaluating trends as such highlight the impact of COVID-19 from pre-pandemic levels. On this basis, global RevPAR declined 31% from the comparable 2019 period reflecting a 25% decline in the U.S. and a 45% decline internationally.
Read original article