Wyndham is seeing ‘strong demand’ despite fears of a recession
Wyndham Hotels & Resorts Inc (NYSE: WH) is seeing tremendous demand from consumers despite the fears of a looming recession, says Geoffrey Ballotti – the Chief Executive of the world’s largest hotel franchising company.
Wyndham is positioned for a strong Q4Copy link to section
Just last week, the hospitality company reported market-beating results for its fiscal third quarter and that strength, as per the chief executive, will continue through the end of the year.
We’re seeing holiday travel bookings now screaming ahead. October bookings were up nearly 20% to where they were back in 2019 and nearly 10% ahead of where last year when people thought things will start to slow down.
Wyndham is also benefitting from higher prices versus the pandemic lows. Compared to 2019, though, they’re roughly flat only.
The hotel stock is still down more than 15% for the year.
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Wyndham reveals the name of its 24th brandCopy link to section
Also on Tuesday, Wyndham named its 24th brand “ECHO Suites Extended Stay”, which, it said, was already the fastest growing brand in its development pipeline.
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As of September 30th, the hotel chain has awarded contracts to build 120 of them in the United States. Commenting further on consumer demand, CEO Ballotti said on CNBC’s “The Exchange”:
Demand is high. Vacation season that folks thought would stop on Labour Day just hasn’t. Our RevPAR in the third quarter was up 110% not to last year, but versus 2019. September was the best occupancy month ever.
Wall Street recommends that you invest in this stock as it has upside to $87 on average – up another 15% from here.
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