Wyndham Worldwide Corporation Moves Forward With Planned Spin-Off by Announcing Form 10 Registration Statement Filing
Monday, March 19, 2018
The renowned Wyndham Worldwide Corporation announced its public filing for Form 10 Registration Statement with the Securities and Exchange Commission. This filing is the next step to move towards their anticipated “spin-off” for Wyndham hotels. They have also released other business and financial information regarding these “spin-off” companies to its investors via their investor website.
Wyndham Hotel Group is working towards becoming a publicly traded hotel franchise and hotel management company named Wyndham Hotels & Resorts (Wyndham Hotels). With its impressive history, Wyndham Hotels & Resort will become the world’s largest franchisor with more than 8,400 affiliated hotels in over 80 countries. Additionally, Wyndham Vacation Ownership will join with RCI to create Wyndham Destinations, Inc., the largest vacation ownership and exchange company in the world.
Wyndham Worldwide’s Chairman and CEO Stephen P. Holmes stated:
“Today’s filing marks an important next step toward the successful completion of the planned spin-off of Wyndham Worldwide’s hotel business. Both our hotel business and our vacation ownership and exchange business are well-positioned for long-term success, and we believe that this separation will result in continued growth and enhanced shareholder value. Each company will have significant scale and a leadership position within its industry, strong cash flows, and a rich portfolio of trusted brands.”
These business separations are still subject to final approval by the Wyndham Worldwide’s Board of Directors, signing of agreements, internal transitions, and other legalities. By the second quarter of 2018, Wyndham Worldwide is expected to complete multiple strategic transitions, including this separation, which does not require a shareholder vote. Their planned sale of its vacation rentals business in Europe and Wyndham Hotels’ acquisition of La Quinta Holdings, Inc. will also likely conclude during this time.