Wyndham Hotels & Resorts, Inc.

Please stand by, we're about to begin. Good morning everyone and welcome to the Windham Hotels and Resorts Second Quarter 2025 earnings conference call. At this time, all participants have been placed on a listen only mode and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad and if at any point your question has been answered, you may remove yourself from the queue by pressing star two. Lastly, if you should require operator assistance, please press star zero at any time. I would now like to turn the call over to Mr. Matt Capuzzi, Senior Vice President of Investor Relations. Please go ahead, sir.

Thank you, operator. Good morning and thank you for joining us. With me today are Jeff Villotti, our CEO, and Michelle Allen, our CFO and Head of Strategy. Before we get started, I wanna remind you that our remarks today will contain forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied. These risk factors are discussed in detail in our most recent annual report on Form 10-K, filed with the Securities and Exchange Commission and any subsequent reports filed with the SEC. We'll also be referring to a number of non-GAP measures. Corresponding GAP measures and a reconciliation of non-GAP measures to GAP metrics are provided in our earnings release and investor presentation, which are available on our investor relations website at .windomhotels.com. We are providing certain measures discussing future impact on a non-GAP basis only, because without unreasonable efforts, we are unable to provide the comparable GAP metric. In addition, last evening, we posted an investor presentation containing supplemental information on our investor relations website. We may continue to provide supplemental information on our website and on our social media channels in the future. Accordingly, we encourage investors to monitor our website and our social media channels, in addition to our press releases, filing submitted with the SEC and any public conference calls or webcasts. With that, I will turn the call over to Jeff.

Thanks, Matt. Good morning, everyone, and thanks for joining us today. We reported another strong quarter of progress with global system growth of 4% and sequential net room growth across every region we operate in. We grew comparable adjusted EBITDA by 5%, and we grew EPS by 11% despite the challenging RevPAR environment. We drove an increase of nearly 20% in our ancillary fee streams, and we saw continued expansion in both our US and in our international royalty rates. Year to date, our resilient, highly cash generative business model has produced approximately $170 million of adjusted free cash flow, and we've returned nearly $220 million to our shareholders. The second quarter reaffirmed our team's owner-first commitment as we registered over 6,000 owners and strategic sourcing partners for the Wyndham Global Conference in May. As one of the largest gatherings of hoteliers in the world, our conference was designed to empower our owners with major new initiatives to increase their revenues and guest service, to lower their costs, and to strengthen their operating performance. We unveiled several new cutting edge technology-driven tools, including Wyndham Gateway, a new centralized Wi-Fi login system that creates new ancillary revenue opportunities and eliminates loyalty program enrollment requirements for participating hotels. And building on our very successful guest engagement platform, Wyndham Connect, we launched Wyndham Connect Plus, an AI-driven guest engagement platform designed to enhance the guest experience and improve hotel operations. Utilizing automated text messaging and voice assistance to facilitate bookings, to answer questions and to provide tailor recommendations, this platform is also designed to drive more direct bookings, to reduce front desk workloads, and to create personalized guest experiences. Since being launched at our conference, over 1,100 of our over 5,000 hotels already on Wyndham Connect have now enrolled in Wyndham Connect Plus. We introduced Wyndham Marketplace with Price IQ to reduce procurement costs, access better pricing, and simplify supply chain processes. We debuted new strategic F&B partnership integrations with Grubhub, with Applebee's, and with SBE's Everybody Eats to increase guest satisfaction by offering chef-driven restaurant quality offerings without the need for extensive equipment or large -the-house operations. We launched affordable, high-quality insurance programs through a partnership with Hub International to provide tailored solutions to improve coverage and lower costs at a critical moment for franchisees amidst rising insurance premiums. And we introduced Wyndham Rewards Experiences, leveraging partnerships with world-renowned sports and entertainment brands like Madison Square Garden, Radio City Music Hall, and Minor League Baseball, allowing our 120 million members to use their points to bid on premier live events as well as unforgettable -a-lifetime memories. Franchisee satisfaction with what they learned and how they believe this conference will improve their business was higher than in any past conference, as was their confidence in the years ahead. And last month, we released our first annual Hotel Owner Trends Report, a multi-month effort which surveyed hundreds of developers and owners from the United States, Canada, and the Caribbean. The results reveal an industry full of owners who remain confident in its resilience and long-term growth prospects. Nearly all of those surveyed responded that they're open to exploring branded offerings, underscoring the value that strong brands deliver compared to operating independently. When ranking the most critical factors in selecting a brand, these owners and developers pointed to support and executive leadership as top priorities, followed by a strong loyalty program and access to -in-class technology. More than 90% of respondents expressed optimism about the next five years, and while they acknowledged the challenges posed by the current macro environment, four out of five owners also indicated plans to expand their portfolios via either new construction or new unit additions. Our owners' confidence in their brands and their future with Wyndham was once again reflected in our growing openings, signings, and net room growth this quarter. We opened over 16,000 rooms in Q2, bringing -to-date new additions to over 30,000 rooms, a record first half of openings for our company, and 3% higher than last year. Q2 contract signings increased 40% to prior year, driving another 5% growth in our global development pipeline to a record 255,000 rooms. This was the 20th consecutive quarter of pipeline growth, a development pipeline with an average fee par premium that's approximately 30% higher domestically and nearly 15% higher internationally versus the existing domestic and international rooms in our system. Domestically, our mid-scale and above brands grew 3%, with new construction openings like the La Quinta Olive Branch, located just minutes from Graceland, Elvis Presley's historic home in Memphis, Tennessee, and strong conversion activity with new additions like the Hilo Hawaiian Hotel on the Big Island and the Airport Honolulu Hotel on the Island of Oahu, both converting to our trademark collection by Wyndham brand. Internationally, we increased net rooms by 8%. EMEA grew net rooms by 5% with several new construction additions like the beautiful new Wyndham Alanya Resort on Turkey's Mediterranean coast while also growing their development pipeline by 34%. And just last week, we announced the development agreement with Gurgon-based Signet Hotels who will be developing our La Quinta and registry brands across India, Bangladesh, Sri Lanka, and Nepal. Latin America and the Caribbean grew its pipeline by 16% and increased net rooms by 4% with new construction openings like the Dazzler by Wyndham Salta in the cradle of Argentinian history and folklore and several new high quality conversions like the first HQ Hotel and Residence by SBE, a $100 million development on the northern tip of Antigua, Hodges Bay Resort and Spa, a proud member of our growing registry collection brand in the lifestyle luxury segment. In Southeast Asia and the Pacific Rim, net rooms grew by 13% with new build additions like the Wyndham Saleh Danang Resort, highlighting our rapid expansion in Vietnam where our system size now exceeds 7,000 rooms. In China, our team grew net rooms by another 16% in our direct franchising system with high quality, new conversions and stunning new construction additions like the Day's Hotel by Wyndham, Suzhou Duxu Lake and the Wyndham Garden Shanghai Pudong, our 50th Wyndham Garden in China. As we've shared on our last two earnings calls, our Super 8 Master Licensee in China has struggled to add new units and retain existing ones. Following an operational review this quarter, we identified violations of the license agreement by this master licensee and subsequently issued them a notice of default, a potential outcome of which could include termination. As a result, we revised our reporting basis to exclude the impacts of these rooms from our reporting metrics and as a reminder, the financial impact of this portfolio is immaterial to our overall results as Michelle will discuss in a moment. As we focus on our development of higher FIPAR brands and geographies, on building scale in markets where we have a strong footprint and strong growth potential and on expanding direct franchising in regions previously reliant on master license agreements, we're adding hotels with stronger economics that drive meaningful royalty rate accretion. This quarter, our royalty rate increased by another six basis points domestically and by 13 basis points internationally. By continuing to focus our development on higher FIPAR properties and geographies, we're enhancing the continued long-term earnings potential of our system. On a global basis, REVPAR declined 3% in constant currency. International REVPAR grew 1% with strength across all regions except Asia Pacific, which was down 9% on continued softness across China. EMEA REVPAR grew 7% with strength across Europe and the Middle East. Latin America and the Caribbean REVPAR grew by 18%, driven by strong ADR and higher FIPAR additions in Brazil, Mexico and the Caribbean. And Canada REVPAR grew by 7% with lower US outbounds. US REVPAR declined 4%, about 150 basis points of this decline was driven by the lapping effect of the solar eclipse in April of last year and the timing of the Easter holiday which shifted into the second quarter of this year. On a normalized basis, our second quarter REVPAR declined approximately 2.3%, consisting with our expectations and a 60 basis point improvement from the 3% normalized REVPAR decline we reported for March. Higher for longer interest rates, persistent inflation and uncertainty around immigration and trade have created an environment of ongoing economic volatility for economy and mid-scale guests who remain especially sensitive to these dynamics. Also as expected, we saw significant acceleration in our ancillary fee growth this quarter, given the full quarter of benefit that our new co-branded credit card agreement delivered combined with our growing strategic partnership initiatives and our significant and ongoing technology innovations. Collectively, our ancillary revenues have now grown 13% for the first half of the year, pacing in line with our full year expectations. Before Michelle takes us through the financials, we'd like to take a moment to thank and recognize our teams around the world. The continued success of our owner first operating philosophy, which was on full display at our Wyndham Global Conference this quarter, is a direct result of their unwavering commitment and dedication. We're incredibly grateful to our team members who consistently put our owners at the very heart of everything it is that we do. Their passion fuels our momentum and their confidence in the road ahead reinforces our ability to deliver exceptional value to our shareholders, our guests, and our franchisees each and every day. And with that, I'll now turn the call over to Michelle. Michelle?