Wyndham Hotels & Resorts, Inc.

Please stand by, your meeting is about to begin. Welcome to the Wyndham Hotels & Resorts Third Quarter 2026 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 1 on your telephone keypad. If at any point your question has been answered, You may remove yourself from the queue by pressing star 2. Lastly, if you should require operator assistance, please press star 0. I would now like to turn the call over to Matt Capuzzi, Senior Vice President, Financial Planning and Analysis, and Investor Relations.

Thank you, operator. Good morning, and thank you for joining us. With me today are Geoff Ballotti, our CEO, and Amit Sripathi, our CFO. Before we get started, I want to 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 will also be referring to a number of non-GAAP 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 investor.windhamhotels.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, filings submitted with the SEC, and any public conference calls or webcasts. With that, I will turn the call over to Geoff.

Thanks, Matt, and good morning, everyone. We appreciate you joining us today, and many thanks to those of you who've reached out over the past few months. My treatment for multiple myeloma is going as well as I could have hoped. The doctors are happy with my progress, and I'm seeing exceptional clinical results. I feel great, my energy's high, and our leadership team has never been more focused on execution and driving shareholder value. And on that note, Our Q3 results reflect yet another successful quarter, executing against our long-term growth strategies. We reported strong earnings with comparable basis-adjusted EBITDA and EPS growth of 5% and 9% respectively. U.S. REVPAR grew 6%, and we grew our system by 4%, excluding REVO. On a year-to-date basis, our resilient, highly cash-generative business has produced nearly $270 million of free cash flow, and we've returned over $290 million to our shareholders. In addition, last month, our board increased our share repurchase authorization by $400 million, demonstrating continued confidence in our ability to generate significant cash flow and its commitment to continued shareholder returns. Global RevPAR increased 2% in constant currency, a nearly 400 basis point improvement sequentially, driven primarily by domestic RevPAR, which also improved nearly 400 basis points sequentially, to up 6% year over year. This 6% growth was well ahead of our second half growth expectations and included a favorable impact of approximately 10 basis points from the World Cup. Consistent with historical trends, Travel demand for our middle-income consumers remains strong despite elevated gas prices. RevPAR growth was fueled by stronger demand with occupancy increasing approximately 300 basis points, driven by everyday business travel and broad-based leisure demand. Importantly, our franchisees also experienced continued pricing power with ADR increasing approximately 280 basis points. Combined strength in demand and pricing created meaningful revenue and margin improvements for our small business owners. We saw sustained growth across nearly all regions, including our three largest states, Texas, California, and Florida, representing approximately one-quarter of our U.S. room count, which together improved roughly 400 basis points sequentially to up 8% RevPAR growth in Q3. We continue to see strong performance across our Midwest and industrial states with significant growth in Iowa up 16%, Illinois up 15%, Ohio up 10%, and Indiana up 9% highlighting a portfolio well positioned to benefit from increasing infrastructure related demand with nearly 80% of the infrastructure bill yet to be deployed. Thank you for joining us. reinforcing our confidence in underlying demand trends as we close out 2026. International RevPAR continued to recover, declining 3% year-over-year in constant currency in the third quarter, an improvement of nearly 400 basis points sequentially. Canada RevPAR increased 7%, supported by sustained pricing power and improving domestic demand. Southeast Asia and Pacific Rim RevPAR increased 5%, led by Korea, Thailand, and Indonesia. Latin America RevPAR rose 2%, improving 900 basis points sequentially, driven by Mexico. EMEA RevPAR grew 2% year over year, driven by strong performance in Turkey, India, and Spain. This growth represents an 800 basis points sequential improvement, which reflects a substantial recovery in Germany, Thank you for joining us. Windham's owner-first value proposition continues to drive strong openings and net room growth. We opened over 18,000 rooms in the quarter, or 3% more than we opened in the third quarter of last year. Our development pipeline grew for the 25th consecutive quarter to a record of approximately 264,000 rooms across nearly 70 countries, With a fee par premium of approximately 30% both domestically and internationally, reflecting our strategy of adding hotels in higher chain scales and in geographies and markets with stronger long-term economics. We are increasingly focused on adding higher fee par hotels that strengthen system quality and strategic positioning while increasing revenue potential that supports long-term fee and adjusted EBITDA growth. The termination of substandard rooms, which accounted for the majority of our rooms leaving the system this quarter, creates an opportunity to secure franchise agreements for higher quality hotels in attractive markets. In the third quarter, U.S. room openings carried a fee par premium of more than 45% over terminations, while international openings carried a premium of nearly 40%. In the United States, conversion openings included The Hay Street Nashville Hotel in the heart of Music City, and the Blenner Hassett, an 1889 landmark boutique hotel in downtown Parkersburg, West Virginia, both proud new members of our rapidly growing trademark collection by Wyndham. Since introducing Dazzler Select one year ago, we converted the Big Horn Lodge last month in historic downtown Moab, Utah, in the heart of Red Rock Country. It's our 14th Dazzler Select Opening, validating demand for our latest brand extension and our distribution network, along with our ability to bring more high-quality, independent economy hotels into the Wyndham global system. New construction openings this quarter included the La Quinta Roanoke, Virginia, the La Quinta Chanto, Arizona, the La Quinta Tracy, California, and the Microtel by Wyndham, Nephi, Utah, in the Topaz Mountain Range. We also opened three new construction echo suites, which USA Today readers recently named the number one extended stay hotel brand in the United States, including our 23rd Echo Suites by Wyndham in Middleburg, outside of Jacksonville, Florida. EMEA net room growth was 13%, excluding REVO, and notable new construction openings included the Ramada Encore Kochi, Our first Ramada Encore in Kerala, India. And a trip by Wyndham in the Netherlands, a newly renovated beachfront property in The Hague. Conversion activity was also strong in EMEA, highlighted by over a dozen new hotel additions, including the Wyndham Residences Piraeus Marina in Athens, overlooking the super yacht Zaya Marina on the Aegean Sea. Latin America and the Caribbean also delivered 13% net room growth. Notable new construction openings included the Wyndham Garden San Paolo, further strengthening our presence in one of Brazil's largest urban markets. And over two dozen conversion openings, including the Wyndham Garden Resort along the Belize City Riverside, featuring fine dining, a casino, pools, and fitness facilities. In Southeast Asia, in the Pacific Rim, net room growth reached 10% for the second consecutive quarter. Notable new construction openings included the luxurious Orion Kuala Lumpur, our first registry collection hotel in Malaysia, located in the heart of KL's premier shopping, dining, nightlife, and entertainment district. In China, our direct and overall franchising system also again delivered double-digit net room growth. We opened 16 new days hotels, bringing this former master license brand to 177 directly franchised hotels, nearly triple the size, or a 17% compounded annual growth rate since 2019. Conversion openings included the Wingate by Wyndham Furung, our 20th Wingate in Greater China, and the La Quinta Le Chouy, our 9th La Quinta, now open in China, and our 12th in Asia Pacific since introducing La Quinta in this part of the world. Ancillary revenues have increased 10% year-to-date. Growth has been supported by expanded strategic partnerships, ongoing technology innovations, and the continued adoption of our refreshed and award-winning suite of Wyndham Rewards credit cards. Our Wyndham Rewards earner card has been named the number one travel and hotel credit card in the USA Today 10 Best Reader's Choice Awards for the ninth consecutive year. And our card portfolio has gotten even better with our new earner premier card, our first, our very first premium card, and a 25% discount on awards days. Wyndham Rewards is central to ancillary revenue growth with members contributing more than one out of every two domestic check-ins. Global enrollments grew 10% year over year, bringing total membership to approximately 129 million members. As our membership grows, we remain focused on creating new ways for members to engage, to access differentiated travel experiences, and benefit from a program consistently ranked as the number one hotel loyalty program in the industry by the readers of both USA Today and US News & World Report. Through Wyndham Rewards experiences, members are increasingly redeeming points for memorable events and behind-the-scenes access. These offerings are especially effective at attracting younger, more affluent travelers who book earlier, who stay longer, and who engage with us more intently through this program. This experiential focus also continues to shape the evolution of our brand portfolio. And earlier this month, we announced the expansion of our partnership with Travel & Leisure to bring Sports Illustrated Resorts into the hotel sector. Together, we see an opportunity to create immersive, year-round destinations in college towns and major urban markets, featuring distinctive programming, premier sporting events, and many more. For win and reward members, these properties will provide access to new sports-focused destinations and new travel experiences. Supported by our loyalty, distribution and marketing platforms, we believe Sports Illustrated Resorts will become a differentiated and attractive offering among our growing affiliate base of aspirational hotels that further deepens member engagement and expands our reach across high-growth segments. Beyond expanding our brands and loyalty ecosystem, we continue to invest in technology that helps franchisees grow revenue, lower costs, and improve the guest experience. Wyndham Connect, our Wyndham-trained, LLM-powered guest engagement platform, is now deployed at more than 5,100 hotels and has generated tens of millions of dollars in year-to-date upsell opportunities for participating franchisees. Windham AI Concierge, our AI-powered voice platform, is autonomously handling calls at more than 1,700 hotels worldwide today, up 17% sequentially. The platform is answering tens of thousands of previously missed calls and services guests immediately with no hold times. Additionally, Wyndham AI Concierge converts reservation requests at an average daily rate that is 15% above hotel book rates, generating meaningful incremental revenue and driving over 500 basis points of increased direct contribution for franchisees as former lost calls are captured before migrating to third-party channels. and finally Wyndham Gateway, our new guest Wi-Fi portal that is standardizing the login experience and providing franchisees with revenue generating upsell opportunities is also ramping and it's now live at more than 1,100 hotels up 35% sequentially. Wyndham Gateway has become one of our most effective new member enrollment channels for Wyndham Rewards. Providing valuable first-party guest insights that help drive repeat business while importantly creating new local advertising and ancillary revenue opportunities for franchisees. The investments that we've made over the years in our technology stack that moved us off of multiple legacy central platforms onto one that consolidated dozens of property management systems onto two have optimized and accelerated our AI readiness via a 100% cloud-based, fully optimized infrastructure across best-in-class partners like Oracle, AWS, like Salesforce, Adobe, like Canary Technologies. This investment has allowed us to deploy AI at scale across all guest touchpoints. and establish ourselves as a leader within our industry and within the AI space as booking behavior continues to evolve. Google AI Mode is now live alongside our apps in ChatGPT and Cloud, supporting end-to-end direct booking, including payment, without ever leaving the LLM conversation. We're also now bookable on Muse, on Instinct and on OpenAI's newly launched DOT, as we continue to enhance agentic booking flows that drive increased direct contribution and help hotels lower costs and increase revenue. These technology investments exemplify how we're turning innovation into stronger hotel-level economics with franchisee profitability and engagement remaining our top priority. In recent years, we've introduced owner-focused reimbursement and incentive programs that reward hotels for strong guest satisfaction and strong quality scores. These include performance base reductions and guest response fees, enhanced Wyndham reward, reimbursement opportunities, and loyalty fee incentives tied directly to the guest experience. Combined with industry-leading and cost-effective technology, these programs are lowering the total cost of ownership, improving hotel-level economics, and further differentiating Wyndham's owner-first value proposition for our franchisees. Looking ahead, we are very encouraged by the accelerating RevPAR recovery across both our domestic and our international markets. Our teams are well positioned to build on this momentum through the scale of our network, our award-winning loyalty program, our industry-leading technology platform and our presence in markets benefiting from continued infrastructure and industrial investment. And as always, we thank our team members around the world for their dedication and their commitment to our franchisees and guests, the very foundation of our success. And with that, Amit will now walk us through our financial highlights and full year outlook. Amit?