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Wyndham Worldwide to hive off time-sharing business

Wyndham Vacation Ownership will become the world's largest publicly-listed time-share vacation home company

Hotel room
Both companies will still have significant scale following the split

Wyndham Worldwide Corporation (NYSE:WYN) announced plans on Wednesday night to split into two companies.

Wyndham Hotel Group will be the pure-play hotel company, operating brands such as Ramada and Days Inn, while Wyndham Vacation Ownership will focus on the group time-share business.

Following the planned separation, both companies will have significant scale and leadership positions within their industries, strong cash flows, rich portfolios of trusted brands, and the existing relationships in place to drive attractive growth and shareholder value, Wyndham claimed.

The split will be effected by means of distributing shares in Wyndham Vacation to Wyndham Worldwide shareholders.

The bifurcation is expected to take place in the first half of next year.

In a separate announcement, Wyndham Worldwide reported second net income of US$78mln on revenues of US$1.5bn.

Adjusted net income edged up to US$159mln from US$156mln the year before.

"With summer closing in on the half-way point, all of our businesses are performing well,” said Stephen Holmes, chief executive of Wyndham.

Quick facts: Wyndham Worldwide

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NYSE:WYN
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