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Wyndham Worldwide Reports Third Quarter Results
                       Growth Strong Across Businesses

PARSIPPANY, N.J., Nov. 1 /PRNewswire-FirstCall/ -- Wyndham Worldwide Corporation (NYSE: WYN), one of the world's premier hospitality companies, today announced results for the three- and nine- months ended September 30, 2006.

    THIRD QUARTER 2006 HIGHLIGHTS INCLUDE:

    * Revenue increase of 10% compared to the third quarter of 2005, with
      strong top-line growth across the Company's three businesses:  Lodging,
      Vacation Exchange and Rental, and Vacation Ownership

    * Strong performance across the lodging brands helped to push RevPAR up
      11% and drove franchise fee revenue growth 14% when compared to the
      third quarter of 2005

    * Growth in the number of exchange members, vacation rental transactions
      and average price per rental, helped to fuel a 10% increase in Vacation
      Exchange and Rental revenue compared to the third quarter of 2005

    * Continued growth of the Vacation Ownership business, with gross vacation
      ownership interest ("VOI") sales increases of more than 20% compared to
      the third quarter of 2005 driven by increases in tour flow and volume
      per guest

"I am pleased to report strong results in our initial quarter as an independent, publicly traded company," said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. "We achieved double-digit revenue growth across all of our businesses driven by increases in key operating metrics as consumers and business partners recognized the value of our premier portfolio of brands in a strong travel and leisure environment."

2006 Third Quarter Results

Revenues for the third quarter of 2006 were $1,047 million, up 10% over the same period in 2005, reflecting strong growth across the businesses. Adjusted net income for the third quarter of 2006 was $120 million or $0.59 diluted earnings per share excluding:

    * $68 million ($43 million after-tax) of primarily non-cash separation and
      related costs associated with Wyndham Worldwide's spin-off from Cendant
      Corporation (now Avis Budget Group)

    * A $15 million tax benefit related to refinements of the Company's 2005
      state effective tax rates

Including these adjustments, net income for the third quarter of 2006 was $92 million, or $0.45 diluted earnings per share compared to $121 million, or $0.60 per share on a diluted basis (based on a pro forma share count) for the third quarter of 2005.

The third quarter 2006 results include only two months of incremental stand-alone corporate costs as a result of the spin-off occurring on July 31, 2006. The Company estimates that incremental stand-alone, corporate costs would have been approximately $3 million (after-tax) for the month of July. It should be noted that 2005 results did not include incremental stand-alone corporate costs nor interest expense associated with corporate debt, as Wyndham Worldwide was not a separate stand-alone company.

Third Quarter Results of Operating Segments

"During an intense period of activity related to our creation as a separate public company, our businesses delivered strong growth and we continued to position ourselves to capitalize on future growth opportunities," said Holmes. "In Lodging, we have significantly increased our international presence and we have successfully broadened our market position, moving firmly into the attractive upscale and upper upscale segments. We continue to enhance and expand our RCI and vacation rental networks with new markets and products. Finally, we launched an extensive re-branding of our vacation ownership properties to fit under the Wyndham umbrella, which we believe will drive both tour flow and sales efficiencies."

Lodging

Lodging revenues were $189 million for the third quarter of 2006, a 28% increase compared to $148 million for the third quarter of 2005. The 2006 third quarter results include the acquisitions of Wyndham Hotels and Resorts and Baymont Inn & Suites, which together contributed combined revenues of $34 million.

Lodging Adjusted EBITDA for the third quarter of 2006 increased 5% to $68 million (excluding separation and related costs of $1 million) compared to $65 million in the third quarter of 2005. Lodging Adjusted EBITDA for the third quarter of 2006 includes incremental marketing expense of approximately $5 million primarily associated with increasing Wyndham brand recognition. In addition, Lodging revenue and expense for the third quarter of 2006 includes approximately $17 million of revenues and related reimbursable expenses from management contracts.

RevPAR for the third quarter of 2006 was $40.82, an 11% increase from the third quarter of 2005 and the highest quarterly level in the Company's history. This increase was driven by the benefit of management initiatives to enhance the performance of the lodging portfolio that were implemented in prior periods, the overall strength in the hotel industry as well as the inclusion of the Wyndham and Baymont businesses. Excluding the Wyndham and Baymont acquisitions, RevPAR for the third quarter of 2006 was $39.36, an increase of 7% from the third quarter of 2005. Weighted average rooms were flat, sequentially, for the third quarter of 2006 when compared to second quarter of 2006.

The Company's hotel development pipeline as of September 30, 2006, included approximately 800 hotels and approximately 86,000 rooms, of which approximately 25% are international.

Vacation Exchange and Rental

Vacation Exchange and Rental revenues increased 10% to $310 million in the third quarter of 2006 from $283 million in the third quarter of 2005, reflecting increases in volume, pricing and members.

Vacation Exchange revenues grew 10% compared to the third quarter of 2005, reflecting increases in volume and the average annual dues and exchange revenue per member, as well as 4% growth in the average number of members. RCI continues to be the world's largest vacation exchange network, approaching 3.4 million members.

Net revenues from rental transactions increased 11% compared to the third quarter of 2005 primarily due to a 6% increase in the average price per rental and a 3% increase in rental transaction volume. Arrivals were strong at the Company's Landal GreenParks and Canvas Holiday camping vacation sites and bookings increased at its Novasol and Holiday Cottages properties. Revenues also benefited from $7 million of favorable foreign currency translation.

Vacation Exchange and Rental Adjusted EBITDA grew to $98 million (excluding separation and related costs of $1 million) for the third quarter of 2006, a 4% increase compared to the third quarter of 2005, including continued investment in the Company's international consulting operations and a shift in mix to lower-margin transactions.

Vacation Ownership

Gross VOI sales were $482 million for the third quarter of 2006, up more than 20% compared to the third quarter of 2005, driven by a 15% growth in tour flow and a 6% increase in volume per guest. Consumer finance revenues increased 26% for the third quarter of 2006 compared to the third quarter of 2005, reflecting the continued growth in the Company's contract receivables portfolio, consistent with the VOI revenue growth. The strong tour flow growth was the result of the ongoing development of in-house sales programs and enhancements to local marketing efforts.

Vacation Ownership third quarter 2006 revenues were $551 million and Adjusted EBITDA was $89 million (excluding separation and related costs of $1 million). These results reflect the adoption of SFAS No. 152, "Accounting for Real Estate Time-Sharing Transactions," which reduced revenue and Adjusted EBITDA by $72 million and $5 million, respectively. Excluding the effect of SFAS No. 152, revenues and Adjusted EBITDA for the third quarter of 2006 were both up approximately 20% compared to the third quarter of 2005. The third quarter 2006 Adjusted EBITDA to third quarter 2005 Adjusted EBITDA comparison for Vacation Ownership is helped somewhat by the inclusion in 2005 of $14 million of expenses associated with the Gulf Coast hurricanes, the impact of which continues to affect 2006 Adjusted EBITDA.

Balance Sheet

The Company provided the following balance sheet data as of September 30, 2006:

    * Cash and cash equivalents of approximately $160 million compared to
      $99 million at December 31, 2005

    * Vacation ownership contract receivables, net, of $2.3 billion compared
      to $2.1 billion at December 31, 2005

    * Inventory of approximately $880 million compared to $636 million at
      December 31, 2005

    * Securitized vacation ownership debt of $1.3 billion and other debt of
      $1.2 billion as of September 30, 2006

A debt table is included in the financial tables section of this press release.

Share Repurchase

On August 24, 2006, Wyndham Worldwide announced its intention to commence a stock repurchase program of up to $400 million. Through September 30, 2006, the Company had repurchased 4.6 million shares at an average price of $28.43. During October 2006, the Company repurchased an additional 5.0 million shares.

"We believe a stock repurchase program is an effective means to both enhance shareholder value and demonstrate our confidence in the long-term value of Wyndham Worldwide. We think our shares offer a compelling return on investment opportunity and will continue to purchase as appropriate within the parameters of the program," said Holmes.

Outlook

Wyndham Worldwide expects 2006 revenues of $3,670 - $3,770 million and Adjusted EBITDA of $750 -$765 million:

    * Including the previously reported second quarter accrual for foreign
      taxes at the Company's European Vacation rental operations of $21
      million

    * Including pro forma incremental stand-alone corporate costs for the full
      year

    * Excluding separation and related costs, which are estimated to be
      approximately $90 - $100 million for the year


    For the fourth quarter 2006, the Company expects:

    * Depreciation and amortization of $38 - $40 million

    * Net interest expense of approximately $17 - $19 million

    * Effective tax rate of approximately 38%

    * Net income of approximately $77 - $87 million

    * Earnings per share of $0.39 - $0.44 assuming 198 million fully diluted
      shares


    Preliminary guidance for the full-year 2007 is:

    * Revenue of $4,110 - $4,260 million

    * Adjusted EBITDA, excluding separation and related costs, of $820 - $855
      million

Further detail on guidance for 2007 will be provided at the Company's Investor Day, scheduled for December 12, 2006.

"We are strongly positioned to leverage our extraordinary footprint in Lodging, Vacation Exchange and Rental, and Vacation Ownership to the benefit of customers and shareholders," said Holmes. "I am excited by our opportunities as we continue to build the Wyndham brand, pursue international opportunities, and develop new offerings to meet the evolving needs of travelers worldwide."

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company's third-quarter financial results, Thursday, Nov. 2 at 10 a.m. EST. Listeners may access the webcast live through the Company's Web site at http://www.wyndhamworldwide.com/investors/ or at Thomson Financial's institutional investor site at http://www.streetevents.com. An archive of this webcast will be available at these Web sites for approximately 90 days beginning at noon EST on Nov. 2. The conference call also may be accessed by dialing 312-470-7177 and providing the pass code "Wyndham." Listeners are urged to call at least 5-10 minutes prior to the scheduled start time. A telephone replay will be available at 203-369-3916 beginning at noon EST on Nov. 2 until 5 p.m. EST on Nov. 9.

As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses more than 6,400 franchised hotels and approximately 534,000 hotel rooms worldwide. RCI Global Vacation Network offers its nearly 3.4 million members access to approximately 63,000 vacation properties located in more than 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of more than 140 vacation ownership resorts serving more than 750,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 28,800 employees globally.

For more information about Wyndham Worldwide, please visit the company's web site at http://www.wyndhamworldwide.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to trends for the Company's revenues, earnings, margins and related financial and operating measures, the number of hotels and resorts the Company intends to add in future periods, debt levels, share repurchases and rebranding initiatives.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward looking statements include general economic conditions, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rental and vacation ownership businesses, the timing and amount of share repurchases, as well as those specified in the Company's Quarterly Report on Form 10-Q, filed August 18, 2006, including under headings "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Except for the Company's ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.



                                   Table 1
                        Wyndham Worldwide Corporation
                   OPERATING RESULTS OF REPORTABLE SEGMENTS
                                (In millions)

In addition to other measures, management evaluates the operating results of each of its reportable segments based upon revenue and "EBITDA," which is defined as net income before depreciation and amortization, interest expense (excluding interest on securitized vacation ownership debt) and income taxes, each of which is presented on the Company's Consolidated Condensed Statements of Income. The Company's presentation of EBITDA may not be comparable to similarly-titled measures used by other companies. It is not practical to provide a reconciliation of forecasted Adjusted EBITDA for each of the full years 2006 and 2007 to the most directly comparable GAAP measure, net income, as applicable, because certain items cannot be reasonably estimated or predicted at this time. Any of these items could be significant to our financial results.

The following tables summarize revenues and EBITDA for reportable segments, as well as reconcile EBITDA to net income for the three month and nine month periods ended September 30, 2006 and 2005:


                                          Three Months Ended September 30,
                                               2006               2005

                                         Revenues EBITDA(a)  Revenues EBITDA
    Lodging                                  $189    $67        $148    $65
    Vacation Exchange and Rental              310     97         283     94
    Vacation Ownership                        551     88         520     79
         Total Reportable Segments          1,050    252         951    238
    Corporate and Other(*)                     (3)   (76)         (3)    (5)
         Total Company                     $1,047   $176        $948   $233

    Reconciliation of EBITDA to Net
     Income

    EBITDA                                          $176               $233
    Depreciation and amortization                     37                 33
    Interest expense (income), net                    12                 (1)
    Income before income taxes                       127                201
    Provision for income taxes                        35                 80
    Net income                                       $92               $121

                                           Nine Months Ended September 30,
                                                2006              2005
                                         Revenues EBITDA(b)  Revenues EBITDA
    Lodging                                  $509   $162        $389   $152
    Vacation Exchange and Rental              853    206         833    238
    Vacation Ownership                      1,514    236       1,392    194
         Total Reportable Segments          2,876    604       2,614    584
    Corporate and Other(*)                     (4)   (81)         (4)   (11)
         Total Company                     $2,872   $523      $2,610   $573

    Reconciliation of EBITDA to Net
     Income

    EBITDA                                          $523               $573
    Depreciation and amortization                    107                 97
    Interest expense, net                             20                  2
    Income before income taxes                       396                474
    Provision for income taxes                       137                134
    Income before cumulative effect of
     accounting                                      259                340
    Cumulative effect of accounting
     change, net of tax                              (65)                 -
    Net income                                      $194               $340


    (*) Includes the elimination of transactions between segments; excludes
        incremental stand alone company costs for 2005 and through
        July 31, 2006.

    (a) Includes separation and related costs of $1 million, $1 million,
        $1 million and $65 million for Lodging, Vacation Exchange and Rental,
        Vacation Ownership and Corporate and Other, respectively.

    (b) Includes separation and related costs of $1 million, $3 million,
        $3 million and $69 million for Lodging, Vacation Exchange and Rental,
        Vacation Ownership and Corporate and Other, respectively.



                                                                       Table 2
                        Wyndham Worldwide Corporation
                 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                     (In millions, except per share data)

                                         Three Months Ended  Nine Months Ended
                                             September 30,      September 30,
                                             2006     2005     2006      2005
    Revenues
       Vacation ownership interest sales     $396     $395    1,081    $1,021
       Service fees and membership            392      335    1,088       983
       Franchise fees                         146      128      389       328
       Consumer financing                      77       61      211       170
       Other                                   36       29      103       108
    Net revenues                            1,047      948    2,872     2,610

    Expenses
       Operating                              382      304    1,083       881
       Cost of vacation ownership
        interests                              92       97      239       251
       Marketing and reservation              198      167      566       486
       General and administrative             131      103      385       323
       Provision for loan losses                -       44        -        96
       Separation and related costs(a)         68        -       76         -
       Depreciation and amortization           37       33      107        97
    Total expenses                            908      748    2,456     2,134

    Operating income                          139      200      416       476
    Interest expense (income), net             12       (1)      20         2

    Income before income taxes                127      201      396       474
    Provision for income taxes                 35       80      137       134

    Income before cumulative effect of
     accounting change                         92      121      259       340
    Cumulative effect of accounting
     change, net of tax(b)                      -        -      (65)        -

    Net income                                $92     $121     $194      $340

    Earnings per share
       Basic
       Income before cumulative effect of
        accounting change                   $0.46    $0.60    $1.29     $1.70
       Cumulative effect of accounting
        change                                  -        -    (0.32)        -
       Net income                           $0.46    $0.60    $0.97     $1.70

       Diluted
       Income before cumulative effect of
        accounting change                   $0.45    $0.60    $1.29     $1.70
       Cumulative effect of accounting
        change                                  -        -    (0.32)        -
       Net income                           $0.45    $0.60    $0.97     $1.70

    Weighted average shares outstanding
       Basic                                  200      200      200       200
       Diluted                                203      200      201       200

    (a) Represents costs that the Company incurred in connection with the
        execution of its separation from its former parent, Cendant (now Avis
        Budget Group, Inc.).  Such amounts, net of tax, were $43 million and
        $47 million during the three and nine months ended September 30, 2006,
        respectively.

    (b) Represents non-cash charges to reflect the cumulative effect of
        adopting Statement of Financial Accounting Standards No. 152,
        "Accounting for Real Estate Time-Sharing Transactions," on
        January 1, 2006.



                                                                     Table 3

                        Wyndham Worldwide Corporation
                             OPERATING STATISTICS

                                              Year       Q1           Q2
    Lodging(1)
      Weighted Average Rooms Available        2006    520,600      531,000
                                              2005    517,400      512,000
                                              2004    512,000      510,700
                                              2003    532,900      525,600

      Number of Properties                    2006      6,300        6,440
                                              2005      6,400        6,380
                                              2004      6,380        6,390
                                              2003      6,500        6,480

      RevPAR                                  2006     $30.45       $36.97
                                              2005     $25.53       $31.91
                                              2004     $22.50       $29.08
                                              2003     $22.05       $27.50

    Vacation Exchange and Rental
      Average Number of Members (in 000s)     2006      3,292        3,327
                                              2005      3,148        3,185
                                              2004      2,995        3,031
                                              2003      2,929        2,925

      Annual Dues and Exchange Revenue Per
       Member                                 2006    $152.10      $130.37
                                              2005    $159.12      $134.98
                                              2004    $159.55      $132.51
                                              2003    $145.99      $129.37

      Vacation Rental Transactions
       (in 000s)                              2006        385          310
                                              2005        367          311 (2)
                                              2004        309          246
                                              2003        290          192

      Average Price Per Vacation Rental(3)    2006    $677.48      $692.63
                                              2005    $745.17      $677.51 (4)
                                              2004    $725.92      $669.32
                                              2003    $637.21      $595.18

    Vacation Ownership
      Gross Vacation Ownership Interest
       Sales (in 000s)                        2006   $357,000     $434,000 (5)
                                              2005   $281,000     $354,000 (5)
                                              2004   $274,000     $315,000
                                              2003   $224,000     $302,000

      Tours                                   2006    208,000      273,000
                                              2005    195,000      250,000
                                              2004    181,000      227,000
                                              2003    196,000      253,000

      Volume per Guest (VPG)                  2006     $1,475       $1,426
                                              2005     $1,349       $1,284
                                              2004     $1,303       $1,253
                                              2003     $1,067       $1,082



                                                Q3       Q4       Full Year
    Lodging(1)
      Weighted Average Rooms Available       529,200      N/A          N/A
                                             511,500  535,100      519,000
                                             507,300  503,000      508,200
                                             522,400  518,200      524,700

      Number of Properties                     6,420      N/A          N/A
                                               6,350    6,350          N/A
                                               6,350    6,400          N/A
                                               6,430    6,400          N/A

      RevPAR                                  $40.82      N/A          N/A
                                              $36.86   $29.72       $31.00
                                              $34.04   $24.53       $27.55
                                              $31.38   $22.71       $25.92

    Vacation Exchange and Rental
      Average Number of Members (in 000s)      3,374      N/A          N/A
                                               3,233    3,271        3,209
                                               3,074    3,116        3,054
                                               2,954    2,982        2,948

      Annual Dues and Exchange Revenue Per
       Member                                $132.31      N/A          N/A
                                             $125.64  $124.05      $135.76
                                             $123.55  $124.43      $134.82
                                             $128.99  $120.37      $131.13

      Vacation Rental Transactions
       (in 000s)                                 356      N/A          N/A
                                                 344      278        1,300
                                                 295      253        1,104
                                                 206      194          882

      Average Price Per Vacation Rental(3)   $742.36      N/A          N/A
                                             $699.05  $620.16      $690.04
                                             $643.70  $680.43      $680.87
                                             $523.36  $627.02      $599.26

    Vacation Ownership
      Gross Vacation Ownership Interest
       Sales (in 000s)                      $482,000      N/A          N/A
                                            $401,000 $360,000   $1,396,000
                                            $361,000 $304,000   $1,254,000
                                            $330,000 $290,000   $1,146,000

      Tours                                  312,000      N/A          N/A
                                             272,000  217,000      934,000
                                             246,000  205,000      859,000
                                             275,000  200,000      925,000

      Volume per Guest (VPG)                  $1,434      N/A          N/A
                                              $1,349   $1,507       $1,368
                                              $1,273   $1,327       $1,287
                                              $1,127   $1,293       $1,138

    Note: Full year amounts may not foot across due to rounding.

    (1) Quarterly drivers in the Lodging segment include Ramada International,
        Wyndham Hotels and Resorts and Baymont Inn & Suites, which we acquired
        in December 2004, October 2005 and April 2006, respectively.
        Therefore, the operating statistics are not presented on a comparable
        basis.

    (2) Vacation Rental Transactions for second quarter 2005 was previously
        reported as 309,000 transactions in our Form 10-Q filed on
        August 18, 2006.

    (3) Average Price Per Vacation Rental, gross, before net rental fees paid
        to property owners. Our commission rate on vacation rental
        transactions ranges from approximately 25% to 50% of the gross rent
        charged.

    (4) Average Price Per Vacation Rental for second quarter 2005 was
        previously reported as $683.38 in our Form 10-Q filed on
        August 18, 2006.

    (5) Gross Vacation Ownership Interest Sales for second quarter 2005 and
        second quarter 2006 were previously reported as $321 million and
        $390 million, respectively, in our Form 10-Q filed on August 18, 2006.
        These values excluded tele-sales upgrades.



                              GLOSSARY OF TERMS

    Lodging

Weighted Average Rooms Available: Represents the weighted average number of hotel rooms available for rental for the period at lodging properties.

RevPAR: Represents revenue per available room and is calculated by multiplying the percentage of available rooms occupied for the period by the average rate charged for renting a lodging room for one day.

Number of Properties: Represents the number of lodging properties operated under franchise and management agreements at the end of the period.

Vacation Exchange and Rental

Average Number of Members: Represents members in our vacation exchange programs who pay annual membership dues. For additional fees, such participants are entitled to exchange intervals for intervals at other properties affiliated with our vacation exchange business. In addition, certain participants may exchange intervals for other leisure-related products and services.

Annual Dues and Exchange Revenue Per Member: Represents total revenues from annual membership dues and exchange fees generated for the period divided by the average number of vacation exchange members during the year.

Vacation Rental Transactions: Represents the gross number of transactions that are generated in connection with customers booking their vacation rental stays through us. In our European vacation rental businesses, one rental transaction is recorded each time a standard one-week rental is booked; however, in the United States, one rental transaction is recorded each time a vacation rental stay is booked, regardless of whether it is less than or more than one week.

Average Price Per Vacation Rental: Represents the gross rental price generated from renting vacation properties to customers, before net rental fees paid to cottage owners, divided by the number of rental transactions.

Vacation Ownership

Gross Vacation Ownership Interest Sales: Represents gross sales of vacation ownership interests (including tele-sales upgrades, which is a component of upgrade sales) before deferred sales and loan loss provisions.

Tours: Represents the number of tours taken by guests in our efforts to sell vacation ownership interests.

Volume per Guest (VPG): Represents revenue per guest and is calculated by dividing the gross vacation ownership interest sales, excluding tele-sales upgrades, which is a component of upgrade sales, by the number of tours.



                                                                      Table 4

                          Wyndham Worldwide Corporation
                                SCHEDULE OF DEBT
                                  (In millions)

                              September 30,  June 30,  March 31,  December 31,
                                 2006          2006      2006        2005

    Securitized
     vacation
     ownership debt(a)           $1,338       $1,228    $1,167      $1,135
    Less: Current portion
     of securitized
     vacation ownership debt        213          210       184         154
    Long-term securitized
     vacation ownership debt     $1,125       $1,018      $983        $981

    Debt:
     Revolving credit
      facility (due July
       2011)(b)                    $150           $-        $-          $-
     Interim loan facility
      (due July 2007)               350            -         -           -
     Term loan (due July 2011)      300            -         -           -
     Vacation ownership
      asset-linked
      facility(c)                     -          600       575         550
     Bank borrowings:
      Vacation ownership            113          111       104         113
      Vacation rental                70           70        66          68
     Vacation rental capital
      leases                        144          145       141         139
      Other                          37           35        35          37

    Total debt                    1,164          961       921         907
    Less: Current portion
     of debt                        143          207       196         201
    Long-term debt               $1,021         $754      $725        $706

    (a) This debt is collateralized by $1,718 million, $1,624 million, $1,556
        million and $1,515 million of underlying vacation ownership contract
        receivables and related assets at September 30, 2006, June 30, 2006,
        March 31, 2006 and December 31, 2005, respectively.

    (b) The Company's revolving credit facility has a borrowing capacity of
        $900 million.  In addition to the outstanding borrowings under this
        facility, the Company has $30 million of outstanding letters of credit
        and a remaining borrowing capacity of $720 million.

    (c) The Company provided $600 million to its former parent, Cendant
        (now Avis Budget Group, Inc.) to repay this facility in July 2006.
SOURCE  Wyndham Worldwide Corporation
    -0-                             11/01/2006
    /CONTACT:  Investors: Margo C. Happer, Senior Vice President, Investor
Relations, of Wyndham Worldwide Corporation, +1-973-496-2705,
margo.happer@wyndhamworldwide.com, or Press: Rich Roberts, Vice President,
Communications, of Wyndham Hotel Group, +1-973-753-6590/
    /Web site:  http://www.wyndhamworldwide.com /
    (WYN)

CO:  Wyndham Worldwide Corporation; Wyndham Hotel Group
ST:  New Jersey
IN:  TRA LEI FIN
SU:  ERN CCA ERP

LD
-- NYW166 --
4304 11/01/2006 18:07 EST http://www.prnewswire.com