Wyndham Expands Extended Stay Offerings, Teams with Reside to Introduce Wyndham Residences in the U.S.

Rhea-AI Summary

Wyndham Hotels & Resorts has entered a 10-year development relationship with Reside to introduce Wyndham Residences in the U.S. The partnership brings five residence-style hotels that are open or under development, targeting top 50 U.S. markets. Two locations are currently open: Reside Seattle Downtown (55 rooms) and Reside Houston Downtown (79 rooms). Future locations include properties in New Orleans (22 rooms) and two in Washington D.C. (81 and 67 rooms). The properties offer upscale amenities including fully equipped kitchens, in-unit laundry, and WiFi, catering to both long-term stays and shorter getaways.

Positive

• Expansion into upscale extended-stay market with five new properties
• Strategic partnership with established player Reside (presence in 60 countries)
• Access to Wyndham's distribution network and 112 million loyalty members
• Diversification of extended-stay portfolio across different market segments

Negative

• None.

News Market Reaction

-1.50%

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-1.50% News Effect

On the day this news was published, WH declined 1.50%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Initial deals expand Wyndham's upscale extended-stay footprint bringing five
residence-style accommodations to urban destinations across the U.S.

PARSIPPANY, N.J., Oct. 28, 2024 /PRNewswire/ -- Guests seeking contemporary, upscale residence-style accommodations in urban destinations now have new offerings to consider in key cities like Houston, Washington D.C and more as a result of a 10-year development relationship between Wyndham Hotels & Resorts, the world's largest hotel franchisor, and Reside, a leading residential hospitality management company.

The franchise agreements bring five residence-style hotels that are open or under development to the Wyndham brand—marking the debut of its Wyndham Residence® tier in the U.S.—with a focus on expanding its offerings across top 50 markets in the U.S. The model caters to guests looking for both long-term, home-away-from-home units as well as those looking for a homebase for a quicker getaway. For more than three decades, Reside has successfully managed and operated alternative accommodations and multi-family units with a key focus on furnished corporate housing. Today, through its partnerships, the company boasts a presence in 60 countries around the world.  

What's more, this partnership builds on Wyndham's foothold in the extended-stay segment, complementing its existing offerings across segments with ECHO Suites® Extended Stay by Wyndham, Hawthorn® Extended Stay by Wyndham and WaterWalk Extended Stay^SM by Wyndham. With the addition of Wyndham Residence® properties in the U.S., the Company reinforces its commitment to providing hotel opportunities for every owner and guest across segments.

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"Reside has a proven track record as one of the most successful names in corporate housing. Whether you need a comfortable place to live for a prolonged time, or you simply need more space while traveling with a larger group, Reside's model expands our extended-stay offerings, delivering premium, professionally managed accommodations in locations we know guests want to visit. By tapping into Wyndham's distribution network, we help unlock new demand generators that can help scale their business to the next level."

-          Amit Sripathi, Chief Development Officer, Wyndham Hotels & Resorts

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Convenient Comfort in Urban Destinations
Several Wyndham Residences are already established in other parts of the world, including the United Arab Emirates, Greece and more, offering the comfort and convenience of home for business travelers and tourists alike. Through Reside, Wyndham Residences will bring guests to some of the country's most iconic urban destinations, such as Seattle's waterfront neighborhoods, the arts district of downtown Houston and the country's historic capitol, Washington D.C.

Open locations include:

• Reside Seattle Downtown, a Wyndham Residence: Settle into Seattle in the heart of one of the city's most iconic waterfront neighborhoods with easy access to Pike Place Market, T-Mobile Park, Lumen Field and the Space Needle. The contemporary 55-room residence-style hotel is perfect for extended-stays and weekend getaways alike, offering a gym, free WiFi, on-site laundry and housekeeping for stays over five nights.
• Reside Houston Downtown, a Wyndham Residence: Set in the center of downtown Houston near the Theater District, Houston Symphony Orchestra and Jones Hall, the 79-room residence-style hotel unlocks endless adventures in H-town. The former auto showroom creatively adapts the space into a modern sanctuary with nods to its industrial past with original hardwood and factory windows. Guests can enjoy a 24-hour gym, fully equipped kitchens and in unit laundry.

Future locations include:

• New Orleans: The 22-room residence-style hotel is located in the historic Bywater neighborhood known for its majestic magnolia trees and vibrant music scene, just about a mile away from the French Quarter. In addition to offering guests full kitchens and washers and dryers in unit, the hotel will have a restaurant showcasing the beloved flavors of New Orleans, an art gallery and coffee and wine bars for guests to enjoy.
• Washington D.C.: Located steps from Barracks Row in DC's Navy Yard, the 81-room residence-style hotel connects two buildings into one memorable stay. Guests will enjoy modern amenities like in-room chef-ready kitchens with stainless steel appliances, reliable Wi-Fi and in-unit laundry. For those looking to explore, guests will also be able to take in the historic charm and dynamic food scene in the surrounding area.
• Washington D.C.: Set in DC's NOMA neighborhood near downtown and Union Market, the 67-room residence-style hotel will offer an upscale, modern home away from home. With a sleek design, spaces will include in-room chef-ready kitchens, fast Wi-Fi and 24/7 gym access. Its location will also provide easy access to historic landmarks, museums and can't miss dining experiences for foodies coming to town.

 

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"We've been in this business for decades, providing quality and comfort to people looking for a reliable homebase. By partnering with Wyndham, we unlock access to its expansive distribution channels—including its network of approximately 112 million enrolled loyalty members—and join forces in delivering the memorable experiences in iconic cities today's extended-stay guests are craving."

-          Lee Curtis, Founder & CEO, Reside

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The #1 Hotel Rewards Program
Wyndham hotels participate in Wyndham Rewards®, the Company's award-winning rewards program with over 60,000 hotels, vacation club resorts and vacation rentals worldwide. With approximately 112 million enrolled members worldwide, Wyndham Rewards is the only hotel loyalty program where members earn a guaranteed 1,000 points with every qualified stay.

Accounting for approximately half of all U.S. check-ins, members can easily redeem points towards free nights at tens of thousands of hotels, vacation club resorts and vacation rentals around the world or a host of other rewards like tours, activities, gift cards, shopping and more. Offering three simple redemption tiers, free nights start at just 7,500 points per room per night, while discounted nights start at just 1,500 points per room per night.

To learn more about Wyndham hotels, or book your next stay, visit www.wyndhamhotels.com/wyndham.  

Images associated with the above release are available here.

About Reside 
Headquartered in Seattle, WA, Reside is the leading provider of professionally operated and managed global alternative accommodations with a portfolio of premier hospitality and technology brands. Reside's mission is to present a new way to stay; offering a curated experience to guests no matter the destination or duration of their stay.  Reside operates in over 60 countries across the globe, providing a diversified selection of options to satisfy the growing consumer demand for dependable, high-quality housing solutions for business or leisure travel. To learn more visit www.staywithreside.com.

About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world's largest hotel franchising company by the number of properties, with approximately 9,200 hotels across over 95 countries on six continents.  Through its network of approximately 893,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry.  The Company operates a portfolio of 25 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®.  The Company's award-winning Wyndham Rewards loyalty program offers approximately 112 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit wyndhamhotels.com. 

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws, including statements related to Wyndham's current views and expectations with respect to expected hotel openings. Forward-looking statements are any statements other than statements of historical fact, including those that convey management's expectations as to the future based on plans, estimates and projections at the time Wyndham makes the statements and may be identified by words such as "will," "expect," "believe," "plan," "anticipate," "predict," "intend," "goal," "future," "forward," "remain," "outlook," "guidance," "target," "objective," "estimate," "projection" and similar words or expressions, including the negative version of such words and expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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, without limitation, general economic conditions, including inflation, higher interest rates and potential recessionary pressures; global or regional health crises or pandemics including the resulting impact on Wyndham's business, operations, financial results, cash flows and liquidity, as well as the impact on its franchisees, guests and team members, the hospitality industry and overall demand for and restrictions on travel; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising business; Wyndham's relationships with franchisees; the impact of war, terrorist activity, political instability or political strife, including the ongoing conflicts between Russia and Ukraine and conflicts in the Middle East, respectively; Wyndham's ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to Wyndham's ability to obtain financing and the terms of such financing, including access to liquidity and capital; and Wyndham's ability to make or pay, plans for and the timing and amount of any future share repurchases and/or dividends, as well as the risks described in Wyndham's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the Securities and Exchange Commission. These risks and uncertainties are not the only ones Wyndham may face and additional risks may arise or become material in the future. Wyndham undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law.

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SOURCE Wyndham Hotels & Resorts

FAQ

What are the locations of the new Wyndham Residences (WH) announced in October 2024?

The announced locations include two open properties in Seattle Downtown and Houston Downtown, plus three upcoming locations: one in New Orleans and two in Washington D.C.

How many rooms do the new Wyndham Residences (WH) properties have?

Seattle Downtown has 55 rooms, Houston Downtown has 79 rooms, New Orleans will have 22 rooms, and the two Washington D.C. locations will have 81 and 67 rooms respectively.

What is the duration of Wyndham's (WH) development agreement with Reside?

Wyndham Hotels & Resorts has entered into a 10-year development relationship with Reside.

What amenities are offered at the new Wyndham Residences (WH)?

The properties offer fully equipped kitchens, in-unit laundry, WiFi, 24-hour gym access, and housekeeping for stays over five nights in select locations.