TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.
The following is the [Travel News]: Wyndham reports a 26% revenue decline but a $24 million profit from [Wyndham] recommended by TheTourAttraction.com:
Net revenues for the three months ended March 31, 2021 decreased $107 million, or 26%, compared to the prior-year period.
Wyndham Hotels & Resorts reported a net income of USD 24 million for the quarter.
Net revenues for the three months ended March 31, 2021 decreased $107 million, or 26%, compared to the prior-year period, primarily driven by:
• $55 million of lower cost-reimbursement revenues in our hotel management business primarily due to lower travel demand from COVID-19 and CorePoint Lodging asset sales in 2020;
• $21 million of lower marketing, reservation and loyalty fees, reflecting a 10% decline in RevPAR due to lower travel demand as a result of COVID-19;
• $14 million of lower royalty and franchise fees due to the decline in RevPAR;
• $13 million of lower management and other fees primarily due to the decline in RevPAR.
Rooms as of March 31, 2021 decreased 4% compared to the prior year primarily reflecting our 2020 strategic termination plan, which resulted in the removal of approximately 26,700 rooms during the second, third and fourth quarters of 2020.
Global RevPAR for the three months ended March 31, 2021 decreased 10% to $24.90 compared to the prior year due to COVID-19. Global and international RevPAR began to lap the onset of the COVID-19 pandemic in January 2021 while the U.S. began to lap its onset in March 2021. As such, comparisons to 2019 may be more meaningful when evaluating trends as such highlight the impact of COVID-19 from pre-pandemic levels. On this basis, global RevPAR declined 31% from the comparable 2019 period reflecting a 25% decline in the U.S. and a 45% decline internationally.