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 GAAP measures and a reconciliation of non-GAAP measures to GAAP metrics are provided in our earnings release and investor presentation, which are available on our Investor Relations website at investor.wyndhamhotels.com.

We are providing certain measures discussing future impact on a non-GAAP basis only because without unreasonable efforts, we are unable to provide the comparable GAAP 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. 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. 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 remained 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 continued 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.

Higher midweek demand is driving much of this strength, especially at hotels in markets near major transportation, manufacturing, AI, data center, and industrial projects. As these investments continue to ramp up, they're creating a durable growth tailwind for our franchisees.

October month-to-date U.S. RevPAR has remained relatively consistent with third quarter results, 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 point sequential improvement, which reflects a substantial recovery in Germany, where performance improved 1,100 basis points sequentially, coupled with RevPAR stabilization in the Middle East, where RevPAR improved from down 45% in Q2 to down 13% in Q3.

Strength across these international markets was offset by China, where RevPAR declined 10% as softer travel demand, most notably in Tier 2 cities, continues to pressure performance. On the development front, Wyndham'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 feePAR 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 feePAR 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 feePAR premium of more than 45% over terminations, while international openings carried a premium of nearly 40%.

In the United States, conversion openings included The Hayes Street Nashville hotel in the heart of Music City, and The Blennerhassett, 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 1 year ago, we converted the Bighorn 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 Shonto, 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 TRYP 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 superyacht Zea Marina on the Aegean Sea. Latin America and the Caribbean also delivered 13% net room growth.

Notable new construction openings included the Wyndham Garden São Paulo, 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 and the Pacific Rim, net room growth reached 10% for the second consecutive quarter.

Notable new construction openings included the luxurious Oryon 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 Furong, our 20th Wingate in Greater China, and the La Quinta Lishui, our ninth 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 10Best Readers' 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, whose success is driven by its ability to easily offset its $395 annual fee through 30,000 guaranteed annual anniversary points, over $400 in everyday lifestyle statement credits, complimentary Wyndham Rewards Insider membership, top-tier Diamond status, and a 25% discount on award stays. Wyndham Rewards is central to ancillary revenue growth with members contributing more than one out of every two domestic check-ins.

Global enrollment 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 U.S.

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.

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, premiere sporting events, and unique guest experiences.

For Wyndham Rewards 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.

Wyndham 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. 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 touch points 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 Claude, 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-based reductions in 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. 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.

With that, Amit will now walk us through our financial highlights and full year outlook. Amit?

Thanks, Geoff, and good morning, everyone. I'll begin my remarks today with a detailed review of our third quarter financial performance, followed by an update on our cash flows, balance sheet, and outlook.

Before I begin, let me remind everyone that the comparability of our financial results continues to be impacted by the timing of our marketing fund spend. In the third quarter of this year, marketing fund revenues exceeded expenses by $1 million, while revenues exceeded expenses by $18 million in the third quarter of last year.

To enhance transparency and provide a better understanding of the results of our ongoing operations, I'll be highlighting our results on a comparable basis, which neutralizes the marketing fund impact. In the third quarter, we generated $410 million of net revenues and $207 million of adjusted EBITDA.

Net revenues increased 7% year-over-year, primarily due to higher royalty and franchise fees, increased ancillary revenues, and revenue from our two owned hotels. Importantly, royalty and franchise fees grew in line with the underlying revenue drivers of our business.

On a year-to-date basis, ancillary revenues grew 10%, driven by higher credit card and partnership fees. We expect full year ancillary revenue growth of low double digits, supported by accelerating fourth quarter performance as the impact from our credit card program refresh and our new Premier Earner Card continues to ramp and drive increased member engagement.

Adjusted EBITDA increased 5% on a comparable basis, primarily reflecting higher revenues, partially offset by the timing of variable costs and the lapping of one-time variable cost reductions made during third quarter of 2025. Adjusted diluted EPS for the quarter was $1.43, a 9% increase on a comparable basis, reflecting growth in comparable basis adjusted EBITDA and the benefit of share repurchase activity.

Free cash flow was $100 million in the third quarter and $269 million year-to-date. We continue to expect full year free cash flow to convert at approximately 55% to 60% of adjusted EBITDA.

At our current trading levels, our free cash flow yield of over 7% continues to lead the lodging sector. Development advance spend totaled $18 million in the third quarter, reflecting our consistent and disciplined approach to investing in higher feePAR hotels that enhance the quality of our portfolio and drive long-term adjusted EBITDA growth.

We continue to see strong demand for our brands with year-to-date openings up 3% year-over-year and our pipeline up 4% excluding Revo. Historically, hotels with development advances have entered our system at a feePAR premium of approximately 40% relative to our system average.

We returned $123 million to our shareholders in the third quarter through $91 million of share repurchases, which increased 30% year-over-year, and $32 million of common stock dividends. In the third quarter, we opportunistically repurchased nearly twice the number of shares as we did in the second quarter.

Year-to-date, we've repurchased 2.5 million shares for $196 million. We ended the quarter with nearly $1 billion in total liquidity, and our net leverage ratio of 3.6 times remained near the midpoint of our target range.

Now turning to outlook. As Geoff mentioned, third quarter U.S.

RevPAR growth of 6% exceeded our second half expectations. Based on our Q3 performance, we've increased our global RevPAR outlook to 0.5% to 1%, or up 50 basis points from the previous low end of our range.

Our revised outlook assumes Q4 U.S. performance is consistent with Q3, as well as continued improvement internationally.

We've narrowed our outlook for net room growth from 4% to 4.5% excluding Revo to approximately 4%, reflecting the termination of substandard quality rooms and accelerating mix shift of our portfolio towards higher-value opportunities. While this approach modestly impacts net room growth in 2026, it aims to improve the overall quality of our system and supports stronger royalty generation and long-term economic value.

As previewed on last quarter's earnings call, we expect the majority of Revo-related rooms to terminate before year end. Net revenues are now expected to be $1.48 billion to $1.5 billion, increasing the bottom end of the range by $5 million.

Adjusted EBITDA is now expected to be $740 million to $745 million, raising the bottom end of the range by $5 million, reflecting a flow-through of strong U.S. RevPAR performance in the third quarter and the continuation of those trends through the remainder of 2026.

Our expectation for the marketing fund to break even on a full year basis remains unchanged. Adjusted net income is projected to be $363 million to $369 million, and adjusted diluted EPS is projected at $4.84 to $4.92, which is based on a diluted share count of 74.9 million shares and, as usual, does not assume future share repurchase activity or incremental interest expense from any potential new borrowings.

There are no changes to our outlook for development advance spend or free cash flow conversion. In closing, our third quarter results underscore the continued strength of our asset-light business model and accelerating momentum in U.S.

select-service RevPAR trends. Our royalties and franchise fees increased year-over-year in line with our algo.

We delivered comparable basis growth in adjusted EBITDA and adjusted EPS, and we maintained a strong balance sheet and disciplined leverage profile. Additionally, we continue to balance targeted investments in high-return development opportunities and meaningful shareholder returns through stock buybacks.

Our increased outlook for RevPAR, adjusted EBITDA, and EPS reflects our expectation for continued strength in the U.S. and further recovery in international regions, and we remain confident in our ability to drive sustainable long-term value for our shareholders.

With that, Geoff and I would be happy to answer your questions. Operator?

Good morning, everybody, and thanks for taking the question. I wanted to start with the domestic U.S.

strength. Maybe you can talk a little bit, Geoff, on what's really driving that sequential step-up, whether it's more business travel or more leisure that you're seeing.

Then there's a lot of calendar noise and uneven comparisons when you look at last year between third quarter, fourth quarter, or even the year before that with the hurricane comps. I want you to maybe scrub that for us in terms of what the underlying U.S.

run-rate growth is here in the back half, and what the implications are for that, and how we should think about 2027 based on that.

Sure, thanks, Brandt, for the question. There is a lot of calendar noise: Hanukkah, Christmas, New Year's, but it's all positive.

Our days of the week shifts that should help, we believe, and many of you have been reporting more leisure versus last year for the remainder of the year. For the remainder of the quarter, of course, our comps continue to get easier, as you know.

Our 3Q comp was down 5%; our 4Q last year we're comping against is down 8%. We're feeling good about the comps, we're feeling good about the noise and the calendar shifts for the remainder of the year.

Looking ahead to 2027, really all of our leading indicators, which we look at daily, remain just so strong. If we look at the economy demand over the last 8 weeks, it's outperformed the industry by 50 basis points, as we had talked about on the last call we were starting to see.

We're seeing it. Our booking windows have improved from June into July, from July into August, August into September.

Our booking pace, while it is short-term, hasn't been stronger since coming out of COVID. We have now over 7% more business on the books for the next 60 days versus the same time last year.

Cancellation rates, they continue to improve. Average drive distance continues to go up from the second quarter to the third quarter, and it should continue to as airfares, as we all know, are running 30% ahead for Thanksgiving, 25% they're saying for Christmas.

People are driving, and our lengths of stay continue to lengthen. We think that the second half tax refunds, we talked about this on the last call, are unlocking increased discretionary spending, and our middle-income consumers, they remain financially resilient, and we think fundamentally healthy.

That is driven by, and we see no change to that going into next year, strong employment, strong wage growth, which is supporting increased leisure spending. The banks reporting last week, they all talked about travel spend growing, especially that drive-to leisure.

All of the research that's out there, MMGY's Fall Travel Edition just came out, and it confirms the same: travel demand is bouncing back this fall, and consumers are becoming more strategic about when they go and what they consider is worth paying for. With rising costs pushing more consumers to travel domestically versus internationally, we see the continued truism is that vacations for these consumers have remained this quarter, next quarter, into next year a priority.

We're feeling really good on the leisure side. Of course on the business side for us, GBTA just came out in its September survey last week saying that business confidence is at its highest level since October of 2024 with a continued focus on cost and justification.

There's no better business travel justification than that blue-collar, essential infrastructure-related frontline travel that we cater to. For the remainder of the year, we're feeling good, and looking ahead into 2027, all the trends are positive.

Brandt, if I could just put some numbers around your question on business versus leisure. Weekdays really, we saw strength in both.

Weekdays were ahead by 150 basis points over weekends, it was broad-based demand strength, and both ADR and occ were strong about equally. That kind of gives us confidence about not only into Q4, the continuation of the trends, but really momentum into 2027 to return to kind of the select-service CAGR we've seen over the last 20 years of 2.5% to 3% RevPAR growth.

That's a great point, Amit. The ADR opportunity ahead for our economy and our midscale franchisees, they have a ton of room to grow rate.

The ADR differential right now between the chain scales has never been higher, and it just presents a huge opportunity for these franchisees to recover that lost ground as we're starting to see. We're very bullish about being able to continue to recover demand, but more importantly, pick up rate.

Great point, Amit.

Hey, good morning, and thank you for taking our question. On fees, the royalty and franchise fees accelerated nicely in the quarter, growing north of 6%, which it was above the implied algorithm.

Can you unpack the drivers of that strength and how we should think about the fee growth relative to the algorithm moving forward?

Hey, Steve. Good morning, and thanks for the question.

Geoff touched on the RevPAR strength, and that was really a momentum we had throughout the year exceeding expectations. As we talked about, when we gave our outlook at the beginning of the year and the other quarter, as well as in the last quarter, we had some noise from Revo and the lapping of that, as well as some timing of franchise fees.

We said our expectation was that we would kind of be back in line with algo starting in the back half of the year, and so we were really pleased to see that happen. As you noted, royalty and franchise fees were up 6%, comparable adjusted EBITDA was up 5%.

As we look ahead to your question about it, yeah, we expect to be back in line with algo. You look at our full year guidance, what that implies for Q4 is also royalty and franchise fees kind of consistent with growth with Q3, and same thing with comparable adjusted EBITDA.

We expect that to continue into Q4 and beyond. The only thing in terms of the puts and takes in Q4 is marketing fund.

We obviously are going in with about $7 million of underspend into Q4, and our expectation is we will end up at breakeven for the full year. Right in line, all the drivers we expect will be in line with algo.

Hey, good morning, everyone. Geoff, glad to hear about the health update and best wishes in the continued recovery there.

For me, guys, I'd love to just touch on some of the comments you made around AI, actually. I think in the prepared remarks, you talked a little bit about you're now live in Google AI Mode, some of your integrations with the LLMs.

I specifically wanted to ask about agents. You talked about some integrations or you're bookable through Muse and Instinct.

I'm wondering if you could tell us a little bit more about how that actually works, just specifically, are agents able to see your inventory through some sort of direct connection? Are they going through the front door?

Then, I think more strategically, what incentives are you providing to kind of get agents to make sure that they book direct, don't go through an OTA channel? I think this is a quite big debate in the industry.

Then lastly, if you could talk at all about just traffic you're seeing from these channels. Are these starting to move the needle at all?

I know it's extremely early, but the types of adoption curves we're hearing out there are significant. Thanks.

It is extremely early. Thanks, Shaun, for the wishes.

Yes, it's low traffic, but it's a great question. It's this morning's Skift headline, Meta citing travel as a top use case, and listening to their call last night.

Meta, Muse, Instinct AI, OpenAI .dot, we now have a new type of guest, and these are our new autonomous agents, as you referred to, who we are built to service. We're excited about this, and we're embracing it.

We're embracing these agents through our brand websites, through our MCP engines, which we can do with very little investment given that technology-forward, best-in-class foundation that Scott Strickland and his team have put in place. We are providing our inventory, to your question, directly to these agents as they query and they come in to our CRS via brand web, via our MCI, or via our voice channels.

On the brand web queries, they're acting just like a guest would. On voice queries, they are talking to our Wyndham Connect agents that we've talked a lot about, who are interacting with these Muse agents or these Instinct agents or these .dot agents who want to talk to our hotels just like a guest might want to talk to a hotel front desk agent for any special request if you think about it that way.

The team is working with various AI labs. We're making these bookings faster and easier for these agents.

To the last part of your question in terms of incentives, with Wyndham Rewards becoming our differentiator from the OTAs given the personalized data, the context that we can provide that third parties simply can't, we envision a future in which these new autonomous agents are explicitly instructed by our guests, and especially by our Wyndham Rewards members, to use our hotel loyalty program as preferences, as a requisite in their search criteria. We think it's a big deal, and we think it could really help us grow when it comes to driving direct traffic to our franchisees, as the other tools that we outlined in our IP are already doing.

Thanks. Good morning, everyone.

Just want to focus on sort of franchisee feedback and what you're hearing from particularly your U.S. partners, any feedback on sort of higher rates weighing on sentiment, any change in development starts and conversion activity there.

Then similarly in Europe, sort of what's the health of the franchisee there, any lingering Middle East impacts, and then just can you quantify France for us just in terms of system-wide earnings in your pipeline? Thank you.

A lot in there. France is a very, very limited impact for us.

We have very few hotels, as I think in France right now. That has not been and won't be an impact for us going forward.

The Middle East, fluid situation, but really no disruption to opportunities and business continuity. It remains intact across the portfolio.

It's still negative, as we said in the script, but certainly improving. We were down 45% in Q2, down 13% in Q3, and our teams there on the ground, they're expecting gradual stability.

We're not assuming any further escalation, but our hotels in the KSA, in Dubai across the UAE, Abu Dhabi, Bahrain, Qatar, they've all seen obviously some improvement with a pick-up from some inbound group travel from China, some military personnel. I think most importantly, from a development standpoint, the pipeline's strong.

We have over two dozen hotels in our development pipeline in the Middle East, and we've recently executed five new contracts across Saudi Arabia and the UAE, and all of those projects are still moving forward. In terms of the U.S., we're feeling very good about our franchisees.

Our retention picked up sequentially about 20 bips internationally, 20 bips domestically. Far, we've opened a record of over 50,000 rooms globally, 4% more than last year excluding Revo.

International opens have been really strong and should continue to be so. We've been ramping actually and accelerating.

We're 10% up year-to-date. That accelerated to 24% more opens in Q3 than last year.

Domestically, we had a record year of domestic openings last year. Q1 was a record, Q2 was a record, both record quarters.

We've opened, I think it's about 19,000 rooms year-to-date versus last year we were about, I think, 20,000 rooms, we're tracking last year's record despite the rising interest rates and a significant drop in buy-sell transactions, which slowed us down in the economy segment. We're obviously very pleased with the 2% net room growth in the midscale, upper midscale segments.

We're looking forward to a strong Q4 and a good '27.

Morning, everybody. Thanks for taking my question.

Good to hear from you, Geoff, and the update. Look, I think there's a lot in the quarter.

I'd love, Geoff, for you to just pull out for us what you think is really the most important development. I know I've asked this question in the past, but I always value your perspective on what's your favorite part, right, out of the whole report?

Frankly, just following on the AI stuff, to the degree that you can help us measure statistically, franchisees that are either engaging or actually signing up based on those initiatives, which obviously are industry-leading, those would help. Thanks very much.

Sure. David, I would say the most favorite part for all of us in the quarter was looking at the outperformance of our domestic RevPAR, which we've been waiting for, talking a lot about, and really, I think what was exciting for us, was how well our brands are performing, especially from a market share standpoint and an overall satisfaction standpoint.

This past quarter, and really throughout the whole year, we have seen our strongest year-over-year gains in our overall satisfaction and our quality scores since going public. That's just huge for us.

Our economy brands are seeing some of the highest Net Promoter Score growth and improvement year-over-year that we've ever seen. Super 8 up 800 basis points, Days Inn up 900 basis points.

We're seeing huge gains in our overall satisfaction, which was up over 400 basis points, and Net Promoter Scores up 600 basis points. These brands are resonating with our consumers.

Our Medallia OSR index, which is our overall social review index we look at every month comparing our overall social review scores to our peer competitors, is running well over fair share, and it continues to grow. That's just a great testament to our franchisees obviously, in terms of their engagement with our teams, and importantly to our directors of franchise operations, who don't always receive the credit that they deserve.

Relationships in this franchise world matter, and there is no more important relationship that franchisees have than their relationship with their director of franchise operations. It is consistently ranked at the very top of what owners value the most.

These directors of franchise operations, they're out there traveling all the time. It's nonstop.

They do over 10,000 site visits annually, and we survey after every visit to each franchisee: how was your visit? Not all of them respond, but many of them do.

They are running a 98.9% overall satisfaction score, which that's year-to-date, which just blows me away. What franchisees tell me all the time is how great their DFO is, citing their responsiveness, their professionalism, their willingness to listen to.

That just results in franchisees being more engaged than ever today. Over 6,000 of our 75% of our hotels had their customer service fees waived last month due to higher quality because they are engaged.

That's, for me, passionate about that and very excited about that. When it comes to these franchisees in terms of what they're most excited about, to the last part of your question, it's really the achievements that they're starting to see with just massive rollouts of these tools.

Our Wyndham Connect tool now, to think that we're over 5,100 of our hotels, how these franchisees are making extra room revenue and extra ancillary revenue that it's just amazing how easy it is for them as they embrace it, how excited they become as they embrace it. It's allowing these upscale franchisees to drive, as we said in Matt's deck, $100,000, $200,000, $300,000 of increased annual revenues.

Even for small franchisees, they're generating anywhere between, gosh, at the low end, $500 to more like $2,000 per month. That's a big, big deal, especially it has been in this environment, which up until now, we haven't seen the rate growth that we're getting.

That's obviously making it a lot better. It's a really big deal that delights them.

I could go on and on with the other tools. The Wyndham AI Concierge is just huge.

It's really early days, 1,700 hotels enrolled on it. When you think that, on average, over 25% of inbound calls are dropped by these franchisees because they can't get to them in time, and we have now AI agents with this tool preventing that from happening.

These AI agents on Wyndham AI Concierge, they've answered over 3 million calls year-to-date. That's driving increased direct contribution because we're capturing all those calls, yielding zero dropped calls that might otherwise migrate to an OTA.

A lot of exciting stuff going on, and that was a long answer to your question.

Great. Good morning, everyone.

Geoff, very happy to hear that your treatment is going well. My question, you had briefly mentioned about increased terminations, I think it was in the economy segment.

Is that something that you see impacting or continuing into 2027, or would that alter at all your multi-year net room growth targets? Then follow-up or related to that, any changes related to key money strategy?

Thank you.

I'll let Amit take the key money. No, no changes.

We talked about this on the last call. We do have domestic substandard quality terms in the economy.

We've been focused on that. We are focused on it, obviously, whenever the OSAT score or the RevPAR, the market share drops below.

When we look at where we've had year-to-date throughout the year some of the biggest deletions, if you will, of substandard terminations in brands like Howard Johnson's and even Super 8, those two brands in the economy space have seen some of the highest OSAT improvements year-to-date of any of our brands. Howard Johnson's overall satisfaction is up 800 basis points in the quarter over last quarter, and that's been growing as we've been focused on it.

Super 8 is up 600 basis points, and they've also seen the most significant year-over-year RevPAR index gains. We'll continue to be focused on that.

Our economy brands domestically lead the industry from a retention standpoint. It's something we're very focused on.

We want obviously to continue that. We lead by about 100 basis points.

That again is our continued focus, our DFOs' focus, our operations teams' focus on quality. We are confident that we could get back to that 96% domestic retention, which we've moved it to nearly before from the 93s, which is where we were at spin.

Amit, maybe you'll talk about the back part of his question.

Hey, good morning, Patrick. Regarding key money strategy, really no changes to our outlook in terms of the $110 million for the full year.

As far as the sentiment itself, look, key money has always been a tool we selectively use to prioritize investing in high-quality growth and when returns meet or exceed our hurdle rates. You look at the sites that we're bringing in with key money, they come in at an attractive feePAR premiums.

The priority is always our development teams, as Geoff touched on, lead with the value proposition of our segment-leading brands, our loyalty program, and all of the tech initiatives and the AI initiatives that we've invested in to promote franchisee health. Really no changes to our key money strategy or outlook.

It remains the tool. We have ample balance sheet capacity, and within the year, as well as outlook for the 110 million, we have to deploy that.

Hey, thanks. I want to go back to the agentic AI question and perhaps consumer use of LLMs in general.

You mentioned the upsell opportunity. We've also heard from some hotel owners that there's been some material declines in top-of-funnel costs from search already.

Are you seeing benefits to customer acquisition costs that you can quantify at this point? Then as you think about the magnitude and cadence of various benefits, how would you rank improved mix of direct bookings versus lowering third-party commission rates versus lowering the cost of direct bookings, or simply just improving conversion across all channels?

Thanks.

That's the million-dollar question. I think, first and foremost, Stephen, and we sort of lay that out on page three, the IP, how we think about it, we always think about it from our own value proposition.

First, we think about our franchisees, and we think about the benefits that we could drive to them as opposed to driving to our marketing fund. If we could increase their direct bookings, if we could to drive increased direct revenues, and we could lower their operating costs, which we're doing with these tools, it's a home run.

To the first part of your question, in terms of distribution cost declines, they do have significant potential. The AI interactions are all going through our brand websites or our MEP servers, or our voice channels, which, whether it's, as I talked about a little while ago in the last question, a Wyndham Connect AI agent answering a Muse AI agent, those are obviously less costly for us.

The ADR lift from Wyndham AI Concierge has huge potential for all the reasons I mentioned on the last question, as we roll this out way beyond the 1,700 hotels who are subscribed to it today. That is driving occupancy index gains, rate index gains because the AI agent is delivering a 15% increase in rate, RPI gains, and labor savings.

Obviously, back to the lens we look at this through for our franchisees. On the LLM search equation, it's still really early days, as I said earlier.

GEO may well prove to be, for us and for our marketing fund, a whole lot less expensive than SEO. That's still to be determined.

It is a great question. As AI transactions ramp, you've got Meta's Muse out there, again, Skift headline, building in right now a small commission.

It is the space to watch, and it will shape the economics of AI distribution for every brand and every OTA in the coming years. Again, our focus on our strategy is to make our availability, our rates, our inventory the most readable, the most actionable data source for the LLMs.

If we could offer a direct booking path that an AI agent can execute on easily, then we capture that guest.

Hey, good morning, everyone, and thanks for the question. Geoff, it's great to hear from you.

I'll follow up on the domestic net unit growth, and maybe ask from a different angle. How much of the kind of pivot here or kind of evolving landscape do you attribute to kind of reducing or terminating some of those substandard hotels versus competition from new brands coming into the segment, or maybe just kind of a change in the macro or construction environment?

Is there any kind of detail you could give on the conversation with developers, and maybe any early thoughts on getting back to positive net unit growth there in the coming years? Thanks.

Yeah. Sure.

Growing our domestic net unit growth is achieved, as we've said all along, by increasing our gross adds to where it's been before, around 6%, and reducing those terms to 4%, which is where they've been before, before flattening out this year with the unexpected buy-sell transaction slowdown. I'd say that because of rising interest rates was one of the biggest impacts that we saw this year.

Interest rates, as we all know, which were expected to fall in the second half of the year, we think have temporarily widened that bid-ask spread on buy-sell transactions, which are so important to our conversion engine. With transactions in our segments falling over 30% in both the economy and the midscale segments, select-service segments, this quarter to historic all-time lows, and on top of that, the subdued industry new construction activity, you take transaction volumes, you take industry new construction being muted, it's really building pent-up transaction demand for when those transaction-driven conversions pick back up in our segments in the quarters ahead.

As we saw in late 2024 and into 2025, we're very confident that as economy buy-sell transactions resume, U.S. net room growth will pick back up as it has before in the past.

Dan, the only thing I'd add to that is to your question around new competitors versus just a slow down in transaction volume, or the terminations, what really had an impact. Listen, I think we've talked about this before on the competitors' side, brand launches.

The first of the new brands kind of launched in 2023, and a couple have followed suit since then. You look at that 3-year period, really less than 1% of our system has switched over to those brands.

You look at it in terms of year-over-year, that's been a declining trend. Really what we are looking at, what Geoff talked about in terms of the transaction volume, it's not just about the higher interest rates, it's kind of like the shift in expectations, right?

You enter the year thinking you're going to have rate cuts, and then midway through the year, you ended up with rate hikes and expectations for more rate hikes. Rate hikes in itself, we've seen this before, right?

That in itself doesn't really cause it. Of course, we want lower is better, but it's more the stability.

I think the market's just looking for, they want to understand it's going to normalize, and then transaction activity is going to pick back up. We've seen this multiple times throughout the cycle.

We feel good about our set-up, we feel good about our segment-leading brands, our loyalty program, and all the technology. We're expecting kind of U.S.

to be back in sequential growth, really make up for, and we were just lapping some very outsized terms in the beginning of the year that's kind of had an impact this year.

You also asked, Dan, about developer sentiment, which I forgot to address, just looking at my notes. It remains really positive given the strong long-term fundamentals.

Historically low supply, less than 2%, when you think about the U.S. active pipeline supply down 8% year-over-year.

Out at the Lodging Conference, many owners were up on stage talking about industry fundamentals being the best they've seen in a decade. That is showing up for us with our institutional developers with record openings, executions, and pipeline growth.

The market is so undersupplied with new, quality, affordable, select-service accommodations to serve the lodging demand from the public and private investment across the U.S. As Amit said, we're confident.

Hey, good morning. The algo fee growth relationship was very impressive in 3Q, as you touched on.

Specifically, I'd love to touch on how you're thinking about royalty rate expansion, I guess both in 4Q, but also longer-term. I think 2Q, net of Revo, there was theoretically around 100 basis points of contribution to the algo from royalty rate expansion.

I think 3Q was maybe more flattish ex-Revo. Just curious how you think about royalty rate expansion and the moving parts both in 3Q, 4Q, but more importantly, longer-term.

Thanks.

Hey, Ben. Good morning, thanks for the question.

Our royalty rate, kind of our expectations within the algo, is 5 basis points of growth both domestically and internationally kind of on the long term. That's not necessarily 5 basis points every single year, but you look at it on a multi-year period, we expect it to be 5 basis points on average.

We have seen U.S. royalty rates increase 10 basis points in 2024, 7 basis points in 2025.

It's down approximately 2 basis points year-to-date in 2026. Again, you look at it across the 3-year period, the averages approximately to five 5 basis points, in line with our objective.

Individual years may vary, but the multi-year target is unchanged. Same thing internationally, as you mentioned, there were some Revo-related noise, which we strip out and disclose kind of adjusted for that.

We did see royalty rate growth there, and it's really a testament to both expansion in two higher chain scale segments, as well as the midscale and plus above strategies, both domestically and internationally, and that's obviously bearing fruit, as we've seen. You look at kind of like a 3-year average on the royalty rates.

Thank you very much for taking the questions, and great to hear from you, Geoff. Just one on U.S.

net unit growth. Obviously continues to be relatively subdued, but the commentary you've made on signings is very encouraging.

I wonder if you could just run us through the cadence of how that progresses in the next quarters and years, and how, kind of maybe perhaps mostly the relative RevPAR performance of the low- and high-end segments might affect that. Thank you.

Hey, Alex, good morning. I think, since you asked about kind of what's the outlook, I'll take the question.

I think in terms of sequential growth, U.S., obviously we saw pipeline growth both domestically and in the U.S., and pipeline is really the reflection of the execution sentiment. We're pleased to see continued growth in 25 consecutive quarters of global pipeline growth, and then U.S.

we saw again year-over-year growth. As far as the RevPAR sentiment, listen, obviously we were coming back, we in an environment last year where we saw sequential declines in RevPAR growth every year.

Obviously having the opposite of that and kind of getting up to above the 20-year select-service average of 2.5% to 3% is a positive, and that's kind of what Geoff was touching on earlier about the owner sentiment. I think our expectation is to see sequential net growth in the U.S.

continue, kind of get to that 4% globally. Too early to talk about 2027 in terms of RevPAR outlook, but our expectation is that this momentum continues.

Then translating that into net unit growth, transaction volume should pick back up. As I said, really the market is just looking for stability.

As we see that, we should see some continued improvement.

Hi, great. Thank you for taking my call, and Geoff, glad to hear everything's going well on the health side.

Question would be, just given kind of where the business is and how it's performing versus your expectations, how do you think about capital allocation here? You get the dividend, you have a buyback.

Maybe you're more encouraged by kind of what you're seeing here, and would that then mean accelerate more buyback or how are we kind of thinking about returning the cash to shareholders? Thanks.

Hey, Ian. Good morning, thanks for the question.

We repurchased approximately 91 million shares in Q3, about 30% more than last year, and materially more than the prior quarter. The stock traded at a significant discount to the 52-week average, and we believe it's trading at an unwarranted discount, we continue to support the stock, and we have ample liquidity and balance sheet capacity to do so.

I think our board's authorization of an additional $400 million share repurchase obviously reflects confidence in the strength of our business and ability to generate a significant amount of free cash flow. While we don't guide towards what our future share repurchases are, I think we will continue to support the stock when it trades at an unwarranted discount.

Barring any attractive deployments into M&A and investments within the business, we have ample free cash flow to deploy to both dividends as well as repurchases.

Hi, good morning. Thanks for taking the question.

Geoff, great to hear that you're doing well. There's clearly so much investment going into data centers, manufacturing, broader infrastructure projects, as you've kind of mentioned and gave some great data points earlier and on the slides.

I'm wondering, how are you thinking about the potential for this to create really a multi-year demand tailwind for Wyndham? Is there a way to kind of quantify that impact to total U.S.

RevPAR in aggregate, and is this something that you think is accelerating as we look to 2027 and beyond?

Hey, Lizzie. Thanks for the question.

Absolutely accelerating and strengthening. It is performing right now.

It was up about 6% in line with the rest of North America, but it's no longer the drag from an acceleration standpoint to my point that it was during the DOGE quarters and the government slowdowns of last year. We're seeing our teams are out there contracting.

They're seeing ongoing highway expansion, they're seeing ongoing and increasing manufacturing builds, big utility grid upgrades, and companies that are just continuing to deploy field crews and regional service teams across the country. These companies operate on strict per diems, really anchoring them to our select-service brands across the U.S.

Where it's really showing up for us is in terms of what has been booked by our GSO. In Q3, our GSO booked 16% more revenue in Q3 than they did last year.

That was up from booking 12%, I talked about in the last call, more revenue in Q2 than they did in last year, continued acceleration. GSO contracted infrastructure on the books, which gives us, looking into '27, a lot of confidence, continues to pace well ahead of where we were same time last year.

We continue to place infrastructure business into more hotels than we ever have. This quarter, we put it into 500 5,000, almost 6,000, I believe, of our hotels this year, which was up quarter-over-quarter.

We're seeing business from oil and gas room night production, that was up 350 basis points, I think I talked about in our remarks, versus the rest of the portfolio. Hotels near data centers continue, to the first part of your question, to see great strength.

We have about 350 data centers that were circling that are around approaching 1,000 of our hotels in those markets, which have seen a couple hundred basis points of RevPAR growth this year. You look at, gosh, Arizona TSMC semiconductor corridor remains one of our strongest markets, and we're seeing hotels servicing this project seeing big double-digit increases year-over-year in both their revenues, their bookings, their market share.

Absolutely it should become a tailwind assuming it continues to pick up as it has over the last two quarters and not be the drag it was last year. Much of it, as we said in the script, has yet to be spent, and this bipartisan Build America Act, we think should really help as those funds become authorized from '27, into the 2030s.

I know we're running late, Leo, she might have exited the call.

Sorry about that.

Sorry about that. Good morning.

I was hoping you might speak a little bit about mainland China, and obviously facing some headwinds to this day on the macro side, but if you could speak to the strong net unit growth that continues despite that, and what maybe is driving investment decisions for franchisees and sort of any trends you're seeing in development activity there and the types of owners who are entering your system. Thank you.

Sure. If I was to answer the least favorite part, which David often asks of the quarter, it was how China RevPAR, to your question, came in.

As we talked about in the script, we do have a much heavier weight in Tier 2 cities, which underperformed the industry by about 500 basis points, which was not unique to us. The good news is that despite that slowdown, our hotels were able to hold rate flat to prior year, which is a big, big deal.

As our teams look ahead, they do believe, and there's a lot of analysts out there that believe, that the deflationary cycle that China has been in is beginning to bottom. We've seen this year PPI turn positive for the first time in several years.

We've seen CPI recently also turn positive. There's just so much tailwind potential there in terms of how far occupancy is below where it's been historically.

It was great again to see our hotels hold rate. China is doing a lot to boost consumption, and we're really optimistic for the long term, as is the industry.

Horwath recently put out a sentiment survey which has hotelier market confidence climbing to a seven-quarter high, breaking out of a prolonged period of pessimism. If we look at the pipeline, L&E's reported pipeline in China actually saw a tick-up: 3,600 projects saw early planning up 4% with construction starts up 7% as hotel conversions hit a record high, rising over 20 20%.

That's certainly helping us, to the back part of your question, from a development standpoint. Once again, we've got a fantastic team over there.

Junan and Bill Wang are doing just a great job quarter after quarter delivering double-digit net room growth for both our direct franchising and our overall China system. Two-thirds of the contracts that we signed were new construction, which was great to see, the other third conversions.

We're also seeing a lot of same-year sell and same-year opens to your question in terms of what we're hearing from people that are signing with us in the quarter or in the year to open that year is they're looking for that incremental distribution as demand has been so soft. We're super bullish as our growth has pivoted from master license agreements to direct franchise agreements at three times the royalty rate, that double-digit net room growth is going to really help us continue to grow our international royalty rate.

We see no signs of that business slowing down.

Hey, guys. Thanks for sneaking me in, and Geoff, great to hear things are going well.

Just two quick ones. One, you've talked to this, but I'll ask it quite directly.

Is there a chance that domestic NUG growth next year gets back to that 6% gross with a kind of 4% churn rate against it, we can see one or two points of domestic NUG? Then two, just so I understand the Revo numbers, we started about 22,000 rooms, and now it says there's 13,000.

Are those kind of delta of 8,000 or 9,000 rooms ones that have run through the deletion counts already, or are those rooms that have kind of graduated to returning to the system? Thanks so much, guys.

Hey, Trey. Good morning.

Domestic net unit growth, I think, we are expecting sequential growth in the year. We're obviously lapping outsized terms from the beginning of the year that we kind of expected to make up in our seasonally Q3 and Q4, which are strongest net unit growth quarters.

Obviously, transaction volumes kind of slowed down, which had an impact. I think looking ahead, we obviously are expecting sequential growth in Q4, and then beyond that, we want to kind of get back to see the transaction volumes resume, construction starts with, again, not necessarily predicated on interest rates coming down, but just more stability there, which should give owners confidence.

We are seeing that. Then so that's really kind of how we think about that on the domestic side.

As to your question around Revo, we started with about 22,000 rooms. We've kind of disclosed in the earnings release about 9,100 Revo rooms left the system, the 13,000 that are remaining.

Our expectation is that of the 23,000, about 20% to 25% will be retained, call it 5,000, 6,000-ish rooms. The Revo insolvency process, it's nearly finalized, but it's still kind of in the putting the finishing touches.

Other than the 6,000-ish rooms that we expect 5,000 to 6,000 rooms that we expect to retain, the rest will be leaving the system in Q4. Whatever that 20% to 25% should be a upside for 2027.

Thanks, Leo, and thanks to anyone still on the line. I believe this is a record in terms of 75 minutes.

We appreciate your questions and your interest in Wyndham Hotels & Resorts. We know how busy your days are.

Amit, Matt, and I look forward to talking to many of you in the weeks ahead. In the meantime, have a great weekend and a happy Halloween next Saturday.

Thanks, everybody, again for joining us today.