Wyndham targets growth market

Article Excerpt

WYNDHAM HOTELS & RESORTS, $90.64 (New York symbol WH; TSINetwork Rating: Extra Risk) (www.wyndhamhotels.com; Shares o/s: 92.2 million; Market cap: $8.3 billion; Dividend yield: 1.4%), now plans to create an extended-stay brand focused on the budget market. The target is a $50-$55 average daily room rate. Extended stay properties cater to travellers staying a week to a few months, such as travelling nurses and construction workers. Developers like the economy extended-stay segment because it typically performs well during economic booms and busts alike. The pandemic underscored this point. During the past two years in the U.S., extended stay beat all other hotel segments. Wyndham Hotels is still a buy. buy…