Wyndham Hotels (WH) Boosts Presence in Turkey With New Hotels
Wyndham Hotels & Resorts, Inc. WH — the world's largest hotel franchising company — unveils the new Days Hotel by Wyndham in Istanbul Esenyurt. The move solidifies its position in Turkiye, reaching approximately 105 open and operating hotels.
Located near renowned shopping centers, the Tuyap Fair Convention and Congress Center and the CNR Expo, this 176-room new-construction hotel offers modern interiors and various amenities. The hotel also boasts 120 square meters of event space, catering to a diverse range of needs for guests in Turkey.
Additionally, WH has continued to broaden its presence in the region with other notable openings like the Ramada by Wyndham Karapinar in Central Anatolia, Istanbul New Airport Hotel, Trademark Collection by Wyndham and the upscale Wyndham Afyonkarahisar Thermal & Spa.
Focus on Expansion
The company's primary growth strategy focuses on expansion through the establishment of new hotels. During the second quarter of 2023, the company added 18,000 rooms, indicating a 23% year-over-year growth. During the second-quarter conference call, the company stated that it opened 198 hotels so far in 2023, bringing the total count to approximately 9,100 hotels in more than 95 countries.
Internationally, the company opened 66 hotels in first half of 2023, up 14% year over year and achieved over 9% growth in net rooms compared with the prior year’s levels. In Latin America, net rooms grew 17% (year over year) and 2% (sequentially). The addition of new leisure and business destinations drove the performance.
WH's portfolio in Turkey ranks as the company's fifth-largest global market in terms of hotel count, including hotels in more than 45 cities and highly-desirable destinations nationwide. These hotels offer diverse accommodations, from economy to upper-upscale options.
In 2022, Turkey welcomed 51 million visitors and targets 60 million in 2023, maintaining strong occupancy rates in European markets due to domestic and international demand. Going forward, the company remains focused on expanding its footprint in Turkey, with a pipeline of approximately 20 more properties in development.
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Shares of WH have increased 14.7% in the past year compared with the industry's 17.7% rise.
Zacks Rank & Key Picks
Wyndham Hotels currently carries a Zacks Rank #3 (Hold).
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