Wyndham Hotels stock gains after buyback boost
Investing.com -- Wyndham Hotels & Resorts Inc (NYSE: WH) shares rose 4.6% in premarket trading Tuesday after the company's board approved a $400 million increase to its share repurchase authorization.
"Our Board's decision to increase our share repurchase authorization reflects its continued confidence in the strength of our business model, our ability to generate significant cash flow and its commitment to continued shareholder returns," commented Geoff Ballotti, president and chief executive officer.
The company said the amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. Repurchases may be conducted through open market purchases or privately negotiated transactions.
Wyndham Hotels operates approximately 8,400 hotels across approximately 100 countries on six continents. Through its network of over 873,000 franchised and affiliated rooms, the company maintains a 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, and Wyndham.