Systemwide fourth-quarter revenue per available room at Wyndham Hotels & Resorts properties declined 6 percent in constant currency year over year, plagued by particular softness in some of the company's largest U.S. markets, Wyndham announced.
U.S. RevPAR declined 8 percent year over year in Q4—6 percent excluding the impacts of 2024 U.S. hurricanes. But while Wyndham CEO Geoff Ballotti on a Thursday earnings call said "we continue to see strength in several important Midwest and industrial states ... where we're seeing increasing infrastructure demand being contracted," those gains were more than offset by softness in Texas, California and Florida. In those three states, which Ballotti said account for about one-quarter of Wyndham's total U.S room count, Q4 RevPAR dropped 11 percent outside of hurricane impact.
Still, Ballotti said Wyndham is seeing some pickup in 2026 as "leisure and corporate bookings are beginning to pick up as reflected in our booking backlog." RevPAR declined 4 percent in January and "has further improved thus far in February." The company projects first-quarter RevPAR to decline 2 percent to 3 percent.
As for the infrastructure-related spending that makes up the substantial majority of Wyndham's business travel clientele, Ballotti said that excluding the impact of the U.S. federal government—including not only the shutdown in Q4 but also the effects of the Department of Government Efficiency cutbacks, "infrastructure performed a bit below leisure," with RevPAR down about 8 percent.
Ballotti, though, again expressed optimism about demand for Wyndham properties spurred by growth in data center construction and projects funded by the $1.2 trillion spending bill passed in 2021.
"Infrastructure demand kept pace," Ballotti said. "It helped drive, we believe, our weekday economy occupancy improvement that we saw each month of Q4. Economy occupancy was down 7 percent in October, 5 percent in November, 2.5 percent in December. That improvement just demonstrated the continued resilience and gradual pickup of our infrastructure demand."
Infrastructure-related travel bookings made up 20 percent of Wyndham's 2025 gross room revenue, according to a presentation for investors, with "logistics and other" adding another 8 percent and corporate transient accounting for 2 percent.
Wyndham Q4, Full-Year Metrics
Wyndham's fourth-quarter systemwide RevPAR dropped to $40.36. U.S. RevPAR declined to $42.91.
For full-year 2025, systemwide Wyndham RevPAR declined 3 percent in constant currency to $44.12. Full-year U.S. RevPAR declined 4 percent to $48.44.
Excluding hurricane impacts, U.S. occupancy declined about 3.6 percent year over year, and average daily rate declined about 2.5 percent.
Fourth-quarter net revenue declined 2 percent year over year to $334 million. Net loss was $60 million, compared with net income of $185 million one year prior.
Wyndham projects full-year 2026 RevPAR to range from a 1.5 percent year-over-year decline to an increase of 0.5 percent.
Wyndham at the end of 2025 had about 835,700 rooms in its system globally, up 4 percent year over year, with total U.S. rooms up less than 1 percent to 501,800.
The company's development pipeline at the end of Q4 included about 2,200 hotels and 259,000 rooms, the latter figure up 3 percent year over year.