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Wyndham Worldwide CEO Stephen P. Holmes is seeing stabilization in the travel industry and is transforming the firm to a fee-for-service business model to embrace the rebound, the executive told CNBC Wednesday.
Currently the company operates three major businesses — hotel, rental, and ownership exchange. While third-quarter revenue at Wyndham [WYN
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] dropped 17 percent from a year ago, its stock is up 156 percent year to date.
The company announced earnings Wednesday of 58 cents a share, beating Wall Street's estimate of 56 cents a share. Wyndham raised its full-year EBITDA forecast to $775 - $825 million from $760 - $810 million.
Holmes says business travel is still not out of the woods. He sees a reduced amount in business traveling and the places workers travel. Leisure travel shows more sign of stabilization.
“The decline in occupancy is basically stabilized. You really need to see occupancy stabilization before you see rents go up.” Holmes said. “The rooms have to be filled before the hotel owner has the courage to raise the price.”
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