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Vancouver, B.C. – March 11, 2024 – Coast Hotels Limited, a fully owned subsidiary of APA Hotel Canada, Inc. and one of North America’s fastest-growing and one of Canada’s largest hotel brands, is excited to announce the upcoming 22nd Annual Coast Hotels Shuhachi Naito Golf Classic, which is set to take place on Thursday, July 11th, 2024 at Tsawwassen Springs Golf Club, located in Delta, BC.

This event is being held to support the ALS Society of British Columbia and the Vancouver Holocaust Education Centre and will help fund both non-profit organizations’ valuable and important work.

The annual golf tournament is one of the biggest events for Coast Hotels and has well surpassed $1,200,000.00 in funds donated to charities since its inception. This year’s Golf Classic will once again feature exciting activities, raffles, auctions, and prizes for all participants.

“We’re thrilled to be hosting the 22nd Annual Coast Hotels Shuhachi Naito Golf Classic again this summer,” said Mark Hope, Senior Vice President Development for Coast Hotels. “This event is a great opportunity for golfers of all skill levels to come together and support two worthy causes. We’re looking forward to a day of fun and fundraising, and we hope to see a great turnout.”

Registration for the tournament will open in late April, and golfers can sign up individually or as a team. Participants will enjoy a round of golf, lunch, and dinner, and plenty of opportunities to win prizes. Corporate sponsorship opportunities are available for businesses and organizations looking to support both non-profit organizations.

“We’re grateful for the support of our hospitality partners, sponsors, and volunteers who make this annual event possible,” added Mark Hope. “We couldn’t do it without them, and we’re excited to see the impact that this year’s tournament will have on the two charities and the people and communities they serve.”

For more information about the 22nd Annual Coast Hotels Shuhachi Naito Golf Classic or to pre-register as a sponsor or participant, please contact Mark Hope, Senior Vice President, Development at This email address is being protected from spambots. You need JavaScript enabled to view it.. We hope to see you on the greens!

 
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TORONTO, ON (March 5, 2024) – Days Inns - Canada has announced the winners of the highly coveted President's Award for 2023. The annual award acknowledges the performance of a select group of Days Inns that go above and beyond to deliver outstanding customer service and a superior guest experience. The evaluation process involves an assessment of brand standards, operational requirements, and guest feedback metrics.

Irwin Prince, President & COO of Days Inns - Canada, commended the recipients for their commitment to upholding high standards in the hospitality sector. "Sincere congratulations to our 46 distinguished hotels. Their unwavering efforts to provide guests with a 'Count on Me' experience have played a pivotal role in the industry’s recovery and growth over the past year. This recognition stands as a meaningful affirmation of their dedication.”

Days Inns - Canada’s expanded recognition program highlights hotels consistently exceeding performance expectations. The Gold Award is presented to hotels honoured with a President's Award for at least five consecutive years, while the Platinum Award celebrates those who have achieved this distinction for ten or more consecutive years.

2023 President’s Award Winners

Name City Province
Days Inn by Wyndham Chetwynd CHETWYND BC
Days Inn by Wyndham Dawson Creek DAWSON CREEK BC
Days Inn by Wyndham Victoria Airport Sidney SIDNEY BC
Days Inn by Wyndham Victoria On The Harbour VICTORIA BC
Days Inn by Wyndham Victoria Uptown VICTORIA BC
Days Inn by Wyndham Bonnyville BONNYVILLE AB
Days Inn & Suites by Wyndham Brooks BROOKS AB
Days Inn & Suites by Wyndham Cochrane COCHRANE AB
Days Inn by Wyndham Grande Prairie GRAND PRAIRIE AB
Days Inn by Wyndham Hinton HINTON AB
Days Inn by Wyndham Lamont LAMONT AB
Days Inn by Wyndham Red Deer RED DEER AB
Days Inn by Wyndham Redwater REDWATER AB
Days Inn & Suites by Wyndham Strathmore STRATHMORE AB
Days Inn by Wyndham Wainwright WAINWRIGHT AB
Days Inn by Wyndham Estevan ESTEVAN SK
Days Inn by Wyndham Prince Albert Conference Centre PRINCE ALBERT SK
Days Inn by Wyndham Swift Current SWIFT CURRENT SK
Days Inn & Suites by Wyndham Yorkton YORKTON SK
Days Inn & Suites by Wyndham Winkler WINKLER MB
Days Inn by Wyndham Toronto West Mississauga MISSISSAUGA ON
Days Inn by Wyndham Orillia RAMARA ON
Days Inn by Wyndham Sarnia Harbourfront SARNIA ON
Days Inn by Wyndham Montmagny MONTMAGNY QC
Days Inn by Wyndham Riviere-Du-Loup RIVIERE DU LOUP QC
Days Inn by Wyndham Oromocto Conference Centre OROMOCTO NB
Days Inn by Wyndham Edmundston SAINT-BASILE NB
Days Inn by Wyndham Stephenville STEPHENVILLE NL

Gold Award:

Name City Province
Days Inn by Wyndham 100 Mile House 100 MILE HOUSE BC
Days Inn by Wyndham Calgary North Balzac BALZAC AB
Days Inn by Wyndham Innisfail INNISFAIL AB
Days Inn & Suites by Wyndham Edmonton Airport LEDUC AB
Days Inn by Wyndham Medicine Hat MEDICINE HAT AB
Days Inn & Suites by Wyndham Sherwood Park SHERWOOD PARK AB
Days Inn & Suites by Wyndham Brandon BRANDON MB
Days Inn by Wyndham Steinbach STEINBACH MB
Days Inn & Suites by Wyndham Thompson THOMPSON MB
Days Inn by Wyndham Miramichi MIRAMICHI NB
Days Inn & Suites by Wyndham Lindsay LINDSAY ON
Days Inn by Wyndham Niagara Falls Centre St. By the Falls NIAGARA FALLS ON
Days Inn by Wyndham Berthierville BERTHIERVILLE QC
Days Inn by Wyndham Saskatoon SASKATOON SK
Days Inn & Suites by Wyndham Warman Legends Centre WARMAN SK

Platinum Award:

Name City Province
Days Inn & Suites by Wyndham Langley LANGLEY BC
Days Inn & Suites by Wyndham Collingwood COLLINGWOOD ON
Days Inn by Wyndham Thunder Bay North THUNDER BAY ON
 
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BARCELONA, Spain, March 04, 2024 (GLOBE NEWSWIRE) -- The leading international business platform for food, beverages, food service and hospitality equipment will return to Fira de Barcelona's Gran Via exhibition center (Spain) from 18 to 21 March 2024, with a 15% increase in the number of foreign exhibitors compared to the previous edition. Of the 3,200 exhibiting companies, 900 will be international.

Alimentaria&Hostelco 2024, which will bring together a high-quality, cross-cutting range of products and services, will beat its record for internationalization. In this edition, business opportunities for the Horeca channel in the international sphere, especially in Europe, will be further boosted.

After Spain, the country that will occupy the most space at the event will be Italy, followed by Turkey, China and Hong Kong, Poland, Portugal, France, Belgium, Germany, the Netherlands and Argentina. In most cases, they are growing in terms of both size and number of companies compared to 2022. The presence of Asian companies stands out, led by China and Hong Kong, with notable representation from Taiwan, Thailand and South Korea.

Some 100,000 trade visitors are expected, 25% of them international. To maximize business opportunities, its buyer invitation program will bring together more than 2,200 importers, distributors, directors and purchasing managers at the highest level. Of these, more than half are international, coming from 80 nations, headed by the United States, Mexico, China, Canada, the United Kingdom and South Korea, followed by the main destination countries for Spanish imports in Europe and Latin America.

The exhibition platform will occupy seven pavilions, spread over 100,000 net m2. Alimentaria's exhibition program will be divided into 13 sectors: Intercarn (meat and meat products); Interlact (dairy products); Expoconser (preserves); Restaurama (food service); Snacks, Biscuits & Confectionery; Fine Foods (gourmet products); Organic Foods; Coffee, Bakery & Pastry; Alimentaria Trends - which includes the Plant Based, Vegan Foods, Free From (allergen-free foods), Functional Foods and Halal segments, International Pavilions (which brings together a large part of the foreign institutional participation), Lands of Spain (where all the territories of Spain are represented), Grocery Foods (with the presence of the most important brands) and FoodTech (dedicated to equipment for the food and beverage industry). In addition, Premium will bring together nine haute cuisine firms in Alimentaria's most exclusive space.

The Hostelco show will exhibit equipment, products, services and activities so that professionals from the restaurant, hotel and catering and community sectors can find new products, creative ideas and proposals for innovative business formats.

 
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TORONTO (January 26, 2024) Toronto Metropolitan University (TMU) is pleased to announce that Dr. Steve and Rashmi Gupta have made a gift of $1 million in support of Ted Rogers School of Management and its students through The Gupta Family Foundation (external link) . The Gupta family’s generous donation was celebrated today in a cheque presentation ceremony on the TMU campus. The gift provides endowed financial awards to the school’s MBA students in hospitality and tourism management, as well as crucial unrestricted support, allowing the dean to focus on priority needs.

The donation to TMU’s business school aligns with Dr. Gupta’s success as a developer, hotelier, business leader and philanthropist. Dr. Gupta arrived in Canada in 1971 with $108. By 2000, his company, Easton’s Group of Hotels, (external link)  was honored with the Pinnacle Award as "Hotel Company of The Year" by Hotelier Magazine. Dr. Gupta was voted “Businessman of The Year” by the Indo-Canada Chamber of Commerce, has received the Queen’s Golden & Diamond Jubilee Medal for community service, the Markham Board of Trade Award of Excellence in Business and Entrepreneurship, and the Ernst & Young Entrepreneur of The Year Award for Ontario in the Real Estate and Hotels category. He was appointed to the Order of Ontario in 2022.

Dr. Steve Gupta and Rashmi Gupta have a long-standing reputation for investing back in philanthropic causes locally and around the world. Together they have held eye camps in India, allowing more than 11,000 people to have cataract eye treatments and be cured of eye disease, and developed a water and sanitation project for a girls school in India. They have also spearheaded the construction of a retirement community in Richmond Hill, Ontario, and continue to see through a long-term commitment to the dearly loved Toronto International Film Festival with the TIFF Bell Lightbox box office officially named the Steve and Rashmi Gupta Box Office.

“I’m a great believer in higher education,” said Dr. Steve Gupta, Founder and Chairman of The Gupta Group (external link) “Learning is like breathing – it should never stop. My family and I believe in giving back to our local community and creating opportunities for others to pursue their dreams of success. We are delighted to work with TMU to help make those dreams come true for students. We share with TMU a desire to help people build the skills that shape self-reliance.”

Dr. Cynthia Holmes, Dean, Ted Rogers School of Management, noted “The Ted Rogers School has one of the most diverse student populations of any business school in Canada: more than 50% of our students identify as racialized and 30% are first in their family to attend university. A gift like this, from a family rooted in the newcomer experience and earning their success in Canadian business, has special resonance for our community of learners. We are very grateful to the Gupta family for investing in the future of our students.”

“Dr. Steve Gupta is a prime example of what is possible when passion, grit and determination combine with business acumen and market insight," said TMU President and Vice-Chancellor Mohamed Lachemi. "These are the qualities and skills we cultivate in our students, as well as the community spirit that drives gifts such as the one we celebrate today. My thanks to Steve, Rashmi and the entire Gupta family for their support of our students and their vote of confidence in the TMU mission and vision.”

TMU is proud to recognize the Gupta family’s generosity through the naming of the Ted Rogers School’s premiere auditorium ‘The Steve & Rashmi Gupta Lecture Theatre.’ At 500 seats, the venue is TMU’s largest lecture theatre, and is used for business classes and for instruction in disciplines across the university. And, thanks to the Gupta family, in the winter of 2025, two deserving MBA students will receive the very first ‘Gupta Family Foundation Award’ – the first of an ongoing series of awards providing crucial financial support to two MBA students each year in perpetuity.

 
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PARSIPPANY, N.J.Feb. 14, 2024 /PRNewswire/ -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months and year ended December 31, 2023.  Highlights include:

System-wide rooms grew organically by 3.5% year-over-year, a record high.

Opened a record 66,000 organic rooms, representing a year-over-year increase of 3%.

Global retention rate - including all terminations - improved another 30 basis points to a record 95.6%.

Development pipeline grew 1% sequentially and by 10% year-over-year to a record 240,000 rooms. 

Grew ECHO Suites pipeline nearly 60% year-over-year with 98 new contract signings.

Signed 766 contracts for legacy brands, an increase of 8% year-over-year.

Fourth quarter diluted earnings per share of $0.60 and net income of $50 million; adjusted diluted EPS of $0.91, adjusted net income of $75 million and adjusted EBITDA of $154 million

Full-year 2023 diluted EPS of $3.41 and net income of $289 million; adjusted diluted EPS of $4.01, adjusted net income of $341 million and adjusted EBITDA of $659 million

Net cash provided by operating activities of $376 million and free cash flow of $339 million for the full-year. 

Returned $515 million to shareholders for the full-year through $397 million of share repurchases and quarterly cash dividends of $0.35 per share. 

Board of Directors recently authorized a 9% increase in the quarterly cash dividend to $0.38 per share beginning with the dividend expected to be declared in first quarter 2024.

"We are tremendously proud to report fourth quarter results that demonstrate the continued success of our global strategy and our accelerating momentum," said Geoff Ballotti, president and chief executive officer.  "Despite the distraction, uncertainty and misperceptions caused by Choice and their slanted and constant communications to our franchisee base, room openings accelerated and our global development pipeline grew by 10% to an all-time high of 240,000 rooms.  Our team opened 27% more rooms than last year in the fourth quarter and we welcomed 500 new hotels to our system in 2023.  This, when combined with our improving franchisee engagement and record retention rate, drove the best organic system growth we've ever achieved. We grew comparable adjusted EBITDA by 6% and returned over half a billion dollars to our shareholders through dividends and share repurchases.  We are confident in the continued effectiveness of our growth strategy and see exceptional value-creation opportunities in the years ahead."  

System Size and Development

   

Rooms

   

December 31,
2023

 

December 31,
2022

 

YOY 
Change (bps)

United States

 

497,600

 

493,800

 

80

International

 

374,200

 

348,700

 

730

Global

 

871,800

 

842,500

 

350

The Company's global system grew 3.5%, marking 12 consecutive quarters of organic growth and reflecting 1% growth in the U.S. and 7% internationally.  As expected, these increases included strong growth in both the higher RevPAR midscale and above segments in the U.S. and the direct franchising business in China, which grew 3% and 13%, respectively.  The Company also increased its retention rate, which includes all terminations, by another 30 basis points year-over-year, ending the year at a record 95.6%. 

On December 31, 2023, the Company's global development pipeline consisted of over 1,950 hotels and approximately 240,000 rooms, representing another record-high level and a 10% year-over-year increase. Key highlights include:

14th consecutive quarter of sequential pipeline growth 

8% growth in the U.S. and 11% internationally

Approximately 70% of the pipeline is in the midscale and above segments, which grew 6% year-over-year

Approximately 58% of the pipeline is international

Approximately 79% of the pipeline is new construction, of which approximately 34% has broken ground

The Company awarded 766 new contracts for its legacy brands in full-year 2023, an increase of 8% compared to full-year 2022.  Additionally, the Company awarded 98 additional new contracts for its ECHO Suites brand and, as of December 31, 2023, the Company had awarded 268 contracts, or over 33,000 rooms, for the brand.

RevPAR

   

Fourth

Quarter 2023

  YOY
Constant
Currency
% Change
  Full-Year
2023
  YOY
Constant
Currency
% Change
United States   $           44.06   (4 %)   $           50.42   (1 %)
International   32.12   7   33.21   21
Global   38.90   (1)   43.10   5

Fourth quarter global RevPAR declined 1% in constant currency compared to 2022 reflecting a 4% decline in the U.S. and growth of 7% internationally.  For the full year, global RevPAR grew 5% in constant currency compared to 2022 reflecting a 1% decline in the U.S. and growth of 21% internationally. 

The Company had achieved record-breaking RevPAR in the U.S. during the preceding year due to COVID-impacted travel patterns.  Comparing to 2019 to neutralize for COVID-impacted travel patterns, U.S. RevPAR grew 10% in fourth quarter - a 120 basis point acceleration from third quarter 2023 growth - and 9% for the full year.  Internationally, year-over-year RevPAR growth for both the fourth quarter and the full-year was primarily driven by higher occupancy levels.  Compared to 2019, international RevPAR grew in fourth quarter and full-year by 44% and 36%, respectively, on a constant-currency basis. 

Operating Results

Fourth Quarter

Fee-related and other revenues was $320 million compared to $310 million in fourth quarter 2022 reflecting global net room growth as well as higher license and ancillary fees.

The Company generated net income of $50 million compared to $56 million in fourth quarter 2022. The decrease was reflective of a higher effective tax rate, higher interest expense, foreign currency impact from hyper-inflation in Argentina and transaction-related expenses resulting from the unsolicited offer by Choice Hotels, partially offset by higher adjusted EBITDA. 

Adjusted EBITDA grew 22% to $154 million from $126 million. This increase included a $21 million favorable impact from marketing fund variability, excluding which adjusted EBITDA grew 6% primarily reflecting higher fee-related and other revenues. 

Diluted earnings per share was $0.60 compared to $0.63 in fourth quarter 2022. This decrease reflects lower net income, partially offset by the benefit of a lower share count due to share repurchase activity.

Adjusted diluted EPS grew 26% to $0.91 per share from $0.72 per share. This increase included $0.19 per share related to the favorable marketing fund variability (after estimated taxes), excluding which adjusted diluted EPS was unchanged year-over-year as adjusted EBITDA growth and the benefit from share repurchase activity was substantially offset by higher interest expense.

During fourth quarter 2023, the Company's marketing fund revenues exceeded expenses by $9 million; while in fourth quarter 2022, the Company's marketing fund expenses exceeded revenues by $12 million, resulting in $21 million of marketing fund variability.

Full Year

Fee-related and other revenues was $1,384 million compared to $1,354 million in full-year 2022, which included $50 million from the Company's select service management business and owned hotels, which were exited in 2022. On a comparable basis, fee-related and other revenues increased 6% year-over-year primarily reflecting global RevPAR and net room growth, higher license and ancillary fees and pass-through revenues associated with the Company's global franchisee conference in September, which was held for the first time since 2019.

The Company generated net income of $289 million compared to $355 million in full-year 2022, which included $37 million from the select-service managed and owned hotels. The decrease was reflective of a higher effective tax rate, higher interest expense, foreign currency impact from hyper-inflation in Argentina and transaction-related expenses resulting from the unsolicited offer by Choice Hotels, partially offset by higher adjusted EBITDA.

Adjusted EBITDA was $659 million compared to $650 million in full-year 2022, which included $18 million from the select-service managed and owned hotels. The growth in adjusted EBITDA was further impacted by $11 million of unfavorable marketing fund variability. On a comparable basis, adjusted EBITDA increased 6% reflecting higher fee-related and other revenues.

Diluted earnings per share was $3.41 compared to $3.91 in full-year 2022, which included $0.40 per share from the select-service managed and owned hotels. This decrease reflects the lower net income, partially offset by the benefit of a lower share count due to share repurchase activity.

Adjusted diluted EPS was $4.01 per share compared to $3.96 per share in full-year 2022, which included $0.15 per share from the select-service managed and owned hotels. This growth in adjusted diluted EPS was further impacted by $0.09 per share (after estimated taxes) of unfavorable marketing fund variability. On a comparable basis, adjusted diluted EPS increased 8% year-over-year reflecting the adjusted EBITDA growth and the benefit from share repurchase activity, partially offset by higher interest expense.

During full-year 2023, the Company's marketing fund revenues exceeded expenses by $9 million; while in 2022, the Company's marketing fund revenues exceeded expenses by $20 million, resulting in $11 million of marketing fund variability.

Full reconciliations of GAAP results to the Company's non-GAAP adjusted measures for all reported periods appear in the tables to this press release.

Balance Sheet and Liquidity

The Company generated $376 million of net cash provided by operating activities and free cash flow of $339 million in the full-year 2023.  The Company ended the quarter with a cash balance of $66 million and approximately $650 million in total liquidity. 

The Company's net debt leverage ratio was 3.2 times at December 31, 2023, within the lower half of the Company's 3 to 4 times stated target range.

Share Repurchases and Dividends

During the fourth quarter, the Company repurchased approximately 1.7 million shares of its common stock for $127 million.  For the full-year 2023, the Company repurchased approximately 5.5 million shares of its common stock for $397 million, at an average price of $72.25, 8% lower than trading levels as of February 13th

The Company paid common stock dividends of $28 million, or $0.35 per share, in the fourth quarter of 2023 for a total of $118 million, or $1.40 per share, for the full-year 2023.

For the full-year 2023, the Company returned $515 million to shareholders through share repurchases and quarterly cash dividends.

The Company's Board of Directors authorized a 9% increase in the quarterly cash dividend to $0.38 per share, beginning with the dividend expected to be declared in first quarter 2024.

Full-Year 2024 Outlook

The Company provided the following outlook for full-year 2024:

    2024 Outlook
Year-over-year rooms growth   3 - 4%
Year-over-year global RevPAR growth   2 - 3%
Fee-related and other revenues   $1.43 - $1.46 billion
Adjusted EBITDA   $690 - $700 million
Adjusted net income   $341 - $351 million
Adjusted diluted EPS   $4.11 - $4.23
Free cash flow conversion rate   ~60%

Year-over-year growth rates for adjusted EBITDA, adjusted net income and adjusted diluted EPS are not comparable due to full-year 2023 marketing fund revenues exceeding expenses by $9 million, which substantially completed the recovery of the $49 million support the Company provided to its owners during COVID.  The Company expects marketing revenues to equal expenses during full-year 2024 though seasonality of spend will affect the quarterly comparisons throughout the year. 

More detailed projections are available in Table 8 of this press release.  The Company is providing certain financial metrics only on a non-GAAP basis because, without unreasonable efforts, it is unable to predict with reasonable certainty the occurrence or amount of all of the adjustments or other potential adjustments that may arise in the future during the forward-looking period, which can be dependent on future events that may not be reliably predicted.  Based on past reported results, where one or more of these items have been applicable, such excluded items could be material, individually or in the aggregate, to the reported results. 

Conference Call Information

Wyndham Hotels will hold a conference call with investors to discuss the Company's results and outlook on Thursday, February 15, 2024 at 8:30 a.m. ET.  Listeners can access the webcast live through the Company's website at https://investor.wyndhamhotels.com.  The conference call may also be accessed by dialing 800 225-9448 and providing the passcode "Wyndham".  Listeners are urged to call at least five minutes prior to the scheduled start time.  An archive of this webcast will be available on the website beginning at noon ET on February 15, 2024.  A telephone replay will be available for approximately ten days beginning at noon ET on February 15, 2024 at 800 839-9719. 

Presentation of Financial Information

Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items.  These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company's ongoing operating performance.  The Company uses these measures internally to assess its operating performance, both absolutely and in comparison to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions.  Exclusion of items in the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring.  Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of this press release.

 

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