Wyndham Hotels & Resorts, Inc. (WH) has expanded its presence in South Korea with the opening of La Vie D’or Hotel and Resort, its first Trademark Collection hotel in the country. This new addition brings WH’s hotel count in South Korea to over 30 and increases its Trademark Collection presence in the Asia Pacific region to nearly 20 hotels.
Located in the picturesque city of Hwaseong-si, just 30 minutes from Seoul, La Vie D’or Hotel and Resort offers a tranquil escape for both business and leisure travelers. Spread across 330,000 square meters, the resort boasts a nine-hole golf course, fitness center, saunas, swimming pools, and a variety of dining options. Guests can explore nearby attractions such as the Yungneung and Geolleung Royal Tombs, Yongjusa Temple, and enjoy easy access to Seoul and Suwon. The resort also provides convenient facilities for business travelers, including conference space and Wi-Fi, situated close to major companies like Samsung Electronics and Hyundai-Kia Motors.
This expansion aligns with Wyndham’s strategy to grow its geographic footprint and product offerings across all segments. The company leverages its diversified brand portfolio and disciplined capital allocation strategy, including investments in high-return businesses, strategic collaborations, and acquisitions. In the second quarter of 2024, Wyndham opened over 18,000 rooms globally, marking a 16% year-over-year growth. As of June 30, 2024, the company had 884,900 rooms globally, a 4% increase compared to the previous year.
Wyndham’s expansion in South Korea is strategically timed to capitalize on the rebounding tourism sector. The country welcomed approximately 11 million inbound visitors in 2023, demonstrating a strong recovery post-pandemic. The travel and tourism market in South Korea is projected to reach $13.66 billion by 2024. The move benefits independent hotel owners in South Korea by providing them with access to Wyndham Advantage, a program offering global brand exposure, advanced technology, and a growing loyalty base. This allows them to tap into the market while providing unique experiences to visitors exploring the country.
Wyndham’s expansion efforts are fueled by its aim to expand its geographic footprint and product offerings across all segments by leveraging its diversified brand portfolio. The company’s disciplined capital allocation strategy, which encompasses investments in high-return businesses accompanied by strategic collaborations and buyouts, supports its growth initiatives. During the second quarter of 2024, the company opened more than 18,000 rooms globally, representing a 16% year-over-year growth. As of June 30, 2024, WH had 884,900 rooms globally, up 4% from 851,500 rooms at the end of the previous year’s quarter. During the same period, it opened its first ECHO Suites in Spartanburg, SC, located in the 12th fastest-growing county in America, which has attracted 80 economic development projects over the past three years.
As of June 30, 2024, Wyndham’s global development pipeline consisted of nearly 2,000 hotels and approximately 245,000 rooms, indicating a 7% year-over-year increase. International development accounts for about 58% of the total pipeline. The company’s expansion initiatives are expected to fuel growth in the upcoming period despite the stock’s recent underperformance compared to the Zacks Hotels and Motels industry.
