Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2010.

FIRST QUARTER HIGHLIGHTS:

* Adjusted first quarter 2010 diluted earnings per share (EPS) was $0.34, compared with Company-issued guidance of $0.27 – $0.32.
* Reported first quarter 2010 diluted EPS was $0.27, compared with $0.25 in the first quarter of 2009.
* Free cash flow, which the Company defines as net cash from operations less capital expenditures, equity investments and development advances, increased 7% to $166 million in the first quarter of 2010, compared with $155 million during the same period in 2009.
* For the quarter, the Company repurchased approximately 757,000 shares of its common stock at an average price of $24.20. The repurchase program was reactivated on February 19, 2010.
* As previously announced, the Company tripled its quarterly dividend, paying its first dividend at the $0.12 per share level on March 15, 2010.

“Each of our three business units met or exceeded expectations in the first quarter, delivering terrific results while continuing to generate strong free cash flow.  We are seeing great momentum at Wyndham Hotels and Resorts, with our flagship brand gaining significant market presence this year.  Wyndham Exchange & Rentals continues to deliver stable, fee-for-service results from two fantastic business models, and Wyndham Vacation Ownership is performing better than ever, reflecting transformational changes implemented over the past 18 months,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “We are sharply focused to execute on our growth opportunities, not only as the economy recovers, but well into the future.”

FIRST QUARTER 2010 OPERATING RESULTS
First quarter revenues of $886 million declined 2% from the prior-year period, due to the fact that first quarter 2009 revenues included a $67 million benefit from the recognition of revenues previously deferred under the percentage-of-completion (POC) accounting method associated with the Company’s Vacation Ownership business. Excluding the effects of the POC method of accounting and favorable foreign currency of $12 million, adjusted revenue grew by 5%. The Company has decided to alter its business approach so that POC deferred revenue is eliminated going forward.

Reported net income for the first quarter of 2010 grew 11% to $50 million, or $0.27 per diluted share, compared with net income of $45 million, or $0.25 per diluted share, for the first quarter of 2009.

Adjusted net income for the first quarter of 2010 was $64 million, or $0.34 per diluted share, compared with $74 million, or $0.41 per diluted share, in the first quarter of 2009. The 2010 results reflect the absence of deferred revenues from the POC method of accounting included in 2009 and higher interest expense.

Excluded from the first quarter of 2010 adjusted net income are after-tax costs of $10 million associated with the early extinguishment of debt, $3 million of expenses related to the acquisition of Hoseasons Holdings Ltd. and $1 million of legacy expenses. Excluded from the first quarter of 2009 adjusted net income are after-tax costs of $27 million related to restructuring and $2 million of legacy expenses.

BUSINESS UNIT RESULTS
Lodging (Wyndham Hotel Group)
Revenues were $144 million in the first quarter of 2010, a decline of 6% compared with the first quarter of 2009, primarily reflecting a decline in RevPAR of 6.8% or 8.7% in constant currency.

First quarter 2010 EBITDA was $33 million compared with $38 million of adjusted EBITDA in the first quarter of 2009, which excluded $3 million of restructuring costs. The decrease reflects the decline in RevPAR, which was partially offset by expense reductions.

As of March 31, 2010, the Company’s hotel system consisted of approximately 7,090 properties and 593,300 rooms, of which 22% were international. The development pipeline included approximately 910 hotels and 106,500 rooms, of which 53% were new construction and 45% were international.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)
Revenues were $300 million in the first quarter of 2010, a 5% increase compared with the first quarter of 2009. In constant currency, revenues were flat.

Exchange revenues were $189 million, a 2% increase compared with the first quarter of 2009. In constant currency, exchange revenues were flat compared with the first quarter of 2009, reflecting relatively flat performance in exchange revenue per member and average number of members.

Vacation rental revenues were $105 million, a 9% increase compared with the first quarter of 2009. In constant currency, vacation rental revenues increased 2% compared with the first quarter of 2009, reflecting the acquisition of UK rental brand Hoseasons, which closed in March.

First quarter 2010 Exchange and Rentals adjusted EBITDA was $84 million, which excluded $4 million of costs related to the Hoseasons acquisition, compared with $80 million in the first quarter of 2009, which excluded $4 million of restructuring costs. Excluding a favorable net effect of foreign currency of $2 million, first quarter 2010 adjusted EBITDA increased 3% compared with the first quarter of 2009.

Vacation Ownership (Wyndham Vacation Ownership)
Gross Vacation Ownership Interest (VOI) sales were $308 million in the first quarter of 2010, up 10% from the first quarter of 2009, reflecting an increase of 25% in volume per guest, partially offset by a 10% decrease in tour flow consistent with the Company’s planned restructuring of the business.

Total segment revenues were $444 million in the first quarter of 2010 compared with $462 million in the first quarter of 2009, which included the recognition of $67 million of previously deferred POC revenues. This unfavorable impact was partially offset by the increase in gross VOI sales and a reduction in the provision for loan losses of $21 million, primarily related to improved credit metrics of the portfolio.

EBITDA for the first quarter of 2010 was $82 million, compared with adjusted EBITDA of $79 million in the first quarter of 2009, which excluded $35 million of restructuring costs. Excluding an estimated $31 million impact from the POC method of accounting in the first quarter of 2009, first quarter 2010 adjusted EBITDA increased 71%, reflecting the increase in gross VOI sales and the lower provision for loan losses.
Other Items

* The Company repurchased approximately 757,000 shares of stock during the first quarter of 2010 at an average price of $24.20 and an additional 474,000 shares at an average price of $26.53 through April 27, 2010.
* Interest expense in the first quarter of 2010 was $50 million, an increase of $31 million from the first quarter of 2009, reflecting a $16 million charge primarily related to the early extinguishment of the Company’s term loan facility in March 2010 and higher interest expense related to long-term debt issuances in May 2009 and February 2010.
* On March 29, 2010, the Company closed on a new $950 million revolving credit facility, which matures October 1, 2013.

Balance Sheet Information as of March 31, 2010:

* Cash and cash equivalents of approximately $165 million, compared with $155 million at December 31, 2009
* Vacation ownership contract receivables, net, of $3.0 billion, compared with $3.1 billion at December 31, 2009
* Vacation ownership and other inventory of approximately $1.3 billion, unchanged from December 31, 2009
* Securitized vacation ownership debt of $1.5 billion, unchanged from December 31, 2009
* Other debt of $2.1 billion, compared with $2.0 billion at December 31, 2009, reflecting an increase in fair value of the conversion feature related to the Company’s convertible notes. The remaining borrowing capacity on the revolving credit facility was $721 million, compared with $869 million as of December 31, 2009.

A schedule of debt is included in the financial tables section of this press release.
Outlook

The Company increased full-year 2010 guidance:

* Revenues increased to $3.6 – $3.9 billion from $3.5 – $3.9 billion
* Adjusted EBITDA increased to $805 – $840 million from $775 – $825 million
* Adjusted diluted EPS increased to $1.56 – $1.71 from $1.48 – $1.69

For the second quarter of 2010, the Company expects adjusted diluted EPS of $0.38 – $0.42 based on weighted average shares of 189 million.

The guidance reflects assumptions used for internal planning purposes. All guidance excludes legacy items, restructuring costs, debt extinguishment and acquisition costs, if any, which may have a positive or negative impact on reported results. If economic conditions change materially from current levels, these assumptions and our guidance may change materially.

Conference Call Information
Wyndham Worldwide Corporation will hold a conference call with investors to discuss this news on Wednesday, April 28, 2010 at 8:30 a.m. EDT. Listeners may access the webcast live through the Company’s website at www.wyndhamworldwide.com/investors/.  An archive of this webcast will be available at the website for approximately 90 days beginning at noon EDT on April 28, 2010. The conference call may also be accessed by dialing (800) -369-2052 and providing the passcode “WYNDHAM.” Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available for approximately 90 days beginning at noon EDT on April 28, 2010, at (888) -566-0509.

Presentation of Financial Information
Financial information discussed in this press release includes both GAAP and non-GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons.  A complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release.

About Wyndham Worldwide Corporation
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 7,090 franchised hotels and approximately 593,300 hotel rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million members, access to over 65,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 155 vacation ownership resorts serving over 820,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,000 employees globally.

For more information about Wyndham Worldwide, please visit the Company’s website at www.wyndhamworldwide.com.

Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months and year ended December 31, 2009. Separately, the Company also announced an increase in its quarterly cash dividend and that it plans to resume its share repurchase program.

FOURTH QUARTER and FULL-YEAR HIGHLIGHTS:
Wyndham Worldwide generated fourth quarter diluted earnings per share (EPS) of $0.40, compared with Company-issued guidance of $0.35 – $0.38. For the year ended December 31, 2009, the Company generated net cash from operating activities of approximately $690 million, compared with $109 million in 2008.

“We are pleased to report solid earnings and increasing free cash flow for the quarter and the year, and to announce an increase in our dividend along with our intention to resume our share repurchase program. While continuing high unemployment and economic uncertainty created a difficult operating environment, our results reflect resilient business models and strong execution,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “Going forward, we remain focused on cash flow generation, transforming the Company by rebalancing our worldwide business portfolio to our fee-for-service businesses and positioning our businesses for future earnings growth.”
Increases Quarterly Dividend Payout

The Company’s Board of Directors authorized an increase of the quarterly cash dividend to $0.12 from $0.04 per share, beginning with the dividend that is expected to be declared in the first quarter of 2010. With this increase, the dividend is equivalent to an annual rate of $0.48 per share.

Resumes Share Repurchase Program
The Company plans to resume repurchase of its common stock under its existing $200 million stock repurchase program, which currently has $157 million remaining capacity. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. Repurchases may be conducted in the open market or in privately negotiated transactions.

FOURTH QUARTER 2009 OPERATING RESULTS
Revenues for the fourth quarter of 2009 were $913 million, relatively flat compared with the prior-year period. Net income for the fourth quarter of 2009 was $73 million, or $0.40 diluted EPS, compared with a fourth quarter of 2008 net loss of $1.4 billion, or $7.63 loss per diluted share. The prior-year period includes the after-tax impact of $1.4 billion, or $8.10 per diluted share, of goodwill impairments, foreign currency losses, restructuring costs and legacy items. Excluding these items, adjusted net income would have been $84 million, or $0.47 diluted adjusted EPS for the fourth quarter of 2008.

FULL YEAR 2009 OPERATING RESULTS
Revenues for full year 2009 were $3.8 billion, a decline of 12% over the prior-year period, reflecting the following:

* Lodging revenues were $660 million, a 12% decrease compared with 2008, primarily resulting from a global decline in revenue per available room (RevPAR).

* Exchange and Rentals revenues were $1.2 billion, an 8% decrease compared with 2008, primarily resulting from unfavorable foreign exchange rate movements. In constant currency, revenues declined 2%.

* Vacation Ownership revenues were $1.9 billion, a 15% decrease compared with 2008, primarily resulting from the Company’s previously announced initiative to reduce capital deployed in the business, which included sales office closures and the elimination of certain marketing programs that resulted in fewer tours.

Net income for full year 2009 was $293 million, or $1.61 diluted EPS, compared with a prior-year period net loss of $1.1 billion, or $6.05 loss per diluted share. Adjusted net income for full year 2009 was $327 million, or $1.80 diluted EPS, compared with adjusted net income of $388 million, or $2.18 diluted adjusted EPS for full year 2008. Adjusted net income for full year 2009 excludes the after-tax impact of $34 million, or $0.19 per diluted share, of restructuring costs and legacy items. Adjusted net income for the prior-year period excludes the after-tax impact of $1.5 billion, or $8.23 per diluted share, of goodwill and other impairments, foreign currency losses, restructuring costs and legacy items.

FOURTH QUARTER 2009 BUSINESS UNIT RESULTS
Wyndham Hotel Group
Revenues were $149 million in the fourth quarter of 2009, a decline of 12% compared with the fourth quarter of 2008, primarily reflecting the global RevPAR decline.

System-wide RevPAR declined 11.9% in the fourth quarter of 2009. In constant currency, fourth quarter 2009 system-wide RevPAR decreased 13.3%, reflecting declines of 13.8% and 15.4% in domestic and international RevPAR, respectively.

Fourth quarter 2009 EBITDA was $32 million, compared with $38 million in the fourth quarter of 2008, which included a $16 million non-cash impairment charge. The yearover- year change reflects the global RevPAR decline, increased bad debt reserve primarily related to the hotel management business, and a non-cash impairment charge associated with an underperforming joint venture in the hotel management business, partially offset by cost containment initiatives.

As of December 31, 2009, the Company’s hotel system consisted of approximately 7,110 properties and 597,700 rooms, of which 22% were international. The development pipeline included approximately 950 hotels and 108,100 rooms, of which 51% were new construction and 43% were international.

Wyndham Exchange and Rentals
Revenues were $258 million in the fourth quarter of 2009, a 3% increase compared with the fourth quarter of 2008. In constant currency, revenues were relatively flat.

Annual dues and exchange revenues were $106 million, a 5% increase from the prioryear period. In constant currency, revenues increased $2 million, or 2% compared with the fourth quarter of 2008, driven by a 2% growth in the average number of members.

Vacation rental revenues were $122 million, an 8% increase from the prior-year period. In constant currency, revenues increased $2 million, or 2%, compared with the fourth quarter of 2008, primarily driven by a 3% increase in average price per vacation rental, partially offset by a 1% decrease in rental transaction volume.

Ancillary revenues were $30 million, a 17% decrease from the fourth quarter of 2008. In constant currency, revenues decreased 19% due primarily to lower fees generated from programs with affiliated resorts and our termination of a low margin travel service contract.

Fourth quarter 2009 EBITDA was $48 million, compared with a loss of $4 million in the fourth quarter of 2008, which included $67 million of asset impairments, foreign currency conversion losses and restructuring costs. Excluding these items and an unfavorable 2009 net effect of foreign currency of $15 million, 2009 EBITDA was flat, compared with 2008 adjusted EBITDA.

Wyndham Vacation Ownership
Driven by the previously announced initiative to reduce capital deployed in this business, gross vacation ownership interest (VOI) sales declined 21%, from the prioryear period, to $343 million in the fourth quarter of 2009. The year-over-year change reflects a 36% increase in volume per guest which partially offset the planned reduction in tour flow of 41%.

Total segment revenues were $508 million in the fourth quarter of 2009, a 3% increase from the fourth quarter of 2008. This change was driven by a decline in our provision for loan losses, a favorable impact from the percentage-of-completion (POC) method of accounting and higher ancillary revenue, partially offset by lower VOI sales. Under the POC method of accounting for VOI sales, the Company recognized $47 million of previously deferred revenue during the fourth quarter of 2009, compared with $14 million in the fourth quarter 2008.

EBITDA for the fourth quarter of 2009 was $132 million, compared with a loss of $1.3 billion in the fourth quarter of 2008, which included $1.4 billion of goodwill, other impairments and restructuring costs. Excluding these items, 2009 EBITDA increased $41 million, compared with the prior-year period, reflecting the net impact of the planned reduction in the VOI business and its related expenses, a lower provision for loan losses, and the impact from the net increase in the recognition of revenue previously deferred under the POC method of accounting.

Other Items
Net interest expense in the fourth quarter of 2009 was $33 million, a $15 million increase from the fourth quarter of 2008. The increase reflected lower capitalized interest and long-term debt issuances in May 2009, the proceeds of which were used primarily to reduce revolving credit facility borrowings, which had a lower interest rate.
Balance Sheet Information as of December 31, 2009:

* Cash and cash equivalents of approximately $155 million compared with $135 million at December 31, 2008
* Vacation ownership contract receivables, net, of $3.1 billion compared with $3.3 billion at December 31, 2008
* Vacation ownership and other inventory of $1.3 billion, unchanged from December 31, 2008
* Securitized vacation ownership debt of $1.5 billion compared with $1.8 billion at December 31, 2008
* Other debt of $2.0 billion, unchanged from December 31, 2008; remaining borrowing capacity on the revolving credit facility was approximately $870 million compared with approximately $290 million as of December 31, 2008

A schedule of debt is included in the financial tables section of this press release.

Guidance
The Company’s full-year 2010 guidance is:

* Revenues of $3.5 – $3.9 billion
* Adjusted EBITDA of $775 – $825 million

The guidance reflects assumptions used for internal planning purposes. All guidance excludes legacy items and restructuring costs, if any, which may have a positive or negative impact on reported results. If economic conditions improve or deteriorate materially from current levels, these assumptions and our guidance may change materially. It is not practicable to provide a reconciliation of forecasted adjusted EBITDA to the most directly comparable GAAP measure because certain items cannot be reasonably estimated or predicted at this time. Any such items could be

Financial information discussed in this press release includes both GAAP and non- GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons. A complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release.

About Wyndham Worldwide
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 7,110 franchised hotels and approximately 597,700 hotel rooms worldwide. Wyndham Exchange and Rentals offers leisure travelers, including its 3.8 million members, access to over 65,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 155 vacation ownership resorts serving over 820,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,000 employees globally.

For more information about Wyndham Worldwide, please visit the Company’s web site at www.wyndhamworldwide.com.

Wyndham Worldwide Corporation (NYSE: WYN), one the world’s largest hospitality companies, has been ranked among the top 100 greenest companies in America by Newsweek magazine, which also ranked the company in the top 10 of its Media, Travel and Entertainment category.

The Newsweek Green Rankings, the magazine’s first such report, is based on the environmental footprint, policies and practices of America’s 500 largest publicly traded companies as measured by revenue, market capitalization and number of employees.

Newsweek ranked Wyndham Worldwide number 81 on its list based on a number of criteria including greenhouse gas emissions, toxic waste emissions, use of other natural resources, management of environmental issues and policies, regulatory compliance and policies concerning climate change.

The report, published Sept. 28, also factored the results of Newsweek’s reputational survey of chief executive officers, corporate social responsibility officers, the news media, academicians and members of key environmental groups.

“We are honored to be recognized by Newsweek as a national leader in sustainability,” said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. “We are committed to conserving our natural resources, preserving our habitats and preventing pollution. With more than 70,000 locations in 100 countries, we can make a tremendous impact in our communities around the globe.”

WyndhamGreen by Wyndham Worldwide, the company’s sustainability program, aims to manage energy consumption as a part of the company’s overall green strategy across its businesses and brands.  Due to the Company’s numerous brands, properties and distribution points, WyndhamGreen is expected to have a large impact on the Company’s overall carbon footprint.

The recently released WyndhamGreen Global Best Practices document showcases the company’s initiatives in energy and water conservation, recycling, education, community programs and innovation. It notes that Wyndham Worldwide’s new 250,000-square-foot headquarters, located in Parsippany, New Jersey, is on target to achieve Silver LEED certification for its interior.  The building is expected to reduce water, energy and waste by 10 to 30 percent. The Company also recently received the “Green Pioneer” award from ConEdison Solutions for purchasing 100 percent of the building’s electricity from wind generation.

Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels and 11 brands, is implementing the EarthSmart linen reuse program to save resources and operational costs.  The company’s Super 8®, Howard Johnson®, Travelodge®, Days Inn® and Ramada® brands currently participate.

The Wyndham® Hotels and Resorts brand developed uniforms spun from recycled plastic bottles.  Each uniform requires 66 percent less energy and 90 percent less water to produce than a standard uniform. The upscale hotel chain’s Wyndham ClearAirsm initiative features allergy-friendly rooms designed at improving air quality.

Group RCI, the worldwide leader in vacation exchange and the European leader in vacation rentals, saved 1.3 million kilowatts annually at its Parsippany headquarters and Indianapolis call center by replacing lighting fixtures and bulbs and installing motion sensors to control lighting and heating, ventilation and air conditioning units. Last year, RCI was the first in the vacation exchange industry to begin printing all of its resort directories and Endless Vacation magazines for members on FSC (Forest Stewardship Council) paper. RCI also converted vacation confirmations and notifications to members from direct mail to e-mail, saving more than 5 million pieces of paper and an estimated 435 trees.

Wyndham Vacation Ownership, the world’s largest vacation ownership business, provides low- and no-phosphate laundry and dish detergent in its resorts, an initiative that has reduced pollutants by 90,000 pounds since its inception in 2008.

Wyndham Vacation Ownership’s Asia Pacific division developed a sustainable destination resort on the Australian island Tasmania that practices conservation of biodiversity and restoration of the natural habitat.  The resort utilizes a state-of-the art wastewater treatment plant, and its villas were designed to resemble sea shells to fit into the environment.

“We have made tremendous progress in a short period of time,” said Faith Taylor, Wyndham Worldwide vice president of sustainability and innovation. “Although we still have much to accomplish as we evolve our strategy, we are proud of our associates and partnerships that have helped us make this world a better place.”

Additional information is available at www.Wyndham-Green.com.

About Wyndham Worldwide
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business–to–business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world–renowned brands.

Wyndham Hotel Group encompasses over 7,000 franchised hotels and approximately 590,200 hotel rooms worldwide. Group RCI offers its 3.8 million members access to more than 73,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 150 vacation ownership resorts serving over 830,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,500 employees globally.

For more information about Wyndham Worldwide, please visit the Company’s web site at www.wyndhamworldwide.com.

The Wyndham Championship has for the third year in a row, named Victory Junction Camp the official charity of the tournament.

“Just as Wyndham Worldwide is focused on accommodating the needs of our guests, we are also committed to supporting the communities we serve,” said Stephen P. Holmes, chairman and CEO of Wyndham Worldwide. “Our relationship with Victory Junction Camp has been a tremendously rewarding experience for all of us at Wyndham Worldwide. We are proud to once again make Victory Junction the official charity of the Wyndham Championship.”

Victory Junction Camp, a year–round camping facility, enriches the lives of children with chronic medical conditions and serious illnesses, such as cancer, arthritis, hemophilia, diabetes and physical disabilities by providing life–changing camping experiences that are exciting, fun and empowering in a safe and medically sound environment. The Camp was opened in 2004 by Pattie and Kyle Petty in honor of their son Adam.

“It is such a privilege to receive another donation from the Wyndham Championship because it not only helps us expand our programs but it also highlights our services to a national audience,” said Pattie Petty, chairman and co–founder of Victory Junction. “The support from the tournament, our local community and Wyndham Worldwide ensures we continue serving as many children as possible during these tough economic times.”

The 2009 Wyndham Championship begins tomorrow at Sedgefield Country Club in Greensboro, N.C. Additional tournament information is available at www.wyndhamchampionship.com or through the tournament office at (336) 379–1570.

About Wyndham Worldwide
As one of the world’s largest hospitality companies, Wyndham Worldwide (NYSE: WYN) offers individual consumers and business–to–business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world–renowned brands. Wyndham Hotel Group encompasses over 7,000 franchised hotels and approximately 590,200 hotel rooms worldwide. Group RCI offers its 3.8 million members access to more than 73,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 150 vacation ownership resorts serving over 830,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,500 employees globally.

For more information about Wyndham Worldwide, please visit the Company’s web site at www.wyndhamworldwide.com.

Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2009.

SECOND QUARTER 2009 HIGHLIGHTS:
The Company generated diluted adjusted earnings per share (EPS) of $0.41, compared with Company–issued guidance of $0.36 – $0.41
The Company reaffirms full–year 2009 revenue and adjusted EBITDA guidance
Wyndham Hotel Group’s concentration in the economy and mid–scale segments led it to outperform the overall industry average domestic revenue per available room (RevPAR), posting a decline of 13.6% compared with a decline of 19.5%, as reported by Smith Travel Research
Group RCI adjusted EBITDA, excluding the net effect of foreign currency impacts, increased 30%
Volume per guest (VPG) at Wyndham Vacation Ownership increased 17%, reflecting strong pricing and higher close rates
In May 2009, the Company successfully completed $480 million of debt issuances maturing in 2012 and 2014; increasing available capacity on its revolving credit facility to approximately $840 million as of June 30, 2009
“Wyndham Worldwide delivered strong second quarter results,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “Our diversified business model has proved to be flexible and efficient. In addition, we are well positioned to capitalize on an economic recovery.”

SECOND QUARTER 2009 OPERATING RESULTS
Second quarter revenues of $920 million declined by 19% from the prior–year period, due to continued weakness in the global lodging industry; unfavorable foreign exchange rate movements which negatively impacted the vacation exchange and rental business; and the previously announced initiative to reduce sales in the Company’s vacation ownership business.

Reported net income for the second quarter of 2009 was $71 million, or $0.39 diluted EPS, compared with net income of $98 million, or $0.55 diluted EPS, for the second quarter of 2008.

Adjusted net income for the second quarter of 2009 was $75 million, or $0.41 diluted EPS, compared with adjusted net income of $94 million, or $0.53 diluted EPS, for the second quarter of 2008. Second quarter 2009 adjusted EPS excludes the after–tax impact of $4 million in restructuring costs and legacy items. Second quarter 2008 adjusted EPS excludes the after–tax net benefit of $4 million related to legacy items.

BUSINESS UNIT RESULTS
Lodging (Wyndham Hotel Group)
Revenues were $174 million in the second quarter of 2009, a decline of 13% compared with the second quarter of 2008, primarily reflecting a worldwide decline in RevPAR and lower property management reimbursable revenues.

In constant currency, second quarter 2009 system–wide RevPAR decreased 14.7%, reflecting declines of 13.6% and 18.1% in domestic and international RevPAR, respectively. Including the impact of foreign currency, system–wide RevPAR declined 16.7% in the second quarter of 2009.

Second quarter 2009 EBITDA was $50 million, a 19% decline from the second quarter of 2008, primarily driven by the decline in worldwide RevPAR and lower other franchise fees, partly offset by the timing of marketing expenses.

As of June 30, 2009, the Company’s hotel system consisted of over 7,000 properties and 590,200 rooms, of which 21% were international. The development pipeline included approximately 1,000 hotels and 111,000 rooms, of which 50% were new construction and 41% were international.

Vacation Exchange and Rentals (Group RCI)
Revenues were $280 million in the second quarter of 2009, an 11% decrease compared with the second quarter of 2008, primarily related to the impact of unfavorable foreign currency movements. In constant currency, revenues decreased only 1%, as favorability in vacation rental revenues was offset by lower ancillary revenues.

Annual dues and exchange revenues were $112 million, relatively flat in constant currency compared with the second quarter of 2008 reflecting a 3% increase in the average number of members and a 4% decline in revenue per member. Including the impact of foreign currency, revenues declined 6% from the second quarter of 2008.

Vacation rental revenues were $137 million, an increase of $7 million, or 5%, in constant currency compared with the second quarter of 2008, driven by a 3% increase in the average net price per rental and a 2% increase in rental transaction volume.

Including the impact of foreign currency, revenues decreased 10% from the prior year period.

Second quarter 2009 EBITDA increased 4% to $56 million, compared with $54 million in the second quarter of 2008. Excluding $2 million of restructuring costs, second quarter adjusted EBITDA was $58 million, a 7% increase from the prior year period. Excluding a $12 million unfavorable net effect of foreign currency, adjusted EBITDA would have increased $16 million, or 30%, from the second quarter of 2008, reflecting cost savings.

Vacation Ownership (Wyndham Vacation Ownership)
Gross Vacation Ownership Interest (VOI) sales were $327 million for the second quarter of 2009, a 39% decline from the second quarter of 2008. This decrease was primarily driven by the previously announced initiative to scale down our sales in response to the disjointed capital markets, which included a refocusing of sales and marketing efforts that resulted in fewer tours.

Total segment revenues were $467 million in the second quarter of 2009, down 25% from the second quarter of 2008, primarily reflecting the previously mentioned lower tour flow. This was partially offset by a $42 million favorable gross impact from the recognition of revenue that was previously deferred under the percentage–of–completion (POC) method of accounting and a 17% increase in VPG from the second quarter of 2008. Under the POC method of accounting for the sale of vacation ownership interests, the Company recognized $37 million of previously deferred revenue during the second quarter of 2009, while second quarter 2008 reported revenues were reduced by $5 million of deferred revenue.

EBITDA for the second quarter of 2009 was $107 million, down 4% from the second quarter of 2008, reflecting a $20 million impact from the net increase in the recognition of revenue previously deferred under the POC method of accounting, offset by the net impact of the planned reduction of VOI sales volume. Excluding $1 million of restructuring costs, second quarter 2009 adjusted EBITDA was $108 million, compared to adjusted EBITDA of $112 million in the second quarter of 2008.

Other Items
Net interest expense in the second quarter of 2009 was $24 million, a $9 million increase from the second quarter of 2008 due to higher interest rates, primarily reflecting the impact of the long–term debt issuances in May 2009, the proceeds of which were used to reduce revolving credit facility borrowings, and lower capitalized interest. Depreciation and amortization declined $1 million year–over–year to $45 million in the second quarter of 2009.

Balance Sheet Information as of June 30, 2009:

Cash and cash equivalents of approximately $175 million compared with $135 million from December 31, 2008
Vacation ownership contract receivables, net, of $3.1 billion compared with $3.3 billion at December 31, 2008
Vacation ownership and other inventory of approximately $1.3 billion unchanged from December 31, 2008
Securitized vacation ownership debt of $1.6 billion compared with $1.8 billion at December 31, 2008
Other debt of $1.9 billion, compared with $2.0 billion at December 31, 2008; remaining borrowing capacity on revolving credit facility was approximately $840 million compared with approximately $290 million as of December 31, 2008
A schedule of debt is included in the financial tables section of this press release.

Guidance
For the third quarter of 2009, the Company expects adjusted EPS of $0.53 – $0.57, based on weighted average shares of 182 million.

The Company reaffirms full–year 2009 guidance:

Revenues of $3.5 — $3.9 billion
Adjusted EBITDA of $760 — $810 million
The guidance reflects assumptions used for internal planning purposes. All guidance excludes legacy items and restructuring costs, if any, which may have a positive or negative impact on reported results. If economic conditions improve or deteriorate materially from current levels, these assumptions and our guidance may change materially. It is not practicable to provide a reconciliation of forecasted adjusted EBITDA to the most directly comparable GAAP measure because certain items cannot be reasonably estimated or predicted at this time. Any such items could be significant to our financial results.

Conference Call Information
Wyndham Worldwide Corporation will hold a conference call with investors to discuss this news on Wednesday, July 29, 2009 at 8:30 a.m. EDT. Listeners can access the webcast live through the Company’s website at www.wyndhamworldwide.com/investors/. The conference call also may be accessed by dialing (800) 369–1781 and providing the pass code “Wyndham.” Listeners are urged to call at least 10 minutes prior to the scheduled start time. An archive of this webcast will be available at the website for approximately 90 days beginning at 12:00 p.m. EDT on July 29, 2009. A telephone replay will be available at (800) 229–6292 beginning at 12:00 p.m. EDT on July 29, 2009, until 5:00 p.m. EDT on September 15, 2009; callers must provide the pass code “147852.”

Presentation of Financial Information
Financial information discussed in this press release includes both GAAP and non–GAAP measures, which include or exclude certain items. These non–GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period–over–period comparisons. A complete reconciliation of reported GAAP results to the comparable non–GAAP information appears in the financial tables section of the press release.

About Wyndham Worldwide
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business–to–business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world–renowned brands. Wyndham Hotel Group encompasses over 7,000 franchised hotels and approximately 590,200 hotel rooms worldwide. Group RCI offers its 3.8 million members access to more than 73,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 150 vacation ownership resorts serving over 830,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,500 employees globally. For more information about Wyndham Worldwide, please visit the Company’s web site at www.wyndhamworldwide.com.

Wyndham Worldwide Corp. (NYSE:WYN) was named to the DiversityInc 25 Noteworthy Companies. These are companies DiversityInc believes are rising diversity-management leaders and are close to earning spots on The DiversityInc Top 50 Companies for Diversity® list.
 
“We are honored and pleased to be recognized by DiversityInc,” commented Stephen P. Holmes, Chairman and CEO, Wyndham Worldwide.  “This is particularly noteworthy given that we are not even three years old. As a global company operating in 100 countries, diversity is part of our DNA.”
 
“Competitive companies such as Wyndham Worldwide Corp. have switched from trying to move the status quo to establishing a new one,” said Luke Visconti, CEO of DiversityInc. “Smart companies see increasing diversity efforts in an economic downturn as a way of beating less-adept competition that will pull back.”
 
Both the DiversityInc Top 50 list and the 25 Noteworthy Companies list were unveiled March 12 in New York City.
 
About Wyndham Worldwide Corporation
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business–to–business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world–renowned brands. Wyndham Hotel Group encompasses more than 7,040 franchised hotels and approximately 592,900 hotel rooms worldwide. Group RCI offers its nearly 3.7 million members access to more than 73,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 150 vacation ownership resorts serving over 830,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 27,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company’s web site at www.wyndhamworldwide.com.

Wyndham Worldwide has again been listed as one of FORTUNE Magazine’s Most Admired Companies for 2009.

Wyndham Worldwide ranked second on the Most Admired list in the hotels, casinos and resorts category, and joins 15 other New Jersey-based companies who were also named Most Admired in other categories, including Johnson & Johnson, Prudential Financial, Merck and Honeywell International.

“Wyndham Worldwide is honored to join such world renowned and global leaders on the Most Admired list,” said Stephen P. Holmes, Chairman and Chief Executive Officer. “As a company, we look forward to celebrating many more of these accomplishments as we continue to drive success through exceptional customer service and strong operational and financial performance.”

To produce the listings, 15,000 top executives, directors and analysts were asked to rate all FORTUNE 1,000 companies in their own industry on eight criteria. A company’s score must rank in the top half of its industry survey to appear in the listing and only the best are listed as a Most Admired Company. The full list of companies will appear in this week’s edition of FORTUNE.

About Wyndham Worldwide Corporation
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business–to–business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world–renowned brands. Wyndham Hotel Group encompasses more than 7,040 franchised hotels and approximately 592,900 hotel rooms worldwide. Group RCI offers its nearly 3.7 million members access to more than 73,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 150 vacation ownership resorts serving over 830,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 27,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company’s web site at www.wyndhamworldwide.com.