The US-based hospitality company posted adjusted net profits of US$90 million (£55.6m) for the three-month period, compared to £48.8m in Q1 2011. Revenues climbed 8% to £643m, of which the majority £313m was generated by the company’s Vacation Ownership unit. A further £223.2m was earned through the Exchange & Rentals business, while the group’s hotel business generated revenues of £114.4.
“First quarter results were strong,” said Stephen P. Holmes, the company’s chairman & CEO. “Our Vacation Ownership and Hotel businesses are showing great momentum and our Exchange and Rentals business proved resilient despite the difficult economic climate inEurope. As always, we will continue to focus on driving operational improvements in 2012 and beyond”.
Wyndham’s global hotel portfolio dipped in Q1 2012, to 7,317 hotels, compared to 7,356 in the same period last year.