Two days after Choice Hotels Internationals’ released its fourth-quarter and full-year 2023 earnings and shared an update on its efforts to acquire Wyndham Hotels & Resorts, Stephen P. Holmes, chairman of Wyndham’s Board of Directors, released the following letter to shareholders:
To Wyndham Hotel & Resorts shareholders,
Earlier this week I listened to Pat Pacious once again claim in comments on Choice Hotel’s Fourth Quarter earnings call that Wyndham’s Board has refused to engage on Choice’s proposed offer.
Nothing is further from the truth. We have engaged. What we have not done is roll over. Both as a Wyndam [sic] shareholder and as Wyndham’s Chairman, I am out of patience with this constant, false and misleading refrain.
The truth is this: our Board connected with Choice and its advisors over 25 times since April 2023 including on some occasions at our initiative. We consistently, explicitly, and repeatedly explained the core issues Choice would need to address to make its proposed offer attractive, reasonably certain, and feasible for Wyndham and its shareholders. Despite our extensive and genuine engagement, Choice has addressed none of these issues. It has, instead, adopted this completely misleading tactic to divert attention away from its own unwillingness to address the realities.
There will be much more to share over the coming weeks. I look forward to engaging with you directly as we approach our annual meeting.
Thank you for your ongoing commitment to Wyndham.
Best regards,
Stephen P. Holmes
Chairman of the Board
Wyndham Hotels & Resorts