Wyndham Hotels & Resorts, Inc.: 2Q26 Takes; Squishy Beat with Healthy Debate on NRG vs. Potential Upside to Guide; Stay OW for GARP Attributes; PT $95 (-$2)

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Wyndham Hotels & Resorts, Inc.: 2Q26 Takes; Squishy Beat with Healthy Debate on NRG vs. Potential Upside to Guide; Stay OW for GARP Attributes; PT $95 (-$2)

J P M O R G A N North America Equity Research

23 July 2026

Wyndham Hotels & Resorts, Inc.

2Q26 Takes; Squishy Beat with Healthy Debate on Overweight

NRG vs. Potential Upside to Guide; Stay OW for GARP WH, WH US

Attributes; PT $95 (-$2) Price (22 Jul 26):$75.68

▼Price Target (Dec-27):$95.00

Prior (Dec-27):$97.00

WH 2Q adj. EBITDA of $212m was +1-2% vs. JPMe/Str’s, as better-than-forecast

costs (timing/insurance recoveries) more than offset downside revenues. 2Q domestic Gaming & Lodging

RevPAR improved to +2% y/y (off -4% in 2Q25), and for the 2H26, WH’s guidance Daniel Politzer, CFA AC

assumes ~2% RevPAR growth, potentially setting the stage for upside against easing (1-212) 622-0110

comparisons given 3Q/4Q25 domestic RevPAR was down -5% and -8% y/y, daniel.politzer@jpmorgan.com

respectively. WH raised its FY26 EBITDA to a MP of $740m (+$2.5m vs. prior), Michael Hirsh, CFA

which assumes domestic RevPAR growth carries into 2H and Int’l 2H RevPAR (1-212) 622-0295

michael.hirsh@jpmchase.com

recovers from 2Q’s -6%, despite an uneven backdrop on China, Mexico, and the

Samuel Nielsen

Middle East. There are a number of debates/investor nits re: NRG quality (“majority”

(1-212) 622-1366

of ~20k Revo rooms still to come out) and algo noise (fee growth below RevPAR + samuel.nielsen@jpmchase.com

NRG), but we still see a path to MSD EBITDA growth here, and at 10x FY27E J.P. Morgan Securities LLC

EBITDA, we believe valuation remains attractive both on an absolute and relative

basis. Stay OW, PT to $95 (-$2).

Quarterly Forecasts (FYE Dec)

Key debates/investor feedback (1) Revo’s insolvency may be a 1xer, but excluding Adj.