Wyndham Hotels & Resorts is the world's largest hotel franchisor by property count, with over 8,300 hotels and roughly 869,000 rooms across 25 brands in approximately 100 countries. Wyndham does not own or operate hotels — it licenses its brands to franchisees who own and run the properties. Wyndham's portfolio is heavily concentrated in the economy and midscale segments, with key brands including Super 8, Days Inn, La Quinta, and Ramada. The typical Wyndham guest is a budget-conscious leisure or blue-collar traveler in drive-to markets. Wyndham's business model is asset-light and fee-based: franchisees pay royalty fees of roughly 5% of gross room revenue, plus additional fees for marketing, reservations, and the Wyndham Rewards loyalty program. Earnings are primarily driven by RevPAR, total rooms in the system, and royalty rate expansion as lower-rate hotels exit and higher-rate hotels enter. Beyond royalties, Wyndham earns ancillary fees from a co-branded credit card with Barclays, procurement programs, technology subscriptions, and a newer loyalty subscription program. Wyndham's growth strategy centers on net room growth of 4–4.5%, improving revenue per room by adding properties at higher royalty rates, expanding its extended stay offering via brands like ECHO Suites and Hawthorn, and transitioning international markets from master licensee arrangements to direct franchising, which can generate roughly 3x the royalty rate. Franchise agreements typically run 10 to 20 years, providing long-term revenue visibility, and Wyndham's record development pipeline of roughly 260,000 rooms supports continued system expansion.