Leading hospitality company Wyndham Worldwide Corporation’s (WYN - Free Report) operational unit Wyndham Vacation Rentals recently entered into a renewal contract with the Inn at Aspen in Colorado. Positioned at the base of the Buttermilk Mountain and adjacent to Aspen and Snowmass, Inn at Aspen is the sole ski-in, ski-out hotel located in the region.
Per the latest contract, Wyndham Vacation Rentals will keep on offering its various services including onsite vacation rental management and operational management to Inn at Aspen until 2022.
The hotel is in the process of refurbishing its 120 rooms and other areas such as the lobby, dining, meeting and event space. Under the refreshed terms of the agreement, the company will be engaged in supervising this entire redecoration process of the hotel. With the company’s advanced services, the hotel will be able to augment its customer services.
Wyndham Vacation Rentals (WVR), a segment of the company providing rental accommodations, currently offers more than 100,000 properties serving over 500 destinations. The company remains optimistic regarding this agreement, as it will help enhance its position in the vacation rental industry.
The company is trying to shift its focus from the vacation exchange and rental business to the rental segment alone as its market is large and highly fragmented, with significant growth opportunities globally. As a result, the company has recently sealed three bolt-on acquisitions - two beach resorts in the U.S. and one in United Kingdom to strengthen its vacation rental portfolio.
Competition in the industry is increasing and each of Wyndham's hotel brands are competing with major hotel chains including Marriott International Inc. (MAR - Free Report) and Starwood Hotels & Resorts Worldwide Inc. at national and international venues.
We currently have a long-term ‘Neutral’ recommendation for Wyndham. The stock carries a short-term Zacks Rank #3 (Hold).