Wyndham Hotels & Resorts reports strong Q2 results
Wyndham Hotels & Resorts has announced a set of financial results for the second quarter of 2025.
Strong system-wide growth and expansion
In the first half of 2025, Wyndham’s system-wide rooms grew by 4%, with the company awarding 229 development contracts globally, marking a 40% increase year-over-year.
The development pipeline for the company also showed strong performance, growing by 5% year-over-year, bringing the total to a record 255,000 rooms.
“We delivered another solid quarter growing our global system by 4%, expanding our development pipeline by 5%, increasing our ancillary revenues by 19%, and continuing to execute our strategy focused on higher FeePAR segments and markets, which is driving growth in both domestic and international royalty rates,” – Geoff Ballotti, president and chief executive officer.
The company’s expansion efforts were not limited to its core markets in the U.S. Wyndham also made strides in international markets, with an increase in its development pipeline in both the midscale and extended-stay segments, which now account for a large portion of the growth.
Strong performance across key markets
Wyndham’s robust performance is also reflected in its increasing ancillary revenues, which grew by 19% on a yar to date basis. The growth in ancillary revenues was largely driven by higher royalties and franchise fees, as well as strong growth in the company’s global franchisee conference held in May 2025.
Futhermore, net income saw a 1% increase compared to second quarter 2024, with adjusted net income rising by 13% to $103 million.
“We also returned nearly $110 million to shareholders this quarter — continuing to demonstrate the value-creating power of our highly cash-generative, resilient asset-light business model,” – Geoff Ballotti, president and chief executive officer.
In terms of RevPAR, Wyndham saw a 3% decrease in constant currency globally, driven by a 4% decline in U.S. RevPAR and 1% growth internationally.. This decline was partially attributed to the timing of the Easter holiday and the 2024 solar eclipse, which had an unfavorable impact on results in the U.S. Conversely, international markets showed stronger growth, with RevPAR rising in regions like EMEA and Latin America, which reported year-over-year increases of 7% and 18%, respectively.
Strategic shift and new reporting basis
Wyndham has also revised its reporting methodology following operational challenges in China related to its Super 8 master licensee. The company has excluded approximately 67,300 rooms under this agreement from its reported system size, RevPAR, and royalty rate metrics. Despite this adjustment, Wyndham’s performance in other regions continues to drive growth, especially in markets such as the U.S., EMEA, and Latin America, which have shown steady improvement in both room growth and RevPAR.
Shareholder returns and financial position
The company also returned $109 million to shareholders in the form of share repurchases and quarterly cash dividends. This reflects Wyndham’s continued commitment to enhancing shareholder value, with the company repurchasing approximately 923,000 shares of its common stock for $77 million.
Looking ahead, Wyndham is optimistic about the remainder of 2025, with a solid outlook for the second half of the year. The company has raised its adjusted diluted EPS outlook and revised its growth expectations to reflect the removal of dilutive impacts from the Super 8 master licensee in China. With a strong development pipeline, increasing ancillary revenues, and sustained growth across its portfolio, Wyndham is well-positioned to continue expanding its presence in key global markets.
Full-year 2025 outlook
The company is revising its full-year growth projections, increasing the low-end of its rooms growth outlook by 40 basis points. Wyndham also expects marketing fund revenues to be in line with expenses for the rest of the year, although seasonality will continue to impact quarterly comparisons.
Wyndham’s strong performance in the first half of 2025 reflects the continued effectiveness of its asset-light business model, focused on organic growth, strategic partnerships, and expanding its global presence through a well-managed pipeline of hotel openings.
Eurazeo reports solid growth in asset management and accelerates asset turnover in H1 2025
Eurazeo has reported growth in its asset management division during the first half of 2025. The company continues to advance its roadmap, with improvements across multiple financial metrics, asset disposals, and investments.
Asset management growth
Eurazeo’s assets under management (AUM) increased by 4% year-on-year, reaching €36.8 billion at the end of June 2025. A significant portion of this growth came from third-party investments, which saw a 10% increase to €27.5 billion.
- Private Equity fundraising: Eurazeo raised €1.2 billion in private equity funds, nearly three times the amount raised in the same period last year. The firm successfully closed its “EC V” Capital program, exceeding its target with a fund size of €3.0 billion. Additionally, the Eurazeo Growth IV fund raised €650 million, with a target of €1 billion.
- « Wealth Solutions »: Eurazeo’s Wealth Solutions segment grew by 6%, collecting €479 million, with a notable expansion into Belgium, Germany, Switzerland, and Italy. The EPVE 3 fund surpassed €3 billion in AUM, making it one of the largest evergreen funds in Europe.
Asset turnover and disposals
Eurazeo continues to execute its asset turnover strategy, realizing €1.0 billion in asset disposals during the first half of 2025. This includes sales and exits across its portfolio, with the most notable being the sale of Albingia for €485 million. Additionally, the firm completed disposals of approximately 12% of its balance sheet portfolio in the first half of 2025, up from 9% in the same period last year.
Impact and sustainability focus
Eurazeo is increasingly focusing on impact investing, with significant momentum in its sustainability efforts. The company’s impact funds raised €300 million for the Eurazeo Planetary Boundaries Fund, aimed at addressing environmental challenges. This fund, which targets investments that prevent or reverse environmental damage, is already actively deploying capital in companies like Bioline AgroSciences and SMP Energies, which focus on sustainable agriculture and geothermal energy.
Eurazeo’s total impact funds under management have now reached €5.7 billion, representing 15% of total AUM, a notable increase from €5.1 billion at the end of 2024.
Financial performance and return to shareholders
Despite facing some market challenges, Eurazeo remains committed to enhancing shareholder returns. The group’s net profit for the first half of 2025 was -€309 million, compared to -€105 million in the same period last year. This was primarily driven by changes in the fair value of the portfolio, including a depreciation of the dollar.
- Share buybacks: Eurazeo confirmed a €400 million share buyback program for 2025, double the amount of the previous year. In the first half of 2025, the company repurchased 1,783,355 shares for €120 million, which had an accretive effect for shareholders (+2%).
- Dividend increase: The company also increased its dividend payout by nearly 10%, from €2.42 to €2.65 per share, reflecting its commitment to providing value to shareholders.
Future prospects and strategic outlook
Eurazeo’s strategy remains focused on its long-term goals, with continued growth in its private asset management business. Despite market uncertainties, the company is optimistic about future value creation, with several strategic exits and investments planned for the remainder of 2025.
- Post-Closing Events: Eurazeo’s Capital strategy has entered exclusive discussions for the sale of CPK, a European leader in sugar and chocolate confectionery, with the deal expected to generate €240 million in proceeds. Additionally, the Elevate team announced its investment in OMMAX, expanding its footprint in Germany.
Eurazeo’s performance in the first half of 2025 reflects its robust asset management growth, strategic asset turnover, and commitment to sustainability.
Hilton reports strong second quarter performance and expands development pipeline
Quarterly financial overview
Hilton’s second-quarter results show diluted earnings per share (EPS) of $1.84, with an adjusted EPS of $2.20, and was adjusted for special items, while the company’s net income for the period reached $442 million.
Adjusted EBITDA for the quarter was reported at $1,008 million, while system-wide comparable RevPAR declined by 0.5% on a currency-neutral basis, compared to the same period in 2024. Despite this slight decrease, the company’s performance remains strong in a competitive environment.
Expansion and development pipeline
Hilton continues to demonstrate its commitment to global expansion. The company approved 36,200 new rooms for development during the second quarter, bringing its total development pipeline to a record 510,600 rooms as of June 30, 2025. This marks a 4% increase in the pipeline compared to June 30, 2024, excluding acquisitions and strategic partner hotels.
Hilton added 26,100 rooms to its system during the second quarter, resulting in net growth of 22,600 rooms. This contributes to the company’s overall net unit growth of 7.5% from June 30, 2024, underlining Hilton’s ongoing expansion in key markets.
Shareholder returns and debt management
In addition to expanding its portfolio, Hilton has focused on enhancing shareholder value. The company repurchased 3.2 million shares of Hilton common stock during the quarter, bringing total capital returns, including dividends to $791 million for the quarter and $1,881 million year-to-date through July 2025.
Hilton also issued $1.0 billion in senior notes due 2033.
Outlook for 2025
Looking ahead to the full year 2025, Hilton is projecting a stable performance, with system-wide RevPAR expected to be flat to an increase of 2.0% on a comparable and currency-neutral basis compared to 2024. The company projects net income to be between $1,640 million and $1,682 million, with adjusted EBITDA expected to fall between $3,650 million and $3,710 million.
Furthermore, Hilton anticipates a full-year capital return of approximately $3.3 billion, reflecting its ongoing commitment to delivering value to shareholders while investing in future growth.
Pierre & Vacances-Center Parcs reports strong Q3 growth for fiscal year 2024/2025
Pierre & Vacances-Center Parcs has posted a 12.2% increase in economic revenue from tourism activities for Q3 2024/2025, bringing the total revenue for the group to €1.294 billion. For the first nine months of the fiscal year, the group reported a 3.7% revenue growth. The company has also confirmed that its adjusted EBITDA for the full year 2024/2025 is expected to exceed €180 million, a notable increase from €163 million in the previous fiscal year (excluding non-recurring items).
Key financial highlights
For Q3 2024/2025, the group’s revenue reached €470.2 million, compared to €421.0 million in Q3 2023/2024. This performance reflects a 12.2% increase in economic revenue from tourism activities. The growth was partly supported by a favorable calendar shift, which moved some holiday periods from Q2 to Q3. After adjusting for this shift, the group’s accommodation revenue showed a solid 7.1% increase.
The group’s performance was driven by growth across its entire portfolio, including significant revenue increases in other tourism activities. For instance, maeva.com recorded a 15.6% increase, while on-site sales grew by 12.6%.
“In a difficult and volatile environment, the Group posted tourism business growth of almost 4% for the first nine months of the year, with good momentum across all brands and steadily rising satisfaction rates. Business in the 3rd quarter was particularly buoyant, with significant inflows of last-minute sales and rising key indicators for both occupancy rates and prices. The growth in summer bookings to date, combined with the 12% increase in 3rd quarter sales, confirm our target of EBITDA of over €180 million for the year. At the same time, the Group is continuing to review its strategic options in order to ambitiously embark on a new phase in its history. – Franck Gervais, CEO of Pierre & Vacances – Center Parcs
Accommodation revenue growth
Accommodation revenue for Q3 2024/2025 totaled €362.2 million, marking a 12.3% increase compared to the same period last year (+7.1% after adjusting for the calendar shift). This growth was driven by higher average selling prices (+6.5%) and a 2.5-point increase in occupancy rates.
All brands within the group showed positive growth:
- Center Parcs: A 12.4% increase (+5.2% after neutralizing the calendar shift), with higher average selling prices (+7.9%) and a 4.2% increase in nights sold.
- Pierre & Vacances: An 8.4% growth (+6.5% after calendar adjustment), supported by a price increase (+4.6%) and a 3.6% increase in nights sold.
- Adagio: A 16.2% increase (+15.4% after calendar adjustment), driven by strong growth in France (+17.8%) and other international markets (+9.7%).
Other Tourism Activities
Revenue from other tourism activities reached €110.4 million in Q3 2024/2025, up 12.0% from the previous year. This increase was driven by the continued growth of maeva (+15.6%) and stronger on-site sales (+12.6%).
Outlook for 2024/2025
Looking ahead, the group is optimistic about the remainder of 2024/2025, with the summer bookings already accounting for 80% of the target. Due to a robust trend in last-minute bookings, the group expects to see a rise in summer accommodation revenue compared to the previous year. Pierre & Vacances-Center Parcs has maintained its EBITDA forecast for 2024/2025 at over €180 million, up from €163 million in the previous fiscal year. The company will release its full-year revenue for 2024/2025 on October 23, 2025, after the market closes.
