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Form 11-K


For the fiscal year ended December 31, 2021



For the transition period from            to           

Commission File No. 1-32876
A. Full title of the plan and address of the plan, if different from that of the issuer named below:

Wyndham Hotel Group
Employee Savings Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Wyndham Hotels & Resorts, Inc.
22 Sylvan Way
Parsippany, New Jersey 07054

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All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

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Report of Independent Registered Public Accounting Firm

To the Plan Administrator, Participants and Beneficiaries
of the Wyndham Hotel Group Employee Savings Plan

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Wyndham Hotel Group Employee Savings Plan (the “Plan”) as of December 31, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2021, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.


We have served as the Plan’s auditor since 2019.
Dallas, Texas
June 24, 2022

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Participant-directed investments at fair value:
Cash and cash equivalents$15,618 $15,269 
Mutual funds209,828,137 187,559,609 
Common collective trusts112,447,446 102,552,219 
Common stock9,056,023 8,715,270 
Money market3,038,352 6,522,904 
Total investments334,385,576 305,365,271 
Employer contribution receivable49,579 63,530 
Employee contribution receivable72,763 90,883 
Notes receivable from participants3,848,395 4,214,962 
Total receivables3,970,737 4,369,375 
NET ASSETS AVAILABLE FOR BENEFITS$338,356,313 $309,734,646 

The accompanying notes are an integral part of these financial statements.


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Employee contributions$13,265,278 
Employer contributions7,191,711 
Total contributions20,456,989 
Net investment income:
Net appreciation in fair value of investments27,854,531 
Net investment income44,823,822 
Interest income on notes receivable from participants199,730 
Benefits paid to participants and administrative expenses(36,858,874)
Beginning of year309,734,646 
End of year$338,356,313 

The accompanying notes are an integral part of these financial statements.


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1. Description of Plan

The following brief description of the Wyndham Hotel Group Employee Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Plan was formed on June 1, 2018 in connection with Wyndham Hotels & Resorts, Inc.’s (the “Company”) separation from Wyndham Worldwide Corporation which is now Travel + Leisure Co. (f/k/a Wyndham Destinations).
Bank of America, N.A. (the “Trustee”) is the Plan’s trustee. The Employee Benefits Committee of the Company (the “Plan Administrator”) controls and manages the operation and administration of the Plan. Under the terms of a trust agreement between the Trustee and the Company, contributions to the Plan are deposited with the Trustee and maintained in a trust on behalf of the Plan. The Plan Administrator has granted discretionary authority to one or more investment advisors appointed by the Plan Administrator.
On May 31, 2018, Travel + Leisure Co. completed the spin-off of the Company and distributed one share of the Company’s common stock for every one share of outstanding Travel + Leisure Co. common stock held on the close of business on May 18, 2018. Shares of Travel + Leisure Co. common stock could be held in the Plan until May 31, 2021. During this period no contributions, investments, reinvestments or exchanges were permitted, however, participants could direct such investments into other investment options in accordance with the Plan’s election provisions.
The following is a summary of certain Plan provisions:
Each regular U.S. employee of the Company is eligible to participate in the Plan and receive employer matching contributions following the later of one year of employment and the attainment of age eighteen, excluding employees working at the Wyndham Rio Mar location in Puerto Rico. Additionally, each part-time U.S. employee (as defined in the Plan document) of the Company is eligible to participate in the Plan and receive employer matching contributions following one year of eligible service (as defined in the Plan document) and the attainment of age eighteen.
Participants may contribute up to 50% of their pretax annual compensation, as defined in the Plan, subject to certain Internal Revenue Code (“IRC”) limitations. The Company makes a matching contribution in the amount of 100% up to the first 4% of eligible compensation and then 50% of a participant’s contribution up to the next 2% of eligible compensation (as defined in the Plan document) that a participant contributes to the Plan on a payroll period basis. Participants who have attained age 50 before the end of the taxable year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined contribution plans.
Participant Accounts
Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and Plan earnings, and charged with withdrawals and an allocation of Plan losses. Allocations are based on participant earnings or account balances (as defined in the Plan document). The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers mutual funds, common collective trusts, a money market fund and the Company’s common stock as investment options for participants. Contributions and participant account balances are limited to a maximum of 25% into the Company’s common stock.

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Participants are immediately 100% vested in their contributions and employer contributions plus actual earnings thereon.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued interest. Participants may borrow from their fund accounts up to a maximum of $50,000 or 50% of their account balance, whichever is less (provided the vested balance is at least $2,000). The initial principal amount of the loan may not be less than $1,000. The loans are secured by the balance in the participant’s account and bear interest at rates commensurate with local prevailing rates at the time funds are borrowed as determined quarterly by the Plan administrator. Principal and interest is paid ratably through payroll deductions. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.
Payment of Benefits
On termination of service, a participant may receive a lump-sum amount equal to the value of the participant’s vested interest in their account.
2. Summary of Accounting Policies

Basis of Accounting
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan contains investments in mutual funds, common collective trusts and common stock. Investment securities, in general, are exposed to various risks, such as interest rate and credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of the Plan’s investment securities will occur in the near term and that such changes could materially affect the amounts reported in the Plan’s financial statements.
In March 2020, a novel strain of coronavirus (“COVID-19”) outbreak was declared a pandemic by the World Health Organization. This event has led to significant volatility in financial markets. The ultimate impact of COVID-19 on the Plan, which may be material, is uncertain and will depend on future developments.
Administrative Expenses
Pursuant to the plan document, administrative expenses may be paid by the Company, the Plan or both.
Payment of Benefits
Benefit payments to participants are recorded when paid. Amounts allocated to accounts of participants who have elected to withdraw from the Plan but have not yet been paid were $34,802 at December 31, 2021.
Valuation of Investments and Income Recognition
The Plan’s investments are stated at fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Securities traded on a national securities exchange, such as common stock, are valued at the last reported sales price on the last business day of the Plan year. Mutual funds and the money market fund are valued at the quoted market price, which represents the net asset value of shares held by the Plan at year-end. Common collective trusts are valued at the net asset value (“NAV”) of the shares held by the Plan at year-end as a practical expedient, which is based on the fair value of the underlying assets.
Investments in mutual funds are subject to sales charges in the form of front-end loads, back-end loads or 12b-1 fees. Such 12b-1 fees were ongoing fees allowable under Section 12b-1 of the Investment Company Act of 1940. These annual fees are

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used to pay for marketing and distribution costs of the funds. These fees are deducted prior to the allocation of the Plan’s investment earnings activity, and thus not separately identifiable as an expense.
The Wells Fargo Stable Value Fund (the “SVF”) is a common collective trust fund that invests primarily in both security-backed contracts (“SBCs”), also known as synthetic guaranteed investment contracts and guaranteed investment contracts (“GICs”) issued by insurance companies and other financial institutions. The SVF contains several redemption restrictions including the right to require a 12-month notice for withdrawal of assets from the SVF initiated by the Company. Withdrawals initiated by participants of the Plan will be honored when received.
Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date and interest is recorded when earned. The accompanying Statement of Changes in Net Assets Available for Benefits presents net appreciation/(depreciation) in fair value of investments, which includes unrealized gains and losses on investments, realized gains and losses on investments sold and management and operating expenses associated with the Plan’s investments in mutual funds and collective trusts during the year ended December 31, 2021.
Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

3. Tax Status

The Internal Revenue Service (“IRS”) has determined and informed the Company by a letter dated January 21, 2020, that the Plan adopted in 2018 is qualified and the trust established under the Plan is tax-exempt under the appropriate sections of the IRC. The plan was amended in 2021 to incorporate COVID-19 provisions, however the Company still believes it is tax exempt. Therefore, there was no provision for income taxes as of the financial statement date.
U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by a government authority. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

4. Fair Value

The guidance for fair value measurement requires additional disclosures about the Plan’s assets and liabilities that are measured at fair value. The following table presents information about the Plan’s financial assets that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Plan to determine such fair values. Financial assets carried at fair value are classified and disclosed in one of the following three categories:
Level 1: Quoted prices for identical instruments in active markets.
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable.
Level 3: Unobservable inputs used when little or no market data is available.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input (closest to Level 3) that is significant to the fair value measurement. The Plan’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset.

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The following tables present the Plan’s fair value hierarchy for assets measured at fair value on a recurring basis as of December 31, 2021 and 2020:
As of
December 31, 2021
Quoted Prices in Active Markets for Identical Assets (Level 1)
Common stock (a)
$9,056,023 $9,056,023 
Mutual funds209,828,137 209,828,137 
Common collective trusts (b)
112,447,446 — 
Money market (c)
3,038,352 3,038,352 
Total$334,369,958 $221,922,512 

As of
December 31, 2020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Common stock (a)
$8,715,270 $8,715,270 
Mutual funds187,559,609 187,559,609 
Common collective trusts (b)
102,552,219 — 
Money market (c)
6,522,904 6,522,904 
Total$305,350,002 $202,797,783 
(a)    Represents Wyndham Hotels & Resorts, Inc. common stock, an exempt party-in-interest, for 2021 and 2020. Additionally, 2020 includes and Travel + Leisure Co. common stock.
(b)    Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.
(c)    Primarily represents an investment in BlackRock FedFund.
5. Exempt Party-in-Interest Transactions

A portion of the Plan’s investments includes shares of mutual funds that are managed by the Trustee. The Trustee is the custodian of these investments as defined by the Plan, and, therefore, these transactions qualify as exempt party-in-interest transactions.
The Plan held approximately 101,015 and 101,278 shares of common stock of Wyndham Hotels & Resorts, Inc. as of December 31, 2021 and 2020, with a cost basis of approximately $6.2 million and $6.4 million and a fair value of approximately $9.1 million and $6.0 million, respectively.

The Plan offers participants that have investments in the Company’s common stock, the option of having dividends on such stock distributed to the participant in either cash or deposited into the participant’s account. Any dividends received in cash by participants will be subject to income taxes in the year of receipt. In 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.16 per share in the first and second quarters, $0.24 per share in the third quarter and $0.32 per share in the fourth quarter ($0.88 per share in aggregate). Dividends related to Wyndham Hotel’s common stock that were paid to the Plan were $88,665 during 2021.

Notes receivable from participants were $3.8 million and $4.2 million, as of December 31, 2021 and 2020, respectively. These notes receivables qualify as exempt party-in-interest transactions.

6. Plan Termination

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. Participants would become 100% vested in their employer contributions.


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7. Net Asset Value per Share

In accordance with the guidance for fair value measurements in certain entities that calculate NAV per share (or its equivalents), the Plan discloses the fair value, redemption frequency and redemption notice period at the plan level for those assets whose fair value is estimated using the NAV per share.
The following table sets forth a summary of the Plan’s investments with a reported NAV at December 31, 2021 and 2020:
Fair Value*
Investment20212020Unfunded CommitmentRedemption FrequencyOther Redemption Restrictions Redemption Notice Period
Harding Loevner Emerging
Markets Fund (a)
$3,686,836 $3,963,731 — DailyNone1 day
Invesco Oppenheimer
International Growth Fund II (b)
10,021,870 8,842,922 — DailyNone1 day
Northern Trust Collective
Aggregate Bond Index Fund (c)
6,176,238 6,456,311 — DailyNoneN/A
Northern Trust Collective
All Country World Index Fund (d)
5,161,704 5,734,959 — DailyNoneN/A
Northern Trust Collective
Extended Market Fund (e)
20,906,885 20,642,160 — DailyNoneN/A
SSgA S&P 500
Index Fund (f)
44,495,048 37,055,839 — DailyNone1 day
Wells Fargo Stable
Value Fund (g)
21,998,865 19,856,297 — DailyNone12 months
$112,447,446 $102,552,219 — 
*    The fair values of the investments have been estimated using the NAV of the investment.
(a)    Investment seeks superior long-term returns from a portfolio of well-managed, financially strong companies in growing businesses that have clear competitive advantage.
(b)    Investment seeks to provide a vehicle for the collective investment of funds held by qualified trusts which seek long-term growth from foreign equity securities.
(c)    Investment seeks to produce results that approximate the overall performance of the Barclay’s U.S. Capital Aggregate Bond Index.
(d)    Investment seeks to produce results that approximate the risk and return characterized by the Morgan Stanley Capital International and All Country World Index.
(e)    Investment seeks to produce results that approximate the overall performance of the Dow Jones U.S. Completion Total Stock Market Index.
(f)    Investment seeks to invest in a portfolio of assets whose performance is expected to replicate as closely as possible, before expenses, the performance of the Standard & Poor’s 500 Index.
(g)    Investment seeks to provide a higher rate of return than shorter maturity investments, without the volatility.


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Wyndham Hotel Group Employee Savings Plan

Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)
As of December 31, 2021
Identity of Issue, Borrower
Current Lessor or Similar Party
Description of
DWS RREEF Real Estate Securities FundMutual fund$7,079,888 
Federated Hermes Total Return Bond FundMutual fund15,726,747 
Fidelity Advisor Freedom Inc. IMutual fund610,511 
Fidelity Advisor Freedom 2010 I Mutual fund856,950 
Fidelity Advisor Freedom 2015 IMutual fund454,167 
Fidelity Advisor Freedom 2020 IMutual fund2,502,084 
Fidelity Advisor Freedom 2025 IMutual fund6,593,199 
Fidelity Advisor Freedom 2030 IMutual fund14,158,990 
Fidelity Advisor Freedom 2035 IMutual fund12,618,992 
Fidelity Advisor Freedom 2040 IMutual fund11,261,089 
Fidelity Advisor Freedom 2045 IMutual fund9,823,698 
Fidelity Advisor Freedom 2050 IMutual fund7,557,451 
Fidelity Advisor Freedom 2065 IMutual fund117,484 
Fidelity Advisor Freedom 2055 Fund (A)Mutual fund4,900,089 
Fidelity Advisor Freedom 2060 Fund (A)Mutual fund2,397,698 
Franklin Small Cap Growth R6Mutual fund9,739,712 
Harbor Small Cap Value RTMTMutual fund16,503,699 
Lord Abbett Bond Debenture R6Mutual fund2,801,788 
MFS Value Fund R6Mutual fund17,058,608 
Prudential Jennison Growth ZMutual fund46,310,696 
Transamerica International Equity Fund IMutual fund13,963,634 
Vanguard Inflation FundMutual fund6,790,963 
Harding Loevner Emerging Markets FundCommon collective trust3,686,836 
Invesco Oppenheimer International Growth Fund IICommon collective trust10,021,870 
Northern Trust Collective Aggregate Bond Index FundCommon collective trust6,176,238 
Northern Trust Collective All Country World Index FundCommon collective trust5,161,704 
Northern Trust Collective Extended Market FundCommon collective trust20,906,885 
SSgA S&P 500 Index FundCommon collective trust44,495,048 
Wells Fargo Stable Value FundCommon collective trust21,998,865 
*Wyndham Hotels & Resorts, Inc.Common stock9,056,023 
*Various participantsNotes receivable from participants***3,848,395 
*BlackRock FedFundMoney market3,003,550 
*BLF Money FundMoney market34,802 
Cash and cash equivalents15,618 
* Party-in-interest
** Cost information is not required for participant-directed investments.
*** Maturity dates range from 1/4/22 to 3/18/36. Interest rates range from 4.25% to 7.50%.

See accompanying report of independent registered public accounting firm.

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Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Committee of the Wyndham Hotel Group Employee Savings Plan (or other persons who administer the employee benefit plan) have duly caused this fiscal report to be signed on its behalf by the undersigned hereunto duly authorized.

 Wyndham Hotel Group Employee Savings Plan
By: /s/ Monica Melancon
  Chief Human Resource Officer
  Wyndham Hotels & Resorts, Inc.
Date: June 24, 2022