On March 11, 2024, Wyndham Hotels & Resorts, Inc announced that the Board of Directors sent a letter to shareholders urging them to protect their investment and the future of the Company by supporting only its 8 Director nominees and not the nominees from Choice Hotels International. The Company added that it has a clear path to deliver shareholder value substantially in excess of Choice's inadequate and uncertain offer and the Board has evaluated Choice's proposal carefully and in its entirety. The Board has been explicitly clear that in order to make a proposal viable for shareholders, Choice must adequately address the 3 key issues the Company has repeatedly raised: insufficient valuation, unattractive consideration mix and asymmetrical regulatory risk.

Despite the Company's efforts to engage with Choice, Choice has demonstrated that it is unable, or simply unwilling, to propose a complete offer package addressing these three issues. The Company's definitive proxy materials will be filed and mailed soon, including the white proxy card with instructions for how to vote.