One of the top contributors over the fourth quarter was Wyndham Hotels & Resorts (WH, Financial) (+19.5%), a hotel franchisor with 20 hotel brands worldwide. Its franchise retention rate is at peak levels and expectations of its net new hotel growth rate has improved. In addition, the company has continued to buy back undervalued shares throughout the year.
From Leith Wheeler Funds' fourth-quarter 2019 quarterly review.
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