Exhibit 99.1

Wyndham Worldwide Reports Strong Third Quarter 2007 Results

	•		Delivers Double-Digit Top- and Bottom-Line Growth for Quarter
	•		Announces a $455 Million Vacation Ownership Receivables Securitization
	•		Renews and Upsizes Vacation Ownership Receivables Conduit Facility to $1.2 Billion
	•		Affirms 2007 Guidance and Provides Preliminary 2008 Outlook

PARSIPPANY, N.J. (October 31, 2007) — Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended September 30, 2007.

Financial information discussed in this press release includes both GAAP and non-GAAP measures, which include or exclude certain items, or reflect pro forma adjustments, related to the Company’s spin-off effective July 31, 2006. These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons. Non-GAAP measures are indicated as “Adjusted.” A complete reconciliation of reported GAAP results to the comparable Adjusted information appears in the financial tables section of this press release.

HIGHLIGHTS:

	•		Revenues for the third quarter of 2007 increased to over $1.2 billion, up 16% compared to the third quarter of 2006
	•		Net income for the third quarter of 2007 increased 27% to $117 million, or $0.65 per diluted share, compared to third quarter 2006 net income of $92 million, or $0.45 per diluted share
	•		Adjusted net income for the third quarter of 2007 increased 17% to $134 million, or $0.75 per diluted share, compared to third quarter 2006 Adjusted net income of $115 million, or $0.56 per diluted share
	•		Vacation Ownership continued to post strong results for the third quarter of 2007, with revenues and gross vacation ownership sales increasing 22% and 15%, respectively, compared to the third quarter of 2006
	•		Comparable revenue per available room (RevPAR) in the third quarter of 2007 increased 6.2% compared to the third quarter of 2006 and system-wide RevPAR increased 5.6% from the prior year period
	•		Hotel pipeline was over 104,000 rooms as of September 30, 2007
	•		Average number of vacation exchange members increased 5% in the third quarter of 2007 compared to the third quarter of 2006
	•		Average net price per vacation rental increased 14% in the third quarter of 2007 compared to the third quarter of 2006, or 7% excluding the favorable effect of currency translations
	•		Wyndham Worldwide repurchased approximately 560,000 shares of stock during the third quarter of 2007 at an average price of $31.08. At September 30, 2007, approximately $187 million remained under the Company’s previously announced share repurchase program.

	•		The Company announced that $455 million of insured investment grade asset-backed notes are expected to be issued by Sierra Timeshare 2007-2 Receivables Funding, LLC, an indirect subsidiary of Wyndham Vacation Ownership
	•		The Company announced that its asset-backed commercial paper facility, Sierra Timeshare Conduit Receivables Funding, was renewed through October 2008 and upsized to $1.2 billion.

“Wyndham Worldwide continues to perform well despite the uncertainties in the macroeconomic environment, demonstrating our strong portfolio of brands and the resilience of our model, which is focused on the leisure traveler,” said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. “Our businesses are positioned to take advantage of favorable demographics as the baby-boomer generation begins to retire and spends more time on leisure travel. We look forward to a strong finish in 2007 and continued growth in 2008.”

The Company also announced that Kenneth N. May, President and Chief Executive Officer of Wyndham’s Vacation Exchange and Rentals (Group RCI) business unit, will leave the Company effective November 2, 2007 to pursue new interests.

Mr. Holmes said, “Ken has been an integral part of shaping the vision for Group RCI, and I thank him for his many valuable contributions and wish him all the best. As we search for his successor, we will be looking at candidates who have strong and deep experience in global operations, relationship management, and online distribution and marketing, in order to best execute on that vision and drive results.”

THIRD QUARTER 2007 OPERATING RESULTS

Revenues for the third quarter of 2007 were $1.2 billion, up 16% over the same period in 2006, reflecting strong organic growth.

Net income for the third quarter of 2007 was $117 million or $0.65 diluted earnings per share, compared to $92 million or $0.45 diluted earnings per share for the third quarter of 2006.

Net income for the third quarter of 2007 includes $2 million after-tax of separation and related costs associated with Wyndham Worldwide’s spin-off from Cendant Corporation (now Avis Budget Group) and $15 million of an after-tax net charge from the resolution of and adjustments to certain legacy items primarily related to a previously disclosed increase in the legacy litigation reserve. Excluding these items, Adjusted net income for the third quarter of 2007 was $134 million, or $0.75 diluted earnings per share.

Third quarter 2006 included $43 million after-tax of separation and related costs and a $15 million tax benefit related to refinements of the Company’s 2005 state effective tax rates. Excluding these items and including $5 million after-tax of estimated incremental stand-alone costs (assuming Wyndham Worldwide had been a stand-alone, public company in July 2006), Adjusted net income for the third quarter of 2006 was $115 million, or $0.56 diluted earnings per share.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues increased 12% to $211 million in the third quarter of 2007 compared with the third quarter of 2006, reflecting increased property management reimbursable revenues and strong RevPAR gains both domestically and internationally. Comparable RevPAR increased 6.2% in the third quarter of 2007 and system-wide RevPAR increased 5.6% from the prior year period.

Property management reimbursable revenues were $26 million and marketing/reservation revenues, including TripRewards revenues, were $85 million; these items contribute little, if any, margin. Lodging

EBITDA grew to $70 million compared to $67 million in the third quarter of 2006, which included $1 million of separation and related costs.

As of September 30, 2007, the Company’s hotel system consisted of 540,900 rooms and 6,460 properties with a development pipeline of over 104,000 rooms and approximately 940 hotels, of which 45% were new construction and 30% were international.

Vacation Exchange and Rentals (Group RCI)

Revenues increased to $336 million in the third quarter of 2007, an 8% increase compared with the third quarter of 2006, reflecting growth in both vacation exchange and vacation rentals as well as favorable currency translations. Excluding the favorable effect of currency translations of $14 million, revenues grew 4% compared to the third quarter of 2006.

Vacation exchange revenues were $116 million, a 4% increase compared to the third quarter of 2006, primarily driven by a 5% increase in the average number of members.

Vacation rentals revenues were $182 million, up 16% compared to the third quarter of 2006, or up 8% excluding the favorable effect of currency translations. These results reflected a 14% increase in the average net price per vacation rental and a 1% increase in rental transactions.

Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $38 million in the third quarter of 2007 compared with $40 million in the third quarter of 2006.

Third quarter 2007 EBITDA was $103 million, compared to third quarter 2006 EBITDA of $97 million, which included $1 million of separation and related costs. Excluding the favorable effect of currency translations of $7 million during 2007 and the separation and related costs during 2006, Adjusted EBITDA was down $2 million compared to the third quarter of 2006. Third quarter 2007 EBITDA included marginally higher costs consistent with increased rentals, severance expense, and incremental investment in information technology infrastructure.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues increased 22% to $671 million in the third quarter of 2007 compared with the third quarter of 2006 reflecting continued success in marketing and sales.

Gross Vacation Ownership Interest sales were $552 million for the third quarter of 2007, up 15% compared to the third quarter of 2006, driven by marketing efforts resulting in 6% growth in tour flow and an 8% increase in volume per guest from strong performance by our sales force and continued strength in transaction pricing. Results continue to reflect the strength of our marketing, sales and new locations added in the second half of 2006.

Consumer finance revenues increased 21% for the third quarter of 2007 compared to the third quarter of 2006 reflecting continued Vacation Ownership sales growth.

EBITDA for the third quarter of 2007 increased 32% to $116 million, which includes $1 million of separation and related costs, compared to $88 million in the third quarter of 2006, which also included $1 million of separation and related costs. Third quarter 2007 EBITDA also reflects a $7 million pre-tax gain on the sale of certain vacation ownership properties that were no longer consistent with the Company’s development plans.

On October 24, 2007, the Company priced a term securitization transaction involving the issuance of $455 million of insured investment grade asset-backed notes by Sierra Timeshare 2007-2 Receivables Funding, LLC, an indirect subsidiary of Wyndham Vacation Ownership. The notes are backed by

vacation ownership receivables originated by subsidiaries of Wyndham Vacation Ownership. The transaction is expected to close on or about November 1, 2007.

Other Items

Interest expense for the third quarter of 2007 was $20 million, an increase of $3 million from the third quarter of 2006. This increase is primarily due to higher average borrowings primarily due to differences in the Company’s capital structure since the spin-off. Interest income for the quarter was $4 million, a $1 million decrease from the third quarter of 2006, primarily due to differences in the Company’s capital structure since the spin-off. Depreciation and amortization rose $6 million to $43 million.

Balance Sheet Information as of September 30, 2007:

	•		Cash and cash equivalents of approximately $230 million compared to approximately $270 million at December 31, 2006
	•		Vacation ownership and other inventory of approximately $1.1 billion compared to approximately $955 million at December 31, 2006
	•		Vacation ownership contract receivables, net, of $2.8 billion compared to $2.4 billion at December 31, 2006
	•		Securitized vacation ownership debt of $1.9 billion compared to $1.5 billion at December 31, 2006
	•		Other debt of $1.5 billion, compared to $1.4 billion at December 31, 2006

A schedule of debt is included in the financial tables section of this press release.

Share Repurchase

The Company repurchased 560,000 shares of stock during the third quarter of 2007 at an average price of $31.08 and an additional 235,000 shares at an average price of $32.69 through October 30, 2007.

Outlook and Guidance

“We are confident, based on Wyndham Worldwide’s third quarter performance, that 2007 full year results will be within the upper end of our plan of $4,340 — $4,480 million in revenues and full year Adjusted EPS of $2.02 — $2.13,” said Mr. Holmes.

“We anticipate fourth quarter Adjusted EPS of $0.44 — $0.46, excluding separation and related costs and legacy matters, based on weighted average shares of approximately 180 million.” Mr. Holmes noted that the Company’s expectations for the fourth quarter assumes approximately $25 million in deferred vacation ownership revenue, or $0.04 per share, that will be recognized in future quarters.

Looking ahead to 2008, management provided preliminary guidance for the full-year 2008:

Revenues of approximately $4.8 — $4.9 billion
EBITDA, excluding legacy matters, of approximately $920 — $945 million.

Conference Call Information

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company’s third quarter 2007 financial results on Wednesday, October 31, 2007 at 9 a.m. EDT. Listeners may access the webcast live through the Company’s Web site at www.wyndhamworldwide.com/investors/. An archive of this webcast will be available at the Web site for approximately 90 days beginning at noon EDT on October 31. The conference call also may be accessed by dialing (517) 308-9108 and providing the pass code “Wyndham.” Listeners are urged to call at least 10 minutes prior to the scheduled start time. A

telephone replay will be available at (203) 369-0724 beginning at noon EDT on October 31 until 5 p.m. EDT on November 5.

About Wyndham Worldwide

As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses almost 6,500 franchised hotels and almost 541,000 hotel rooms worldwide. Group RCI offers its more than 3.4 million members access to over 60,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of approximately 140 vacation ownership resorts serving over 800,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs more than 30,000 employees globally.

For more information about Wyndham Worldwide, please visit the Company’s web site at www.wyndhamworldwide.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to trends for the Company’s revenues, earnings and related financial and operating measures, the number of hotels the Company intends to add in future periods and the closing of its term securitization transaction.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward looking statements include general economic conditions, the performance of the financial markets, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those in the Company’s Annual Report on Form 10-K, filed with the SEC on March 7, 2007. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

It is not practical to provide a reconciliation of forecasted Adjusted EBITDA for the full years 2007 and 2008 to the most directly comparable GAAP measure, net income, because certain items cannot be reasonably estimated or predicted at this time. Any of those items could be significant to our financial results.

# # #

Investor contact:		Press contact:
Margo C. Happer		Betsy O’Rourke
Senior Vice President, Investor Relations		Senior Vice President, Marketing and Communications
Wyndham Worldwide Corporation		Wyndham Worldwide Corporation
(973) 753-6472		(973) 753-7422
Margo.Happer@wyndhamworldwide.com		Betsy.O’Rourke@wyndhamworldwide.com

Table 1

Wyndham Worldwide Corporation
OPERATING RESULTS OF REPORTABLE SEGMENTS
(In millions)

In addition to other measures, management evaluates the operating results of each of its reportable segments based upon net revenues and “EBITDA,” which is defined as net income before depreciation and amortization, interest expense (excluding interest on securitized vacation ownership debt), interest income, income taxes and cumulative effect of accounting change, net of tax, each of which is presented on the Company’s Consolidated and Combined Statements of Income. The Company’s presentation of EBITDA may not be comparable to similarly-titled measures used by other companies.

The following tables summarize net revenues and EBITDA for reportable segments, as well as reconcile EBITDA to net income for the three and nine months ended September 30, 2007 and 2006:

		Three Months Ended September 30,
		2007								2006
		Net Revenues				EBITDA (c)				Net Revenues				EBITDA (c)
Lodging		$	211			$	70			$	189			$	67
Vacation Exchange and Rentals			336				103				310				97
Vacation Ownership			671				116				551				88
Total Reportable Segments			1,218				289				1,050				252
Corporate and Other (a) (b)			(2	)			(41	)			(3	)			(76	)
Total Company		$	1,216			$	248			$	1,047			$	176
Reconciliation of EBITDA to Net Income
EBITDA						$	248							$	176
Depreciation and amortization							43								37
Interest expense							20								17
Interest income							(4	)							(5	)
Income before income taxes							189								127
Provision for income taxes							72								35
Net income						$	117							$	92

		Nine Months Ended September 30,
		2007								2006
		Net Revenues				EBITDA (d)				Net Revenues				EBITDA (d)
Lodging		$	549			$	174			$	509			$	162
Vacation Exchange and Rentals			937				237				853				206
Vacation Ownership			1,849				279				1,514				236
Total Reportable Segments			3,335				690				2,876				604
Corporate and Other (a) (b)			(7	)			(40	)			(4	)			(81	)
Total Company		$	3,328			$	650			$	2,872			$	523
Reconciliation of EBITDA to Net Income
EBITDA						$	650							$	523
Depreciation and amortization							122								107
Interest expense							55								50
Interest income							(9	)							(30	)
Income before income taxes							482								396
Provision for income taxes							184								137
Income before cumulative effect of accounting change							298								259
Cumulative effect of accounting change, net of tax							—								(65	)
Net income						$	298							$	194

Table 2

Wyndham Worldwide Corporation
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME
(In millions, except per share data)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2007				2006				2007				2006
Net revenues
Vacation ownership interest sales		$	467			$	396			$	1,283			$	1,081
Service fees and membership			442				392				1,232				1,088
Franchise fees			155				146				406				389
Consumer financing			93				77				261				211
Other			59				36				146				103
Net revenues			1,216				1,047				3,328				2,872
Expenses
Operating			469				382				1,323				1,083
Cost of vacation ownership interests			101				92				296				239
Marketing and reservation			229				198				632				566
General and administrative (a)			174				131				419				385
Separation and related costs (b)			3				68				16				76
Depreciation and amortization			43				37				122				107
Total expenses			1,019				908				2,808				2,456
Operating income			197				139				520				416
Other income, net			(8	)			—				(8	)			—
Interest expense			20				17				55				50
Interest income			(4	)			(5	)			(9	)			(30	)
Income before income taxes			189				127				482				396
Provision for income taxes			72				35				184				137
Income before cumulative effect of accounting change			117				92				298				259
Cumulative effect of accounting change, net of tax (c)			—				—				—				(65	)
Net income		$	117			$	92			$	298			$	194
Earnings per share
Basic
Income before cumulative effect of accounting change		$	0.65			$	0.46			$	1.63			$	1.29
Cumulative effect of accounting change, net of tax			—				—				—				(0.32	)
Net income		$	0.65			$	0.46			$	1.63			$	0.97
Diluted
Income before cumulative effect of accounting change		$	0.65			$	0.45			$	1.62			$	1.29
Cumulative effect of accounting change, net of tax			—				—				—				(0.32	)
Net income		$	0.65			$	0.45			$	1.62			$	0.97
Weighted average shares outstanding
Basic			179				200				183				200
Diluted			180				203				184				201

Table 3
(1 of 2)

Wyndham Worldwide Corporation
OPERATING STATISTICS

		Year				Q1				Q2				Q3				Q4				Full Year
Lodging (a)
Number of Rooms (b)			2007				539,300				541,700				540,900				N/A				N/A
			2006				525,500				535,900				533,700				543,200				N/A
			2005				519,300				516,000				512,000				532,700				N/A
			2004				515,700				514,500				509,600				521,200				N/A
Weighted Average Rooms Available			2007				529,700				530,700				529,800				N/A				N/A
			2006				520,600				531,000				529,200				529,900				527,700
			2005				517,400				512,000				511,500				535,100				519,000
			2004				512,000				510,700				507,300				503,000				508,200
RevPAR			2007			$	31.35			$	38.35			$	43.10				N/A				N/A
			2006			$	30.45			$	36.97			$	40.82			$	31.41			$	34.95
			2005			$	25.53			$	31.91			$	36.86			$	29.72			$	31.00
			2004			$	22.50			$	29.08			$	34.04			$	24.53			$	27.55
Royalty, Marketing and Reservation Revenues (in 000s)			2007			$	105,426			$	129,453			$	146,290				N/A				N/A
			2006			$	102,741			$	125,409			$	138,383			$	104,505			$	471,039
			2005			$	84,704			$	104,281			$	119,829			$	99,804			$	408,620
			2004			$	77,830			$	97,959			$	112,765			$	82,502			$	371,058
Vacation Exchange and Rentals
Average Number of Members (in 000s)			2007				3,474				3,506				3,538				N/A				N/A
			2006				3,292				3,327				3,374				3,429				3,356
			2005				3,148				3,185				3,233				3,271				3,209
			2004				2,995				3,031				3,074				3,116				3,054
Annual Dues and Exchange Revenue Per Member			2007			$	155.60			$	132.33			$	131.38				N/A				N/A
			2006			$	152.10			$	130.37			$	132.31			$	128.13			$	135.62
			2005			$	159.12			$	134.98			$	125.64			$	124.05			$	135.76
			2004			$	159.55			$	132.51			$	123.55			$	124.43			$	134.82
Vacation Rental Transactions (in 000s)			2007				398				326				360				N/A				N/A
			2006				385				310				356				293				1,344
			2005				367				311				344				278				1,300
			2004				309				246				295				253				1,104
Average Net Price Per Vacation Rental			2007			$	349.73			$	415.71			$	506.78				N/A				N/A
			2006			$	312.51			$	374.91			$	442.75			$	356.16			$	370.93
			2005			$	331.37			$	363.14			$	412.66			$	325.62			$	359.27
			2004			$	279.46			$	333.76			$	368.79			$	337.42			$	328.77
Vacation Ownership
Gross Vacation Ownership Interest Sales (in 000s)			2007			$	430,000			$	523,000			$	552,000				N/A				N/A
			2006			$	357,000			$	434,000			$	482,000			$	469,000			$	1,743,000
			2005			$	281,000			$	354,000			$	401,000			$	360,000			$	1,396,000
			2004			$	274,000			$	315,000			$	361,000			$	304,000			$	1,254,000
Tours			2007				240,000				304,000				332,000				N/A				N/A
			2006				208,000				273,000				312,000				254,000				1,046,000
			2005				195,000				250,000				272,000				217,000				934,000
			2004				181,000				227,000				246,000				205,000				859,000
Volume Per Guest (VPG)			2007			$	1,607			$	1,596			$	1,545				N/A				N/A
			2006			$	1,475			$	1,426			$	1,434			$	1,623			$	1,486
			2005			$	1,349			$	1,284			$	1,349			$	1,507			$	1,368
			2004			$	1,303			$	1,253			$	1,273			$	1,327			$	1,287

Table 3
(2 of 2)

Wyndham Worldwide Corporation
OPERATING STATISTICS

GLOSSARY OF TERMS

Lodging

Number of Rooms: Represents the number of rooms at lodging properties under franchise and/or management agreements at the end of the period.

Weighted Average Rooms Available: Represents the weighted average number of hotel rooms available for rental during the period.

Average Occupancy Rate: Represents the percentage of available rooms occupied during the period.

Average Daily Rate (ADR): Represents the average rate charged for renting a lodging room for one day.

RevPAR: Represents revenue per available room and is calculated by multiplying average occupancy rate by ADR.

Royalty, Marketing and Reservation Revenues: Royalty, marketing and reservation revenues are typically based on a percentage of the gross room revenues of each franchised hotel. Royalty revenue is generally a fee charged to each franchised hotel for the use of one of our trade names, while marketing and reservation revenues are fees that we collect and are contractually obligated to spend to support marketing and reservation activities. Marketing and reservation fees are also included in the above table within marketing, reservation and TripRewards revenues.

Vacation Exchange and Rentals

Average Number of Members: Represents members in our vacation exchange programs who pay annual membership dues. For additional fees, such participants are entitled to exchange intervals for intervals at other properties affiliated with our vacation exchange business. In addition, certain participants may exchange intervals for other leisure-related products and services.

Annual Dues and Exchange Revenue Per Member: Represents total revenues from annual membership dues and exchange fees generated for the period divided by the average number of vacation exchange members during the year.

Vacation Rental Transactions: Represents the gross number of transactions that are generated in connection with customers booking their vacation rental stays through us. In our European vacation rentals businesses, one rental transaction is recorded each time a standard one-week rental is booked; however, in the United States, one rental transaction is recorded each time a vacation rental stay is booked, regardless of whether it is less than or more than one week.

Average Net Price Per Vacation Rental: Represents the net rental price generated from renting vacation properties to customers divided by the number of rental transactions.

Vacation Ownership

Gross Vacation Ownership Interest Sales: Represents gross sales of vacation ownership interests (including tele-sales upgrades, which are a component of upgrade sales) before deferred sales and loan loss provisions.

Tours: Represents the number of tours taken by guests in our efforts to sell vacation ownership interests.

Volume per Guest (VPG): Represents revenue per guest and is calculated by dividing the gross vacation ownership interest sales, excluding tele-sales upgrades, which are a component of upgrade sales, by the number of tours.

Table 4

Wyndham Worldwide Corporation
ADDITIONAL DATA

		Year				Q1				Q2				Q3				Q4				Full Year
Lodging (a)
Number of Properties (b)			2007				6,450				6,460				6,460				N/A				N/A
			2006				6,300				6,440				6,420				6,470				N/A
			2005				6,400				6,380				6,350				6,350				N/A
			2004				6,380				6,390				6,350				6,400				N/A
Marketing, Reservation and TripRewards Revenues (in 000s) (c)			2007			$	61,369			$	74,575			$	84,820				N/A				N/A
			2006			$	58,572			$	70,931			$	78,856			$	61,135			$	269,495
			2005			$	45,066			$	56,558			$	65,812			$	58,053			$	225,491
			2004			$	39,092			$	50,181			$	57,485			$	43,284			$	190,044
Property Management Reimbursable Revenue (in 000s) (d)			2007			$	15,624			$	22,338			$	25,612				N/A				N/A
			2006			$	15,732			$	19,935			$	17,210			$	16,263			$	69,142
			2005			$	—			$	—			$	—			$	17,291			$	17,291
			2004			$	—			$	—			$	—			$	—			$	—

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)

		September 30,				June 30,				March 31,				December 31,				September 30,
		2007				2007				2007				2006				2006
Securitized vacation ownership debt
Term notes		$	1,148			$	1,322			$	887			$	838			$	967
Bank conduit facility (a)			777				491				826				625				371
Securitized vacation ownership debt (b)			1,925				1,813				1,713				1,463				1,338
Less: Current portion of securitized vacation ownership debt			304				242				231				178				213
Long-term securitized vacation ownership debt		$	1,621			$	1,571			$	1,482			$	1,285			$	1,125
Debt:
6.00% Senior unsecured notes (due December 2016) (c)		$	797			$	797			$	796			$	796			$	—
Revolving credit facility (due July 2011) (d)			133				215				48				—				150
Interim loan facility (due July 2007)			—				—				—				—				350
Term loan (due July 2011)			300				300				300				300				300
Bank borrowings:
Vacation ownership			148				130				112				103				113
Vacation rentals (e)			—				—				—				73				70
Vacation rentals capital leases			153				147				147				148				144
Other			14				14				16				17				37
Total debt			1,545				1,603				1,419				1,437				1,164
Less: Current portion of debt			159				140				123				115				143
Long-term debt		$	1,386			$	1,463			$	1,296			$	1,322			$	1,021

Table 6

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS

		September 30, 2007
																		Average
																		Revenue Per
		Number of								Average				Average Daily				Available Room
Brand		Properties				Number of Rooms				Occupancy Rate				Rate (ADR)				(RevPAR)
Wyndham Hotels and Resorts			75				20,585				65.3	%		$	110.47			$	72.10
Wingate Inn			152				13,952				67.1	%		$	89.71			$	60.18
Ramada			854				103,230				61.6	%		$	79.38			$	48.91
Baymont			182				15,962				63.6	%		$	72.61			$	46.16
AmeriHost Inn			39				2,754				58.4	%		$	70.99			$	41.45
Days Inn			1,857				150,667				59.7	%		$	67.91			$	40.57
Super 8			2,061				127,038				65.4	%		$	62.05			$	40.60
Howard Johnson			465				44,422				53.9	%		$	69.40			$	37.41
Travelodge			492				36,639				59.1	%		$	71.48			$	42.27
Knights Inn			261				18,193				45.2	%		$	46.49			$	21.01
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels (*)			23				7,475			N/A					N/A				N/A
Total			6,461				540,917				60.9	%		$	70.77			$	43.10

		September 30, 2006
																		Average
																		Revenue Per
		Number of								Average				Average Daily				Available Room
Brand		Properties				Number of Rooms				Occupancy Rate				Rate (ADR)				(RevPAR)
Wyndham Hotels and Resorts			89				24,241				70.1	%		$	106.15			$	74.45
Wingate Inn			154				14,171				68.1	%		$	85.41			$	58.14
Ramada			877				105,901				60.1	%		$	72.97			$	43.87
Baymont			129				11,633				64.1	%		$	64.63			$	41.45
AmeriHost Inn			107				7,495				60.3	%		$	65.65			$	39.60
Days Inn			1,848				149,926				59.1	%		$	64.12			$	37.86
Super 8			2,036				124,584				64.2	%		$	59.60			$	38.28
Howard Johnson			456				42,041				53.5	%		$	68.49			$	36.65
Travelodge			499				37,053				58.7	%		$	69.37			$	40.70
Knights Inn			225				16,655				47.9	%		$	42.41			$	20.30
Total			6,420				533,700				60.5	%		$	67.50			$	40.82

Table 7
(1 of 2)

Wyndham Worldwide Corporation
NON-GAAP RECONCILIATIONS
(In millions, except per share data)

		Three Months Ended
														Nine Months Ended
		March 31, 2007				June 30, 2007				September 30, 2007				September 30, 2007
Reported EBITDA		$	192			$	211			$	248			$	650
Separation and related costs (a)			6				7				3				16
Resolution of and adjustment to contingent liabilities and assets (b)			(13	)			(17	)			25				(5	)
Adjusted EBITDA		$	185			$	201			$	276			$	661
Reported PreTax Income		$	139			$	154			$	189			$	482
Separation and related costs (a)			6				7				3				16
Resolution of and adjustment to contingent liabilities and assets (b)			(13	)			(17	)			25				(5	)
Adjusted PreTax Income		$	132			$	144			$	217			$	493
Reported Tax Provision		$	(53	)		$	(58	)		$	(72	)		$	(184	)
Separation and related costs (c)			(2	)			(3	)			(1	)			(6	)
Resolution of and adjustment to contingent liabilities and assets (c)			4				6				(10	)			1
Adjusted Tax Provision		$	(51	)		$	(55	)		$	(83	)		$	(189	)
Reported Net Income		$	86			$	96			$	117			$	298
Separation and related costs			4				4				2				10
Resolution of and adjustment to contingent liabilities and assets			(9	)			(11	)			15				(4	)
Adjusted Net Income		$	81			$	89			$	134			$	304
Reported Diluted EPS		$	0.45			$	0.52			$	0.65			$	1.62
Separation and related costs			0.02				0.02				0.01				0.05
Resolution of and adjustment to contingent liabilities and assets			(0.05	)			(0.06	)			0.09				(0.02	)
Adjusted Diluted EPS		$	0.43			$	0.49			$	0.75			$	1.65
Diluted Shares			190				183				180				184

Table 7
(2 of 2)

Wyndham Worldwide Corporation
NON-GAAP RECONCILIATIONS
(In millions, except per share data)

		Three Months Ended
														Nine Months Ended
		March 31, 2006				June 30, 2006				September 30, 2006				September 30, 2006
Reported EBITDA		$	182			$	166			$	176			$	523
Separation and related costs(a)			3				5				68				76
Incremental stand-alone costs(b)			(13	)			(13	)			(4	)			(30	)
Adjusted EBITDA		$	172			$	158			$	240			$	569
Reported Depreciation and Amortization		$	(34	)		$	(36	)		$	(37	)		$	(107	)
Incremental stand-alone costs(b)			(1	)			(1	)			—				(2	)
Adjusted Depreciation and Amortization		$	(35	)		$	(37	)		$	(37	)		$	(109	)
Reported Interest Income/(Expense), Net		$	2			$	(11	)		$	(12	)		$	(20	)
Incremental stand-alone costs(b)			(12	)			(12	)			(4	)			(28	)
Adjusted Interest Expense, Net		$	(10	)		$	(23	)		$	(16	)		$	(48	)
Reported PreTax Income		$	150			$	119			$	127			$	396
Separation and related costs(a)			3				5				68				76
Incremental stand-alone costs(b)			(26	)			(26	)			(8	)			(60	)
Adjusted PreTax Income		$	127			$	98			$	187			$	412
Reported Tax Provision		$	(57	)		$	(44	)		$	(35	)		$	(137	)
Separation and related costs(c)			(2	)			(2	)			(25	)			(29	)
Incremental stand-alone costs(c)			10				10				3				23
State tax rate adjustment(c) (d)			—				—				(15	)			(15	)
Adjusted Tax Provision		$	(49	)		$	(36	)		$	(72	)		$	(158	)
Reported Net Income		$	28			$	75			$	92			$	194
Cumulative effect of SFAS No. 152(e)			65				—				—				65
Reported Income before Cumulative Effect of SFAS No. 152			93				75				92				259
Separation and related costs			1				3				43				47
Incremental stand-alone costs			(16	)			(16	)			(5	)			(37	)
State tax rate adjustment			—				—				(15	)			(15	)
Adjusted Net Income		$	78			$	62			$	115			$	254
Reported Diluted EPS		$	0.14			$	0.37			$	0.45			$	0.97
Cumulative effect of SFAS No. 152			0.32				—				—				0.32
Reported Income before Cumulative Effect of SFAS No. 152			0.46				0.37				0.45				1.29
Separation and related costs			0.00				0.01				0.21				0.24
Incremental stand-alone costs			(0.08	)			(0.08	)			(0.02	)			(0.18	)
State tax rate adjustment			—				—				(0.07	)			(0.08	)
Adjusted Diluted EPS		$	0.39			$	0.31			$	0.56			$	1.26
Diluted Shares(f)			200				200				203				201