Wyndham Worldwide Corporation (NYSE:WYN) is one of the leading providers of hospitality products and services in the world. It is the world's largest hotel franchiser and largest vacation exchange network, and largest vacation ownership company in the entire world. Ironically, despite its size, Wyndham has relatively little exposure to important emerging markets such as China and India. For instance, over 90% of its properties are located in Europe and North America, thereby showing a remarkably low level of expansion into emerging markets.

Unlike its competitors in the lodging industry, roughly half of all Wyndham's revenues come from franchise fees, property management fees, and membership and exchange fees, making Wyndham an extremely diversified hospitality company. These fees are typically fairly stable and insulate the company from the temporary downturns that often plague the hospitality industry. Wyndham has recently divested a number of under performing hotels. This along with its efforts to re-brand properties in its vacation exchange network under the Wyndham name should increase profitability in the near term.

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