Wyndham CEO Geoff Ballotti noted last year there were more than 15,000 independent economy and mid-priced hotels across the U.S. Wyndham's franchise and development teams aimed to beef up the company's rate of conversion deals by three times their typical levels, he added on an investor call. Wyndham executed more conversion deals in each of the first three quarters of this year compared to 2019, Ohlsson said. There is also opportunity for deals internationally, as more hotels are independent abroad than they are in the U.S. "Conversions have been and will continue to be a significant priority for our transaction teams around the world, and I think it's in many ways the one silver bullet we have to offset the impact of ongoing construction delays," Marriott CEO Anthony Capuano said on an investor call earlier this year.