Choice Hotels International Provides Performance Updates at 2021 Goldman Sachs Travel and Leisure Conference
On June 14, 2021, Choice Hotels International (NYSE: CHH) shared key updates during its presentation at the Goldman Sachs Travel and Leisure Conference. Highlights include a 12% increase in domestic RevPAR for Memorial Day weekend compared to 2019, marking a record for the company. Expecting continued demand, bookings for Independence Day weekend already outpace past figures. Notably, WoodSpring Suites achieved over 15% RevPAR growth, and the economy segment exceeded pre-pandemic levels. The company remains optimistic despite ongoing challenges from the COVID-19 pandemic.
- 12% increase in domestic RevPAR for Memorial Day weekend compared to 2019.
- Bookings for Independence Day weekend outpace Memorial Day bookings from 2019.
- WoodSpring Suites achieved over 15% RevPAR growth in Q2 2021 compared to 2019.
- Economy segment RevPAR exceeded 2019 levels, showing strong recovery.
- Domestic systemwide RevPAR for May 2021 declined approximately 4.2% compared to May 2019.
ROCKVILLE, Md., June 14, 2021 /PRNewswire/ -- Patrick Pacious, president and chief executive officer, Choice Hotels International, Inc. (NYSE: CHH), spoke at the Goldman Sachs Travel and Leisure Conference on June 8, 2021.
Key highlights of the presentation include:
- Domestic systemwide revenue per available room (RevPAR) for May 28 to 30, 2021 increased by
12% versus the same Memorial Day weekend in 2019, marking the strongest revenue performing Memorial Day weekend in the company's history, with Saturday, May 29 recording the single highest revenue day ever for the company. - The company expects elevated demand trends to continue into the summer months, with the bookings for Independence Day weekend currently outpacing the demand for Memorial Day weekend, compared to the same period of 2019. Domestic systemwide RevPAR for June 4 to 5, 2021 increased by
18% versus the same weekend following Memorial Day in 2019. - Domestic systemwide RevPAR for May 2021 declined approximately
4.2% compared to May 2019, ahead of expectations and matching the company's April 2021 RevPAR performance. Additionally, the company continued to drive RevPAR index gains versus its local competitors. - The company's largest extended-stay brand, WoodSpring Suites, achieved RevPAR growth of over
15% in the second quarter through May 31, 2021, compared to the same period of 2019, and the company's upscale Cambria Hotels brand seized domestic systemwide RevPAR share gains of 16 percentage points versus its local competitors year-to-date through May 29, 2021, compared to the same period of 2019. - Second quarter domestic systemwide RevPAR through May 31, 2021 for the company's economy portfolio has exceeded 2019 levels while RevPAR for the company's midscale portfolio approached 2019 pre-pandemic results.
To view the recording of the presentation, please visit the Financial Performance and Presentations tab of the Choice Hotels investor relations website, http://investor.choicehotels.com/financial-performance-and-presentations, under the "Past Events" section, and access the webcast link for the 2021 Goldman Sachs Travel and Leisure Conference. A replay will be available until September 6, 2021.
About Choice Hotels®
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. With more than 7,100 hotels, representing nearly 600,000 rooms, in over 40 countries and territories as of March 31, 2021, the Choice® family of hotel brands provides business and leisure travelers with a range of high-quality lodging options from limited service to full-service hotels in the upscale, midscale, extended-stay and economy segments. The award-winning Choice Privileges® loyalty program offers members benefits ranging from everyday rewards to exceptional experiences. For more information, visit www.choicehotels.com.
Forward-Looking Statements
Certain matters discussed in the replay of the remarks constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may relate to projections of the company's revenue, expenses, earnings, and other financial and operational measures, including pipeline growth, occupancy and open hotels, the company's ability to benefit from any rebound in travel demand, consumer trends, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties, and other factors.
Several factors could cause our actual results, performance or achievements to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, continuation or resurgence of the COVID-19 pandemic, including with respect to new strains or variants; the rate and pace of vaccination in the broader population; changes in consumer demand and confidence, including the impact of the COVID-19 pandemic on unemployment rates, consumer discretionary spending and the demand for travel, transient and group business; the impact of COVID-19 on the global hospitality industry, particularly but not exclusively in the U.S. travel market; the success of our mitigation efforts in response to the COVID-19 pandemic; the performance of our brands and categories in any recovery from the COVID-19 pandemic disruption; the timing and amount of future dividends and share repurchases; changes to general, domestic and foreign economic conditions, including access to liquidity and capital as a result of COVID-19; future domestic or global outbreaks of epidemics, pandemics or contagious diseases or fear of such outbreaks; changes in law and regulation applicable to the travel, lodging or franchising industries; foreign currency fluctuations; impairments or declines in the value of our assets; operating risks common in the travel, lodging or franchising industries; changes to the desirability of our brands as viewed by hotel operators and customers; changes to the terms or termination of our contracts with franchisees and our relationships with our franchisees; our ability to keep pace with improvements in technology utilized for marketing and reservations systems and other operating systems; the commercial acceptance of our SaaS technology solutions division's products and services; our ability to grow our franchise system; exposure to risks related to our hotel development, financing, and ownership activities; exposures to risks associated with our investments in new businesses; fluctuations in the supply and demand for hotel rooms; our ability to realize anticipated benefits from acquired businesses; impairments or losses relating to acquired businesses; the level of acceptance of alternative growth strategies we may implement; cyber security and data breach risks; ownership and financing activities; hotel closures or financial difficulties of our franchisees; operating risks associated with our international operations, especially in areas currently most affected by COVID-19; the outcome of litigation; and our ability to effectively manage our indebtedness and secure our indebtedness. These and other risk factors are discussed in detail in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
© 2021 Choice Hotels International, Inc. All rights reserved.
View original content to download multimedia:http://www.prnewswire.com/news-releases/choice-hotels-international-provides-performance-updates-at-2021-goldman-sachs-travel-and-leisure-conference-301311652.html
SOURCE Choice Hotels International, Inc.
FAQ
What was the RevPAR growth for Choice Hotels during the Memorial Day weekend in 2021?
How did Choice Hotels' WoodSpring Suites perform in Q2 2021?
What are the expectations for demand trends at Choice Hotels for the summer of 2021?
What was the RevPAR performance for May 2021 for Choice Hotels?
