Choice Hotels International Takes it to the "Next Level" at 68th Annual Convention

Rhea-AI Summary

Choice Hotels International held its 68th annual convention in Las Vegas, showcasing its strong competitive position and plans for growth. With over 6,600 registrants and 1,100 exhibitors, the event focused on driving success for owners and operators in the travel industry. The company highlighted its recent growth, technology advancements, and strategic investments for future revenue generation.

Positive

• Choice Hotels International highlighted its strong competitive position and plans for growth at its 68th annual convention. The event showcased the company's success in driving travel demand, with over 6,600 registrants and more than 1,100 exhibitors in attendance. Choice has seen significant growth in direct online revenue, revenue per property, and Choice Privileges members over the past five years, indicating a positive trajectory for the company.

Negative

• While Choice Hotels International reported impressive growth and strategic investments at its 68th annual convention, there may be risks associated with the company's ambitious plans. The reliance on technology and innovation, as well as the need to continuously drive revenue for hotel owners and operators, could pose challenges in an evolving market. Additionally, the competitive landscape in the lodging industry may present obstacles to sustained growth and success for Choice Hotels.

Thousands of Choice hotel owners and operators gather in Las Vegas for educational sessions, a vendor marketplace and to hear how Choice plans to continue driving strong results for its system

NORTH BETHESDA, Md., May 1, 2024 /PRNewswire/ -- Choice Hotels International (NYSE: CHH), one of the world's largest lodging franchisors, kicked off its 68^th annual convention in Las Vegas yesterday, highlighting the company's strong competitive position and its plans to help owners and operators capitalize on the growing demand for leisure and business travel. With over 6,600 registrants, including more than 1,100 exhibitors, the three-day conference is one of Choice's largest ever. It will feature more than 100 educational and brand sessions, a trade show and more, all designed to help owners and operators effectively harness the Choice franchisee success system and take advantage of the latest travel trends.

Choice Hotels President and CEO Patrick Pacious opened the three-day event, telling Choice franchisees, "Together, we have achieved a new level of success and positioned our brands to capture even more of the growing demand for travel in the coming years."

"Choice is a leader in technology and innovation, brand creation, brand renewal and franchisee retention," Pacious added. "And when we look to the future, we see a portfolio of brands that are getting stronger together: By investing in Upscale, we have become the challenger brands to watch. By being good stewards of our core brands, we are driving our Midscale performance. And by innovating from the front, we will continue our leadership position in Extended Stay."

Pacious highlighted how Choice is a different company today with a stronger system for all. In the last five years, direct online revenue grew by 23% and revenue per property increased 13% during the same time period. Additionally, the number of Choice Privileges members grew from 40 million to 65 million (as of end of Q1 2024). He also highlighted Choice's accelerating growth in 2023, including:

• Increasing Likelihood to Recommend scores on average by 13 points across all brands
• Deploying its best-in-class conversion capabilities to execute 135 conversion openings
• Harnessing the integration of Radisson Hotels Americas to improve digital traffic and bookings and lower OTA fees for hotels in its system
• Signing an agreement with AAA to be the first new Preferred Hotel Supplier in a decade

Choice is making strategic investments for its future to increase revenue for hotel owners and operators. The company has a world-class Global Group Sales team that, in the 12 months following the integration of the Radisson Americas global sales team in October 2022, drove nearly $100 million in incremental Gross Room Revenue for hotels across the Choice system. It's also transforming its Choice Privileges rewards program, from transactional to experiential, to build an emotional connection between guests and its brands. This includes a new agreement to sponsor Trackhouse Racing for the 2024 NASCAR Cup season and offer exclusive access to members. Additionally, the company is investing in refreshing its digital platforms, unveiling a new look for ChoiceHotels.com later this year that's tailored to highlight each brand and feature richer imagery and content.

"We are focused on being a long-term value-creator for all of you – the owners of Choice-branded hotels. When I look at how far we've progressed together, I've never been more optimistic about the future," said Pacious.

About Choice Hotels^® 
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. The challenger in upscale and a leader in midscale and extended stay, Choice^® has over 7,500 hotels, representing more than 630,000 rooms, in 46 countries and territories. A diverse portfolio of 22 brands that range from full-service upper upscale properties to midscale, extended stay and economy enables Choice^® to meet travelers' needs in more places and for more occasions while driving more value for franchise owners and shareholders. The award-winning Choice Privileges^® rewards program and co-brand credit card options provide members with a fast and easy way to earn reward nights and personalized perks. For more information, visit www.choicehotels.com. 

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SOURCE Choice Hotels International, Inc.

FAQ

How many registrants attended Choice Hotels International's 68th annual convention?

Over 6,600 registrants attended the event.

What is the stock symbol for Choice Hotels International?

The stock symbol for Choice Hotels International is CHH.

What growth did Choice Hotels International see in the last five years?

Choice Hotels International saw a 23% growth in direct online revenue, a 13% increase in revenue per property, and an increase in Choice Privileges members from 40 million to 65 million.