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Choice Hotels International, Inc. (NYSE: CHH), stands as a global leader in the hospitality industry, with its extensive portfolio featuring over 7,500 hotels and 630,000 rooms across 46 countries and territories. Its diverse range of 22 brands caters to a broad spectrum of travelers, from full-service upper upscale properties to midscale, extended stay, and economy options.
Core Business: Choice Hotels primarily operates through a franchise model, generating 100% of its revenue from franchise fees. The U.S. market represents 79% of its total rooms. Key brands under its umbrella include Comfort Inn, Comfort Suites, Ascend, and Cambria, which together account for over one-third of the company's domestic rooms.
Recent Achievements and Projects: Recently, Choice Hotels has made significant strides in expanding its portfolio and enhancing its technological capabilities. The acquisition of Radisson Hotels Americas in August 2022 added around 70,000 rooms, boosting its presence in the upscale market. The company also launched the Comfort Rise & Shine prototype, further solidifying its leadership in the upper midscale segment.
Choice Hotels has a history of leveraging technology to enhance guest experiences and streamline operations for franchisors. Sireesha Kunduri's recent promotion to Chief of Product Engineering underscores their commitment to technological innovation aimed at delivering better value to hotel owners and guests.
Partnerships and Campaigns: To connect with younger travelers, Choice has partnered with influencer Jimmy Darts, reaching his vast social media audience. This initiative supports its latest marketing campaign, 'A Stay for Any You,' aiming to highlight its diverse brand offerings.
Financial Condition: As of the first quarter of 2024, Choice Hotels reported an increase in adjusted EBITDA and EPS by 17% and 14%, respectively. The company’s strong performance is attributed to synergies from the Radisson acquisition and strategic expansion projects. It continues to reward shareholders through dividends and stock repurchase programs.
Commitment to Diversity: The SOAR program, which promotes hotel ownership among underrepresented entrepreneurs, has awarded over 370 franchise agreements to diverse participants. Programs like HERtels further empower female entrepreneurs, reflecting Choice's long-standing commitment to diversity and inclusion.
Extended Stay Leadership: Choice Hotels is a front-runner in the extended stay segment, with brands such as Everhome Suites. The recent openings and groundbreakings in key markets highlight the brand’s rapid growth, driven by a robust pipeline and strategic collaborations with developers like Highside Companies.
Overall, Choice Hotels International continues to excel through a combination of strategic acquisitions, innovative technology, and strong franchisee support, maintaining its position as a significant player in the global hospitality industry.
Choice Hotels International's midscale brand, Clarion Pointe, has celebrated the opening of its 50th hotel, marking significant growth in the affordable travel sector. With new hotels launched in areas like Abingdon, Greensboro, and Indianapolis, contract awards for the brand have surged nearly 20% in the first half of the year. Looking forward, additional openings are planned in cities such as Baltimore, Durham, and Tampa. Clarion Pointe aims to offer modern accommodations with features like contemporary design and on-demand connectivity to attract guests.
Choice Hotels International (NYSE: CHH) reported impressive second-quarter results for 2022, with domestic RevPAR growth of 13% exceeding 2019 levels for the 13th consecutive month. The company awarded 122 new domestic franchise agreements, a 10% increase from 2021. Total revenues surged 32% to $368 million, while net income rose 24% to $106.2 million, translating to diluted EPS of $1.89. The acquisition of Radisson Hotels Americas, expected to close soon, will expand Choice's portfolio by approximately 67,000 rooms, aligning with its growth strategy.
On July 28, 2022, Cambria Hotels, a brand under Choice Hotels International (NYSE: CHH), announced the groundbreaking of the Cambria Hotel Denver Downtown RiNo, set to open in December 2023. This seven-story, 153-room hotel will be the second Cambria establishment in Denver. Located in the vibrant River North Arts District, it aims to attract modern travelers with upscale amenities and local designs. With 60 Cambria hotels currently operational and 70 more planned, the brand continues to expand in key markets across the U.S.
Choice Hotels International (NYSE: CHH) has announced the sale of the Cambria Hotel Nashville Downtown for $109.5 million. The transaction aligns with the company's asset-light strategy, allowing for continued brand growth. The hotel will now be managed by Pyramid Global Hospitality, ensuring it serves as a flagship property for Cambria Hotels. The 255-room hotel is located near Nashville's main attractions and features modern amenities appealing to travelers. More than 60 Cambria hotels are currently open across the U.S. with nearly 70 more in development.
Choice Hotels International, Inc. (NYSE: CHH) will announce its 2022 second quarter earnings results on August 4, 2022, at 7 a.m. EDT. A conference call led by CEO Patrick Pacious and CFO Dominic Dragisich is scheduled for 8 a.m. EDT to discuss the company's performance. Investors can participate via dial-in or access a live webcast on the investor relations website. The earnings call will be recorded and available for replay by 3 p.m. EDT on the same day.
Choice Hotels International (NYSE: CHH) has been awarded a Bronze Award at the 43rd Annual Telly Awards in the Non-Broadcast: General Recruitment category. This accolade recognizes the company's talent management programs and their recent recruitment video, which was developed through data from nearly 50 franchise meetings. The award underscores Choice Hotels' commitment to improving learning resources for its corporate associates and over 65,000 franchisees globally. The Telly Awards featured over 11,000 entries this year, highlighting innovation in the video content industry.
Cambria Hotels, a brand under Choice Hotels International (NYSE: CHH), introduces a summer cocktail program called Taste of the Destination. This initiative features six city-inspired variations of its signature Cambria Margarita, developed by mixologist Zach O'Haire. Each margarita reflects local flavors and is available from June 21 to September 22, 2022, at select locations including Los Angeles, Austin, Louisville, Fort Lauderdale, New Orleans, and Washington D.C. Additionally, travelers can benefit from Cambria's Longer Days promotion, offering up to 20% off longer stays.
Choice Hotels International, Inc. (NYSE: CHH) has announced the opening of the Cambria Hotel Boston Somerville, a four-story, 163-room property that enhances the brand’s expansion in New England. This hotel is strategically located near Boston’s city center and key academic institutions, providing access to corporate headquarters and local attractions. With upscale amenities including a fitness center, multi-purpose spaces, and a planned onsite dining option, the hotel aims to cater to modern travelers. Currently, there are 60 Cambria hotels operational across the U.S., with more planned for the future.
Choice Hotels International (NYSE: CHH) has announced a definitive agreement to acquire Radisson Hotel Group Americas for approximately $675 million. This acquisition includes nine brands, 624 hotels, and over 68,000 rooms, substantially enhancing Choice's presence in the upscale and upper-midscale segments, especially in the West Coast and Midwest. The strategic move aims to extend Choice's customer reach and capitalize on growing travel trends. The deal, expected to close in H2 2022, received unanimous board approval and will be funded by cash and borrowings.
Choice Hotels International (NYSE: CHH) has commenced construction on the new Cambria Hotel Lake Placid in New York, set to open in fall 2023. This upscale hotel will feature 185 rooms and is strategically located by the Adirondack Mountains, catering to leisure travelers. The hotel will offer modern amenities, including a state-of-the-art fitness center and various indoor and outdoor spaces. With 60 Cambria hotels currently open and nearly 70 more in development, this new addition marks an important step in Choice Hotels' expansion strategy.
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