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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 (NYSE: CHH) is enhancing its Choice Privileges rewards program with new features launching in early 2025. Key improvements include tripling the reward night booking window to 50 weeks, introducing premium room redemption options, and launching Choice RewardSaver, which reduces minimum point requirements from 8,000 to 6,000 points. The program's 66 million members can redeem points at over 7,000 hotels across 45 countries, including more than 1,000 luxury and upscale properties under brands like Radisson, Radisson Blu, and Cambria Hotels.
Choice Hotels International marks a significant milestone with the opening of its 500th extended stay property, an Everhome Suites in Glendale, Arizona. The company leads the industry with the fastest-growing economy extended stay portfolio and dominates in economy new construction extended stay according to August 2024 STR Pipeline Data.
With over 350 hotels in the pipeline across four brands (Everhome Suites, WoodSpring Suites, Suburban Studios, and MainStay Suites), Choice's success is driven by its strategic focus on high-demand markets and efficient operational model. The WoodSpring Suites brand achieved an impressive 55.5% average GOP in 2023, demonstrating the effectiveness of Choice's lean staffing model and operational efficiency strategy.
Choice Hotels International (NYSE: CHH), one of the world's largest lodging franchisors, has announced it will report its third quarter 2024 earnings results on Monday, November 4, 2024, at approximately 6:30 a.m. EST. The company will hold a conference call at 10 a.m. EST, where Patrick Pacious, president and CEO, and Scott Oaksmith, CFO, will discuss the company's performance.
To participate in the teleconference, dial (800) 549-8228 (domestic) or (646) 564-2877 (international) using the conference ID 91747. A live webcast will be available on the company's investor relations website. The call will be recorded and available for replay within 24 hours.
Choice Hotels has nearly 7,500 hotels representing more than 630,000 rooms in 45 countries and territories as of June 30, 2024. The company offers a diverse portfolio of 22 brands across various segments.
Choice Hotels International (NYSE: CHH) has introduced Lobby in a Box, a proprietary modular design package for its Suburban Studios and MainStay Suites brands. This innovation allows hoteliers to transform lobby spaces into multi-functional areas tailored for extended stay guests in as little as 120 days. The package complements the previously launched Kitchen in a Box, which enables the installation of fully equipped kitchens in guest rooms within 3-4 months.
These solutions aim to streamline hotel conversions, offering a faster and more cost-effective alternative to new construction in the growing extended stay market. Since its 2022 launch, Kitchen in a Box has been used in over 30 open hotels, with six more in the pipeline. Choice Hotels is on track to open its 500th extended stay property this year, demonstrating rapid growth in this segment.
Franchisees report significant benefits, with one Suburban Studios property noting a 43% increase in year-over-year RevPAR and a 10.2% improvement in guest satisfaction scores after conversion.
Choice Hotels International (NYSE: CHH) has relaunched Radisson Individuals in the Americas as an upper upscale soft brand for full-service, boutique, and independent hotels. This move strengthens Choice's portfolio in the upper upscale tier, capitalizing on rising consumer demand for unique hotel experiences. The brand focuses on three key areas: vivid settings, characterful encounters, and explorer's compass, offering distinctive local character and superior guest service.
Since 2020, over 30 Radisson Individuals properties have opened globally, with 15 franchised by Choice in the Americas. The relaunch is part of Choice's strategic expansion in the upscale and upper upscale segments, following its acquisition of Radisson Hotels Americas in 2022. Choice reports a 32% year-over-year increase in reservations through direct online channels for Radisson Americas brands since their digital integration in June 2023.
Choice Hotels International (NYSE: CHH) has opened 17 MainStay Suites and Suburban Studios between January 1 and September 17, 2024, demonstrating leadership in the extended stay segment. Key highlights include:
- Breaking into markets like Las Vegas, Moreno Valley, Orlando, and Tampa
- 16 out of 17 hotels are conversions, with an average of 120 days from contract to opening
- Half of the nearly 70 properties in the pipeline are conversions, expected to open by March 2025
- Utilizes the innovative 'Kitchen-in-a-Box' concept for quick conversions
- Offers fully equipped kitchens, spacious rooms, and amenities like free Wi-Fi
- Participates in the Choice Privileges rewards program
Choice Hotels emphasizes its franchise-first focus and industry-leading retention rate, providing cutting-edge solutions to support hotel owners.
Hotel Equities (HE) and Urban Investment Partners (UIP) have announced the opening of The Quincy, Ascend Hotel Collection, a new 99-room upscale boutique hotel in Washington, D.C. Located at 1823 L St. NW, the hotel is franchised by Choice Hotels International (NYSE: CHH) and operated by Hotel Equities. The Quincy offers spacious rooms with full kitchens, ideal for extended stays, and is situated in the heart of D.C.'s business district, close to major landmarks and attractions.
The hotel features a grab-and-go station in the lobby and has partnered with nearby restaurants for dining options. In the coming weeks, The Quincy will host a ribbon-cutting ceremony and a 'Sip & See' event to welcome the community and highlight local partnerships. With its prime location and modern amenities, The Quincy aims to cater to both business and leisure travelers visiting the nation's capital.
Choice Hotels International, Inc. (NYSE: CHH), a leading global lodging franchisor, has announced a quarterly cash dividend of $0.2875 per share on its common stock. The dividend will be payable on October 16, 2024, to shareholders of record as of October 1, 2024. Choice Hotels boasts a diverse portfolio of 22 brands across various segments, with nearly 7,500 hotels representing over 630,000 rooms in 45 countries and territories. The company's range spans from full-service upper upscale properties to midscale, extended stay, and economy options, catering to a wide array of traveler needs while aiming to drive value for franchise owners and shareholders.
Choice Hotels International, Inc. (NYSE: CHH) has expanded its upscale portfolio with the opening of the Radisson Hotel Fairview Heights - St. Louis in Fairview Heights, Illinois. The four-story, 119-room hotel offers nearly 10,000 square feet of meeting spaces and amenities including a heated indoor pool, fitness center, and on-site bar and restaurant. Located near downtown St. Louis, the hotel provides easy access to popular attractions and airports.
The property features a modern nature-inspired design with guest rooms equipped with ergonomic work areas, free WiFi, flat-screen TVs, and more. Radisson participates in the Choice Privileges rewards program, which allows members to earn and redeem points at over 7,000 hotels worldwide. Choice Hotels continues to support its franchisees with cutting-edge solutions and resources to maximize their return on investment.
Choice Hotels International (NYSE: CHH) has announced its first contract under the recently reintroduced SOAR program, aimed at creating hotel ownership opportunities for underrepresented entrepreneurs. Damon Healey of Eternal Companies has signed a contract to convert two hotels in Georgia to Suburban Studios, one of Choice's extended stay brands. The properties, located in Columbus and Macon, opened on May 30.
The SOAR program reaffirms Choice's commitment to supporting underrepresented entrepreneurs in hotel ownership. In 2023, Choice's Emerging Markets program executed 28 new franchise contracts with diverse entrepreneurs, including 9 with African American owners and 17 with women owners through the HERtels by Choice program. The company has awarded and financially supported over 370 franchise agreements with underrepresented minority and veteran entrepreneurs since the program's inception.
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