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With new properties in California, Tennessee, Missouri, Oregon, and Washington, Cambria Hotels cements Choice as player to watch in upscale
NORTH BETHESDA, Md., Nov. 13, 2024 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH) continues to achieve cross-country growth in the upscale segment with three new Cambria Hotel openings and two groundbreakings this fall. The recently opened properties, located in Imperial, California; Pigeon Forge, Tennessee; and Spokane, Washington, and upcoming groundbreakings in O'Fallon, Missouri and Bend, Oregon introduce Cambria into new markets and build on Choice's goal to bring the brand to more regions nationwide.
Drives EPS Growth of 23% Year-over-Year Raises Full-year 2024 Net Income, EPS, and RevPAR Guidance
NORTH BETHESDA, Md., Nov. 4, 2024 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's leading lodging franchisors, today reported its third quarter 2024 results.
Highlights include:
Total revenues reached $428.0 million for third quarter 2024, a quarterly record and a 1% increase compared to the same period of 2023.Net income increased 15% to $105.7 million for third quarter 2024, representing diluted earnings per share (EPS) of $2.22, a quarterly record and a 23% increase compared to the same period of 2023.Third quarter 2024 adjusted net income, excluding certain items described in Exhibit 7, increased 15% to $106.2 million compared to the same period of 2023, and adjusted diluted EPS increased 23% to a record of $2.23 compared to the same period of 2023.Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for third quarter 2024 grew to a quarterly record of $177.6 million, a 14% increase compared to the same period of 2023.Global pipeline as of September 30, 2024, increased 11% to a third quarter record of over 110,000 rooms from September 30, 2023, highlighted by a 54% increase for conversion rooms. Domestic rooms pipeline as of September 30, 2024, increased by 10% since September 30, 2023, including a 68% increase for conversion rooms.Global hotel openings for third quarter 2024 increased by 75% compared to the same period of 2023.The company's unit and room growth as of September 30, 2024, accelerated across its domestic and international portfolio from June 30, 2024. The company's upscale, extended stay, and midscale rooms portfolio, as of September 30, 2024, increased by 1.8% globally since September 30, 2023.The international portfolio as of September 30, 2024, expanded by 3.8% in the number of rooms, highlighted by international hotel openings that tripled in third quarter 2024 compared to the same period of 2023.The company repurchased 2.9 million shares of common stock for $352.9 million year-to-date through September 30, 2024, representing over 6% of the company's market capitalization at the beginning of the year.The company is increasing midpoint of its guidance for net income, adjusted EBITDA, diluted EPS, and adjusted diluted EPS for full-year 2024.Members can redeem points at more than 7,000 hotels around the world, including 1,000 luxury and upscale, full-service hotels across Radisson, Radisson Blu, Cambria Hotels and others
NORTH BETHESDA, Md., Oct. 31, 2024 /PRNewswire/ -- Choice Privileges, the award-winning rewards program of Choice Hotels International, Inc. (NYSE: CHH), is introducing new features aimed at giving members more value and opportunities to use their points. Starting in early 2025, Choice will triple its reward night booking window to 50 weeks, give members the option to redeem points for the premium features that matter most to them, and introduce Choice RewardSaver, a redemption tool that gives customers a better value on rewards night bookings.
Across the Industry, Choice Has the Fastest Growing Economy Extended Stay Portfolio and Leads in Economy New Construction Extended Stay
Choice's Extended Stay Hotels Help Deliver Returns on Investment and Gross Operating Profit
NORTH BETHESDA, Md., Oct. 23, 2024 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH) celebrates a pivotal moment in its growth journey with the opening of its 500th extended stay property, an Everhome Suites in Glendale, Arizona. This achievement underscores Choice's rapid expansion and leadership in the economy and midscale extended stay market, powered by a playbook that helps drive revenue and lowers total cost of ownership with strategic new builds and targeted conversions that meet the increasing demand for accommodations of 7+ nights. Across the hospitality industry, Choice has the fastest-growing economy extended stay portfolio and leads in the economy new construction category, according to August 2024 STR Pipeline Data. As of the end of Q2 2024, Choice had over 350 hotels in the pipeline across four extended stay brands: Everhome Suites, WoodSpring Suites, Suburban Studios, and MainStay Suites.
Choice Privileges points donation and Choice corporate matching campaign continues
NORTH BETHESDA, Md., Oct. 22, 2024 /PRNewswire/ -- Through a matching campaign, Choice Hotels International, Inc. (NYSE: CHH) associates and members of the Choice Privileges rewards program have joined together to donate more than $90,000 to date toward the American Red Cross relief efforts for communities in the Southeast impacted by Hurricanes Helene and Milton. With more work still to be done on the ground to help those affected, the Choice corporate matching campaign continues, and members are invited to contribute additional points.
NORTH BETHESDA, Md., Oct. 17, 2024 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, will report its third quarter 2024 earnings results at approximately 6:30 a.m. EST on Monday, November 4, 2024. The company will also hold a conference call at 10 a.m. EST, during which Patrick Pacious, president and chief executive officer, and Scott Oaksmith, chief financial officer, Choice Hotels, will discuss the company's performance.
New Modular Design Package Offers a Quick Way to Implement Multi-Use Lobby Spaces Tailored for Long-Stay Guests, Expanding Choice's Conversion Offerings with the Previously Introduced "Kitchen in a Box"
NORTH BETHESDA, Md., Oct. 7, 2024 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH), one of the largest hotel franchisors in the world, is expanding its portfolio of innovative solutions for its extended stay hotel conversions with the introduction of Lobby in a Box—a proprietary and exclusive to Choice modular design package that allows hoteliers to transform public spaces such as lobby dining areas into multi-functional, revenue-generating spaces in as little as 120 days for its Suburban Studios and MainStay Suites brands.
Relaunch marks the latest major investment in the Radisson Hotels Americas brands since Choice's acquisition in 2022
NORTH BETHESDA, Md., Oct. 3, 2024 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH) today announces the relaunch of Radisson Individuals in the Americas region as an upper upscale soft brand focused on full-service, boutique and independent hotels that stand apart for their distinctive local character and superior guest service. This latest major investment in the Radisson Hotels Americas brands since their acquisition in 2022 builds on Choice's legacy as a pioneer of the soft brand segment and strengthens its portfolio with an offering that serves a fast-growing segment of travelers who value an immersive, one-of-a-kind hotel experience. Choice is now extending the brand to owners for the first time, marking another step in the company's expansion in the upper upscale tier at a time of rising consumer demand in this space.
Demand for extended stay hotels exceeds supply, and owning these hotels is a way to invest in the hottest segment in hospitality
NORTH BETHESDA, Md., Sept. 23, 2024 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH) continues to lead in the extended stay segment, opening 17 MainStay Suites and Suburban Studios between January 1 and September 17, 2024. Breaking into the key markets of Las Vegas, Nevada (with a second hotel opening later this month); Moreno Valley, California; Orlando and Tampa, Florida, 16 of the 17 hotels opened across the two brands are conversions, with the average length of time between contract signing and doors opening around 120 days. Half of the nearly 70 properties in the pipeline for MainStay Suites and Suburban Studios are conversions, expected to open between September 2024 and March 2025.
Nestled among iconic landmarks, the new 99-room hotel features full kitchens in all guest rooms
WASHINGTON, Sept. 17, 2024 /PRNewswire/ -- Hotel Equities (HE) and Urban Investment Partners (UIP) proudly announce the opening of The Quincy, Ascend Hotel Collection, located in the heart of Washington, D.C. The Quincy is an upscale boutique hotel that seamlessly combines comfort, convenience, and style, making it an ideal choice for both business and leisure travelers alike. Located at 1823 L St. NW, The Quincy is in the core of D.C.'s business district, steps from the metro and a short walk to the White House. The hotel, franchised by Choice Hotels International (NYSE: CHH), is owned by 1823 Owner, LLC, a UIP affiliate, and operated by Hotel Equities.