Choice Hotels Announces Two New SOAR Contracts Supporting Hotel Ownership Opportunities for Underrepresented Entrepreneurs
Rhea-AI Summary
Choice Hotels International (NYSE: CHH) announced two new contracts under its Supporting Ownership Access and Representation (SOAR) program, which supports hotel ownership for underrepresented entrepreneurs. The contracts include an 82-room WoodSpring Suites in New Mexico and a 49-room Rodeway Inn in Illinois. These are part of 17 SOAR contracts signed year-to-date, reflecting an increase from 1 to 2 contracts per month in the last five years. Since its inception, Choice has awarded 387 franchise agreements through SOAR. The program demonstrates Choice's commitment to fostering diversity in hotel ownership and providing support to veteran and minority entrepreneurs.
Positive
- Increased SOAR program contract rate from 1 to 2 per month in last 5 years
- Expansion of hotel portfolio with two new properties
- Strong track record with 387 franchise agreements awarded through SOAR program
- Strategic growth in extended stay segment with 500+ properties
Negative
- None.
News Market Reaction – CHH
In the trading session that priced this news, CHH declined 0.17%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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"Our latest SOAR contracts with veteran and Latino hotel owners in
Walter Barela and Brain Resendez of Peak Hospitality, a hotel acquisition and asset management firm, executed a contract to open a WoodSpring Suites in Truth or Consequences,
Ben Rohlfing, Amanda Rohlfing, and Bob Schultz executed a conversion contract for Rodeway Inn Effingham in
"Choice Hotels and the SOAR program was there to help direct me with all the things I needed to know to be a successful hotel owner," said Ben Rohlfing.
The SOAR program is part of Choice's longstanding commitment to support underrepresented entrepreneurs in reaching their goal of making small business ownership a reality. Choice Hotels is the first hospitality company to have a dedicated team solely focused on extending the opportunity of hotel ownership to underrepresented populations. Since its inception more than 20 years ago, Choice has awarded and offered financial support for 387 franchise agreements for veterans and underrepresented entrepreneurs under the program.
For more information on the SOAR program and Choice Hotels' ongoing commitment to empowering underrepresented hotel owners, please visit Choice Hotels SOAR Program.
About Choice Hotels®
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world. The one to watch in upscale and a leader in midscale and extended stay, Choice® has over 7,500 hotels, representing nearly 635,000 rooms, in 45 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.