Choice Hotels International Reports Second Quarter 2025 Results
Choice Hotels International (NYSE: CHH) reported its Q2 2025 results, highlighting a 2.1% growth in global net rooms to 644,400 rooms. The company posted net income of $81.7 million ($1.75 EPS), compared to $87.1 million in Q2 2024. Adjusted EBITDA reached a Q2 record of $165.0 million, up 2% year-over-year.
Key developments include the acquisition of the remaining 50% stake in Choice Hotels Canada for $112 million, expanding from 8 to 22 brands in Canada. International expansion accelerated with strategic agreements in Brazil, France, and China, leading to a 5% growth in international rooms. The company's global pipeline exceeded 93,000 rooms, with domestic extended stay segment growing by 10.5%.
However, domestic RevPAR decreased by 2.9% in Q2 2025, leading to revised full-year RevPAR guidance of -3% to 0%, down from previous -1% to 1% outlook.
Choice Hotels International (NYSE: CHH) ha riportato i risultati del secondo trimestre 2025, evidenziando una crescita del 2,1% delle camere nette globali che hanno raggiunto 644.400 unità. La società ha registrato un utile netto di 81,7 milioni di dollari (EPS di 1,75 dollari), rispetto agli 87,1 milioni di dollari del secondo trimestre 2024. L'EBITDA rettificato ha raggiunto un record per il secondo trimestre di 165,0 milioni di dollari, in aumento del 2% su base annua.
Tra gli sviluppi principali si segnala l'acquisizione del restante 50% di Choice Hotels Canada per 112 milioni di dollari, ampliando l'offerta da 8 a 22 marchi in Canada. L'espansione internazionale ha accelerato grazie ad accordi strategici in Brasile, Francia e Cina, portando a una crescita del 5% delle camere internazionali. Il portafoglio globale della società ha superato le 93.000 camere, con il segmento domestico degli soggiorni prolungati in crescita del 10,5%.
Tuttavia, il RevPAR domestico è diminuito del 2,9% nel secondo trimestre 2025, portando a una revisione delle previsioni annuali del RevPAR tra -3% e 0%, in calo rispetto alla precedente stima tra -1% e 1%.
Choice Hotels International (NYSE: CHH) informó sus resultados del segundo trimestre de 2025, destacando un crecimiento del 2,1% en habitaciones netas globales hasta 644,400 habitaciones. La compañía registró un ingreso neto de $81.7 millones (EPS de $1.75), en comparación con $87.1 millones en el segundo trimestre de 2024. El EBITDA ajustado alcanzó un récord para el segundo trimestre de $165.0 millones, un aumento del 2% interanual.
Entre los desarrollos clave se incluye la adquisición del 50% restante de Choice Hotels Canada por $112 millones, ampliando de 8 a 22 marcas en Canadá. La expansión internacional se aceleró con acuerdos estratégicos en Brasil, Francia y China, llevando a un crecimiento del 5% en habitaciones internacionales. La cartera global de la compañía superó las 93,000 habitaciones, con el segmento nacional de estadías prolongadas creciendo un 10.5%.
Sin embargo, el RevPAR doméstico disminuyó un 2.9% en el segundo trimestre de 2025, lo que llevó a una revisión de la guía anual de RevPAR a un rango de -3% a 0%, desde la previsión anterior de -1% a 1%.
Choice Hotels International (NYSE: CHH)은 2025년 2분기 실적을 발표하며, 글로벌 순 객실 수가 2.1% 증가하여 644,400실에 달했다고 밝혔습니다. 회사는 2024년 2분기 8,710만 달러와 비교해 8,170만 달러의 순이익 (주당순이익 1.75달러)을 기록했습니다. 조정 EBITDA는 전년 대비 2% 증가한 1억 6,500만 달러로 2분기 사상 최고치를 경신했습니다.
주요 발전 사항으로는 Choice Hotels Canada의 나머지 50% 지분을 1억 1,200만 달러에 인수하여 캐나다 내 브랜드 수를 8개에서 22개로 확대했습니다. 브라질, 프랑스, 중국에서 전략적 계약을 통해 국제적 확장이 가속화되었으며, 국제 객실 수는 5% 증가했습니다. 회사의 글로벌 개발 파이프라인은 93,000실을 초과했으며, 국내 장기 숙박 부문은 10.5% 성장했습니다.
그러나 2025년 2분기 국내 RevPAR는 2.9% 감소하여 연간 RevPAR 가이드를 기존 -1%~1%에서 -3%~0%로 하향 조정했습니다.
Choice Hotels International (NYSE : CHH) a publié ses résultats du deuxième trimestre 2025, soulignant une croissance de 2,1 % du nombre net de chambres mondiales atteignant 644 400 chambres. La société a enregistré un bénéfice net de 81,7 millions de dollars (BPA de 1,75 $), contre 87,1 millions de dollars au deuxième trimestre 2024. L'EBITDA ajusté a atteint un record pour le deuxième trimestre de 165,0 millions de dollars, en hausse de 2 % sur un an.
Les développements clés incluent l'acquisition des 50 % restants de Choice Hotels Canada pour 112 millions de dollars, passant de 8 à 22 marques au Canada. L'expansion internationale s'est accélérée grâce à des accords stratégiques au Brésil, en France et en Chine, entraînant une croissance de 5 % des chambres internationales. Le portefeuille mondial de la société a dépassé 93 000 chambres, avec une croissance de 10,5 % du segment national des séjours prolongés.
Cependant, le RevPAR national a diminué de 2,9 % au deuxième trimestre 2025, conduisant à une révision des prévisions annuelles du RevPAR entre -3 % et 0 %, contre une fourchette précédente de -1 % à 1 %.
Choice Hotels International (NYSE: CHH) meldete seine Ergebnisse für das zweite Quartal 2025 und hob ein Wachstum der globalen Nettogästezimmer um 2,1% auf 644.400 Zimmer hervor. Das Unternehmen verzeichnete einen Nettogewinn von 81,7 Millionen US-Dollar (EPS von 1,75 US-Dollar), verglichen mit 87,1 Millionen US-Dollar im zweiten Quartal 2024. Das bereinigte EBITDA erreichte mit 165,0 Millionen US-Dollar einen Rekordwert für das zweite Quartal, was einem Anstieg von 2 % im Jahresvergleich entspricht.
Zu den wichtigsten Entwicklungen zählt die Übernahme der verbleibenden 50% an Choice Hotels Canada für 112 Millionen US-Dollar, wodurch die Markenanzahl in Kanada von 8 auf 22 erweitert wurde. Die internationale Expansion beschleunigte sich durch strategische Vereinbarungen in Brasilien, Frankreich und China, was zu einem Wachstum der internationalen Zimmer um 5% führte. Der globale Projektbestand des Unternehmens überstieg 93.000 Zimmer, wobei der inländische Segment für Langzeitaufenthalte um 10,5 % wuchs.
Allerdings sank der inländische RevPAR im zweiten Quartal 2025 um 2,9 %, was zu einer Anpassung der Jahresprognose für den RevPAR auf -3 % bis 0 % führte, gegenüber der vorherigen Prognose von -1 % bis 1 %.
- None.
- Net income decreased to $81.7 million from $87.1 million in Q2 2024
- Domestic RevPAR declined 2.9% year-over-year
- Downward revision of full-year RevPAR guidance to -3% to 0% from previous -1% to 1%
- Net debt leverage ratio at 3.0 times as of June 30, 2025
Insights
Choice Hotels reported solid Q2 results with 2.1% global room growth despite RevPAR challenges, highlighting successful diversification strategy.
Choice Hotels delivered mixed Q2 2025 results that reflect both operational strengths and market headwinds. While net income declined 6.2% to
The company's growth strategy shows promising diversification, particularly internationally where room count expanded 5% year-over-year. Key international developments include extending a master franchise agreement in Brazil for over 10,000 rooms, nearly tripling room count in France, and signing strategic agreements in China expected to add approximately 19,500 rooms over the next five years.
The July acquisition of the remaining 50% stake in Choice Hotels Canada for
Domestically, Choice continues to excel in the extended stay segment, growing this portfolio by 10.5% compared to June 2024. The WoodSpring Suites brand grew 9.7% to nearly 33,000 rooms and received top J.D. Power guest satisfaction rankings. This positions Choice well in a segment known for cycle-resilience during economic downturns.
The domestic RevPAR decline of 2.9% indicates broader industry challenges, though extended stay outperformed the total lodging industry by 40 basis points. The company has revised its full-year RevPAR guidance downward from -1% to 1% to -3% to 0%, reflecting a more cautious outlook on consumer travel spending.
Choice maintained strong financial discipline with adjusted SG&A expenses declining 4% year-over-year and operating cash flows increasing 2% to
Management's commitment to shareholder returns continued with
Grows Global Net Rooms System Size by
Including
Accelerates International Growth with Expansion to Over 140,000 Rooms
Highlights include:
- Net income was
$81.7 million $87.1 million $1.75 $1.80
- Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for second quarter 2025 grew to
$165.0 million 2% increase compared to the same period of 2024. Excluding the impact of a$2 million $167.0 million
- Adjusted diluted EPS for second quarter 2025 grew to
$1.92 4% increase compared to the same period of 2024.
- Increased net global rooms system size by
2.1% , including3.0% growth for global upscale, extended stay, and midscale rooms portfolio, compared to June 30, 2024.
- Increased net international rooms system size by
5.0% , highlighted by a15% increase in openings, compared to June 30, 2024.
- Accelerated international expansion, including strengthening the company's presence in
Brazil by extending a master franchise agreement for over 10,000 rooms with Atlantica Hospitality International by 20 years, nearly tripling the room count inFrance through a direct franchise agreement with Zenitude Hotel-Residences, and signing strategic agreements with SSAW Hotels & Resorts inChina , including a distribution agreement which is expected to add over 9,500 rooms in 2025 and a master franchising agreement, which is expected to add approximately 10,000 rooms over the next five years.
- Acquired the remaining
50% interest in Choice Hotels Canada in July for approximately$112 million Canada by expanding the product offering from eight to 22 Choice brands, including particularly strong opportunities in the extended-stay segment. The portfolio includes 327 units and over 26,000 rooms, already reflected in the company's system count. Management expects the total Choice Hotels Canada business to generate approximately$18 million
- Global pipeline exceeded 93,000 rooms as of June 30, 2025, including nearly 77,000 domestic rooms.
- Increased net rooms portfolio for the domestic extended stay segment by
10.5% compared to June 30, 2024, and the segment's pipeline reached nearly 43,000 rooms as of June 30, 2025.
"Choice Hotels delivered another quarter of record financial performance despite a softer domestic RevPAR environment, underscoring the successful execution and diversification of our growth strategy," said Patrick Pacious, President and Chief Executive Officer. "We are especially pleased with our strong international performance, where we have achieved significant growth and accelerated global expansion through a recent strategic acquisition, the signing of key partnerships, and entry into new markets. With more diversified growth avenues, enhanced product quality and value proposition driving stronger customer engagement, and a leading position in the cycle-resilient extended-stay segment, we remain well-positioned to deliver long-term returns for all our stakeholders."
Financial Performance
Three months ended June 30, | Six months ended June 30, | ||||
2025 | 2024 | 2025 | 2024 | ||
Total Revenues | |||||
Revenue excluding revenue for reimbursable costs from | |||||
Net Income | |||||
Adjusted Net Income | |||||
Diluted Earnings per Share | |||||
Adjusted Diluted Earnings per Share | |||||
Adjusted EBITDA | |||||
1 The July 2, 2025 exchange rate of 0.734 was used to convert the purchase price and EBITDA from Canadian dollars to US dollars. |
2 Calculated as total revenues net of reimbursable revenues. Reimbursable revenues were |
- Partnership services and fees rose
7% to$27.1 million 16% to$52.4 million
- Adjusted selling, general and administrative expenses (SG&A) declined
4% to$77.6 million $2 million $75.6 million 6% lower than the same period of 2024.
- The domestic effective royalty rate increased by 8 basis points to
5.12% for second quarter 2025, compared to the same period of 2024.
- Domestic revenue per available room (RevPAR) decreased by
2.9% for second quarter 2025, compared to the same period of 2024, reflecting macroeconomic uncertainty and previously disclosed difficult comparisons due to the timing of Easter and eclipse-related travel in 2024. Excluding the Easter and eclipse impacts, domestic RevPAR declined approximately1.6% for second quarter 2025, compared to the same period of 2024.
- The domestic RevPAR for extended stay portfolio outperformed the total lodging industry by 40 basis points and the economy transient portfolio outperformed the economy chain scale by 320 basis points in domestic RevPAR for second quarter 2025, compared to the same period of 2024.
System Size and Development
Rooms | |||
June 30, 2025 | June 30, 2024 | Change | |
Domestic | 500,562 | 494,083 | 1.3 % |
Domestic Upscale, Extended Stay, and Midscale | 439,744 | 429,725 | 2.3 % |
International | 143,838 | 136,980 | 5.0 % |
Global | 644,400 | 631,063 | 2.1 % |
- Domestic upscale, extended stay, and midscale net rooms portfolio grew by
2.3% compared to June 30, 2024.
- The company's WoodSpring Suites brand grew by
9.7% to nearly 33,000 rooms since June 30, 2024, and was ranked number one for the third year in a row in guest satisfaction among economy extended stay hotel brands in the J.D. Power 2025 North America Hotel Guest Satisfaction Index Study.4
- For the upscale brands, global net rooms grew by
14.7% from June 30, 2024, and global pipeline increased by7% from March 31, 2025, reaching nearly 29,000 rooms.
- Increased the domestic economy transient pipeline by
8% to over 1,700 rooms as of June 30, 2025, compared to June 30, 2024.
3 Adjusted to exclude a non-recurring benefit of |
4 WoodSpring Suites received the highest score among economy extended stay hotels in the J.D. Power 2025 North America Hotel Guest Satisfaction Index Study of customers' satisfaction with their hotel stay. Visit jdpower.com/awards for more details. |
Balance Sheet and Liquidity
As of June 30, 2025, the company had total available liquidity of
During the first half of 2025, the company increased cash flows from operating activities by
Shareholder Returns
During the six months ended June 30, 2025, the company paid cash dividends totaling
As of June 30, 2025, the company had 3.0 million shares of common stock remaining under the current share repurchase authorization.
Outlook
The company is adjusting its RevPAR outlook to reflect a more moderate domestic expectation amidst a changing macroeconomic backdrop. The company's adjusted EBITDA outlook reflects an incremental contribution of approximately
Full-Year 2025 | Prior Outlook | |
Net Income | ||
Adjusted Net Income | ||
Adjusted EBITDA | ||
Diluted EPS | ||
Adjusted Diluted EPS | ||
Effective Income Tax Rate | 25 % | 25 % |
Full-Year 2025 vs. Full-Year 2024 | Prior Outlook | |
Domestic RevPAR Growth | - | - |
Domestic Effective Royalty Rate Growth | Mid-single digits | Mid-single digits |
Global Net System Rooms Growth | Approximately | Approximately |
Webcast and Conference Call
Choice Hotels International will conduct a live webcast to discuss the company's second 2025 earnings results on August 6, 2025, at 10:00 a.m. EDT on the company's investor relations website, www.investor.choicehotels.com, accessible via the Events and Presentations tab.
A conference call will also be available. Participants may listen to the call by dialing (800) 549-8228 domestically or (646) 564-2877 internationally using conference ID 88948.
A replay and transcript of the event will be available on the company's investor relations website within 24 hours at www.investor.choicehotels.com/events-and-presentations.
About Choice Hotels®
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest lodging franchisors in the world, with nearly 7,500 hotels, representing over 640,000 rooms, in 46 countries and territories. A wide-ranging portfolio of 22 brands, 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.
Forward-Looking Statements
Information set forth herein includes "forward-looking statements." Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "expect," "estimate," "believe," "anticipate," "should," "will," "forecast," "plan," "project," "assume," or similar words of futurity. All statements other than historical facts are forward-looking statements. These forward-looking statements are based on management's current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to management. Such statements may relate to projections of Choice's revenue, expenses, EBITDA, adjusted EBITDA, earnings, debt levels, ability to repay outstanding indebtedness, payment of dividends, net surplus or deficit, repurchases of common stock and other financial and operational measures, including occupancy and open hotels, RevPAR, strategic investment and acquisition performance, international expansion performance, macroeconomic backdrop and Choice's liquidity, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties, and other factors.
Several factors could cause actual results, performance or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, changes to general, domestic and foreign economic conditions, including access to liquidity and capital; changes in consumer demand and confidence, including consumer discretionary spending and the demand for travel, transient and group business; the timing and amount of future dividends and share repurchases; future domestic or global outbreaks of epidemics, pandemics or contagious diseases or fear of such outbreaks, and the related impact on the global hospitality industry, particularly but not exclusively the
Non-GAAP Financial Measurements and Other Definitions
The company evaluates its operations utilizing the performance metrics of EBITDA, adjusted EBITDA, adjusted selling, general and administrative (SG&A) expenses, adjusted net income, and adjusted EPS, which are all non-GAAP financial measurements. These measures, which are reconciled to the comparable GAAP measures in Exhibits 6 and 7, should not be considered as an alternative to any measure of performance or liquidity as promulgated under or authorized by GAAP, such as SG&A, net income and EPS. The company's calculation of these measurements may be different from the calculations used by other companies and comparability may therefore be limited. We discuss management's reasons for reporting these non-GAAP measures and how each non-GAAP measure is calculated below.
In addition to the specific adjustments noted below with respect to each measure, the non-GAAP measures presented herein also exclude restructuring of the company's operations including employee severance benefit, income taxes and legal costs, acquisition related to business combination, due diligence and transition (recoveries) costs, expenses associated with legal claims, (gain) loss on the sale of equity securities, net of dividend income purchased in contemplation of the proposed acquisition of Wyndham Hotels, and global ERP system implementation and related costs to allow for period-over-period comparison of ongoing core operations before the impact of these discrete and infrequent charges.
Earnings Before Interest, Taxes, Depreciation, and Amortization and Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization: EBITDA reflects net income excluding the impact of interest expense, interest income, provision for income taxes, depreciation and amortization, impairments and gains on sale of business and assets, other (gains) and losses, equity in net income (loss) of unconsolidated affiliates and (gain) loss on extinguishment of debt. Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude certain items, including, mark-to-market adjustments on non-qualified retirement plan investments, share based compensation expense (benefit) and surplus or deficits generated by reimbursable revenue from franchised and managed properties. We consider EBITDA and adjusted EBITDA to be an indicator of operating performance because it measures our ability to service debt, fund capital expenditures, and expand our business. We also use these measures, as do analysts, lenders, investors, and others, to evaluate companies because they exclude certain items that can vary widely across industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels, and credit ratings, and share based compensation expense (benefit) is dependent on the design of compensation plans in place and the usage of them. Accordingly, the impact of interest expense and share based compensation expense (benefit) on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provision for income taxes can vary considerably among companies. These measures also exclude depreciation and amortization because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets or amortizing franchise-agreement acquisition costs. These differences can result in considerable variability in the relative asset costs and estimated lives and, therefore, the depreciation and amortization expense among companies. Mark-to-market adjustments on non-qualified retirement-plan investments recorded in SG&A expenses are excluded from adjusted EBITDA, as the company accounts for these investments in accordance with accounting for deferred-compensation arrangements when investments are held in a rabbi trust and invested. Changes in the fair value of the investments are recognized as both compensation expense in SG&A and other gains and losses. As a result, the changes in the fair value of the investments do not have a material impact on the company's net income. Surpluses and deficits generated from reimbursable revenues from franchised and managed properties are excluded, as the company does not operate these programs to generate a profit and has the contractual rights to adjust future collections or assess additional fees to recover prior period expenditures. The company's franchise and management agreements require these revenues to be used exclusively for expenses associated with providing franchise and management services, such as central reservation systems, hotel employee and operating costs, reservation delivery and national marketing and media advertising. Franchised and managed property owners are required to reimburse the company for any deficits generated from these activities and the company is required to spend any surpluses generated in future periods. The reimbursement for franchise and management services is typically billed and collected monthly, based on the underlying hotel's sales or usage, while the associated costs are recognized as incurred by the company, creating timing differences with the net effect impacting net income in the reporting period. These timing differences are due to our discretion to spend in excess of the revenues earned or less than the revenues earned in a single period to ensure that the programs are operated in the best long-term interests of our franchised and managed properties. Since these activities will be managed to break-even over time, quarterly or annual surpluses and deficits have been excluded from the measurements utilized to assess the company's operating performance.
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and EPS exclude the impact of surpluses or deficits generated from reimbursable revenue from franchised and managed properties and gains on extinguishment of debt. Surpluses and deficits generated from reimbursable revenue from franchised and managed properties are excluded, as the company does not operate these programs to generate a profit and has the contractual rights to adjust future collections or assess additional fees to recover prior period expenditures. The company's franchise agreements require these revenues to be used exclusively for expenses associated with providing franchised and managed services, such as central reservation systems, hotel employee and operating costs, reservation delivery and national marketing and media advertising. Franchised and managed property owners are required to reimburse the company for any deficits generated from activities and the company is required to spend any surpluses generated in future periods. The reimbursement for franchise and management services is typically billed and collected monthly, based on the underlying hotel's sales or usage, while the associated costs are recognized as incurred by the company, creating timing differences with the net effect impacting net income in the reporting period. These timing differences are due to our discretion to spend in excess of the revenues earned or less than the revenues earned in a single period to ensure that the programs are operated in the best long-term interests of our franchised and managed properties. Since these activities will be managed to break-even over time, quarterly or annual surpluses and deficits have been excluded from the measurements utilized to assess the company's operating performance. We consider adjusted net income and adjusted EPS to be indicators of operating performance because excluding these items allows for period-over-period comparisons of our ongoing operations.
Adjusted SG&A: Adjusted SG&A reflects SG&A excluding the impact of mark-to-market adjustments on non-qualified retirement plan investments and share based compensation expense. We use this measure, as do analysts, lenders, investors, and others, to evaluate companies because it excludes certain items that can vary widely across industries or among companies within the same industry. For example, share based compensation expense (benefit) is dependent on the design of compensation plans in place and the usage of them. Accordingly, the impact of share-based compensation expense (benefit) on earnings can vary significantly among companies. Mark-to-market adjustments on non-qualified retirement-plan investments recorded in SG&A expenses are also excluded as the company accounts for these investments in accordance with accounting for deferred-compensation arrangements when investments are held in a rabbi trust and invested. Changes in the fair value of the investments are recognized as both compensation expense in SG&A and other gains and losses. As a result, the changes in the fair value of the investments do not have a material impact on the company's net income.
Occupancy: Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel for a given period. Occupancy measures the utilization of the hotels' available capacity. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given period. The company calculates occupancy based on information as reported by its franchisees. To accurately reflect occupancy, the company may revise its prior years' operating statistics for the most current information provided.
Average Daily Rate (ADR): ADR represents hotel room revenue divided by the total number of room nights sold for a given period. ADR measures the average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the industry, and management uses ADR to assess pricing levels that the company is able to generate. The company calculates ADR based on information as reported by its franchisees. To accurately reflect ADR, the company may revise its prior years' operating statistics for the most current information provided.
Revenue Per Available Room (RevPAR): RevPAR is calculated by dividing hotel room revenue by the total number of room nights available to guests for a given period. Management considers RevPAR to be a meaningful indicator of hotel performance and therefore company royalty and system revenues as it provides a metric correlated to the two key drivers of operations at a hotel: occupancy and ADR. The company calculates RevPAR based on information as reported by its franchisees. To accurately reflect RevPAR, the company may revise its prior years' operating statistics for the most current information provided. RevPAR is also a useful indicator in measuring performance over comparable periods.
Pipeline: Pipeline is defined as hotels awaiting conversion, under construction or approved for development, and master development agreements committing owners to future franchise development.
Financial Statements Update
During the first quarter of 2025, the consolidated statements of income were reclassified to evolve the financial statement to classify revenues and expenses based on the nature of the underlying activities. Certain prior year amounts in the consolidated statements of income were reclassified in order to maintain comparability with the current year presentation. The reclassification was not a result of any error in the company's prior classification and had no effect on the company's previously reported total revenues, total operating expenses, operating income, or net income.
Royalty, licensing and management fees were revised to franchise and management fees in the consolidated statements of income, and now include the revenues previously presented in royalty, licensing and management fees, with the exception of partnership licensing revenues which are now presented in partnership services and fees in the consolidated statements of income, and the addition of revenues generated from programs, platforms, and services associated with the company's franchise operations which were previously presented in other revenues from franchised and managed properties in the consolidated statements of income.
Initial franchise fees, which were previously presented as a standalone financial statement line item, are now presented within franchise and management fees in the consolidated statements of income.
Platform and procurement services fees were revised to partnership services and fees in the consolidated statements of income, and now include the revenues previously presented in platform and procurement services fees, with the exception of the revenues from the company's annual franchisee convention which are now presented in other revenue, the addition of partnership licensing revenues which were previously presented in royalty, licensing and management fees, and the addition of the revenues generated from other non-franchising agreements which are primarily software as a service ("SaaS") arrangements for non-franchised hoteliers which were previously presented in other revenue in the consolidated statements of income.
Other revenues from franchised and managed properties were revised to revenue for reimbursable costs from franchised and managed properties in the consolidated statements of income, and now include the revenues previously presented in other revenues from franchised and managed properties, with the exception of the revenues generated from programs, platforms, and services associated with the company's franchise operations which are now presented in franchise and management fees in the consolidated statements of income.
Selling, general and administrative expenses were revised to include the expenses incurred related to programs, platforms, and services associated with the company's franchise operations, which were previously presented in other expenses from franchised and managed properties in the consolidated statements of income.
Depreciation and amortization was revised to include amortization expense from information technology platforms, which was previously presented in other expenses from franchised and managed properties in the consolidated statements of income.
Other expenses from franchised and managed properties were revised to reimbursable expenses from franchised and managed properties in the consolidated statements of income, and now include the expenses previously presented in other expenses from franchised and managed properties, with the exception of the expenses incurred from programs, platforms, and services associated with the company's franchise operations which are now presented in selling, general and administrative expenses, and amortization expense from information technology platforms which is now presented in depreciation and amortization expense in the consolidated statements of income.
Contacts
Allie Summers, Senior Director, Investor Relations
IR@choicehotels.com
© 2025 Choice Hotels International, Inc. All rights reserved.
Choice Hotels International, Inc. | Exhibit 1 | |||||||
Condensed Consolidated Statements of Income | ||||||||
(Unaudited) | ||||||||
(In thousands, except per share amounts) | Three months ended June 30, | Six months ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | |||||
REVENUES | ||||||||
Franchise and management fees | $ 177,086 | $ 179,803 | $ 322,154 | $ 323,213 | ||||
Partnership services and fees | 27,064 | 27,363 | 52,445 | 47,207 | ||||
Owned hotels | 30,228 | 28,418 | 58,088 | 53,409 | ||||
Other | 24,716 | 23,307 | 35,843 | 38,024 | ||||
Revenue for reimbursable costs from franchised and managed properties | 167,349 | 176,265 | 290,773 | 305,252 | ||||
Total revenues | 426,443 | 435,156 | 759,303 | 767,105 | ||||
OPERATING EXPENSES | ||||||||
Selling, general and administrative | 89,298 | 88,729 | 163,508 | 160,998 | ||||
Business combination, diligence and transition costs | 347 | 895 | 446 | 16,739 | ||||
Depreciation and amortization | 13,424 | 12,837 | 27,172 | 25,652 | ||||
Owned hotels | 22,419 | 20,704 | 43,479 | 40,027 | ||||
Reimbursable expenses from franchised and managed properties | 176,358 | 179,369 | 320,169 | 330,918 | ||||
Total operating expenses | 301,846 | 302,534 | 554,774 | 574,334 | ||||
Operating income | 124,597 | 132,622 | 204,529 | 192,771 | ||||
OTHER EXPENSES AND INCOME, NET | ||||||||
Interest expense | 22,736 | 23,845 | 43,978 | 44,026 | ||||
Interest income | (1,456) | (2,415) | (3,015) | (4,146) | ||||
Other (gain) loss | (5,374) | 2,544 | (4,938) | 3,880 | ||||
Equity in net loss (gain) of affiliates | 80 | (7,933) | 131 | (7,778) | ||||
Total other expenses and income, net | 15,986 | 16,041 | 36,156 | 35,982 | ||||
Income before income taxes | 108,611 | 116,581 | 168,373 | 156,789 | ||||
Income tax expense | 26,877 | 29,445 | 42,105 | 38,644 | ||||
Net income | $ 81,734 | $ 87,136 | $ 126,268 | $ 118,145 | ||||
Basic earnings per share | $ 1.76 | $ 1.82 | $ 2.71 | $ 2.42 | ||||
Diluted earnings per share | $ 1.75 | $ 1.80 | $ 2.68 | $ 2.41 | ||||
Choice Hotels International, Inc. | Exhibit 2 | |||||
Condensed Consolidated Balance Sheets | ||||||
(Unaudited) | ||||||
(In thousands) | June 30, | December 31, | ||||
2025 | 2024 | |||||
ASSETS | ||||||
Cash and cash equivalents | $ 58,610 | $ 40,177 | ||||
Accounts receivable, net | 218,473 | 176,672 | ||||
Other current assets | 123,596 | 122,237 | ||||
Total current assets | 400,679 | 339,086 | ||||
Property and equipment, net | 660,762 | 604,345 | ||||
Operating lease right-of-use assets | 79,745 | 83,451 | ||||
Goodwill | 220,187 | 220,187 | ||||
Intangible assets, net | 882,490 | 884,013 | ||||
Notes receivable, net of allowances | 34,214 | 32,682 | ||||
Investments for employee benefit plans, at fair value | 48,205 | 47,603 | ||||
Investments in affiliates | 125,480 | 117,016 | ||||
Other assets | 213,000 | 202,144 | ||||
Total assets | $ 2,664,762 | $ 2,530,527 | ||||
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||||||
Accounts payable | $ 142,870 | $ 134,865 | ||||
Accrued expenses and other current liabilities | 116,569 | 136,729 | ||||
Deferred revenue | 105,761 | 102,114 | ||||
Liability for guest loyalty program | 86,729 | 89,013 | ||||
Total current liabilities | 451,929 | 462,721 | ||||
Long-term debt | 1,900,116 | 1,768,526 | ||||
Long-term deferred revenue | 128,616 | 132,259 | ||||
Deferred compensation and retirement plan obligations | 54,040 | 53,316 | ||||
Operating lease liabilities | 111,239 | 113,255 | ||||
Liability for guest loyalty program | 39,576 | 40,607 | ||||
Other liabilities | 5,484 | 5,114 | ||||
Total liabilities | 2,691,000 | 2,575,798 | ||||
Total shareholders' deficit | (26,238) | (45,271) | ||||
Total liabilities and shareholders' deficit | $ 2,664,762 | $ 2,530,527 | ||||
Choice Hotels International, Inc. | Exhibit 3 | ||
Condensed Consolidated Statements of Cash Flows | |||
(Unaudited) | |||
(In thousands) | Six months ended June 30, | ||
2025 | 2024 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 126,268 | $ 118,145 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 27,172 | 25,652 | |
Depreciation and amortization – reimbursable expenses from franchised and managed properties | 9,426 | 9,907 | |
Franchise agreement acquisition cost amortization | 17,261 | 13,993 | |
Non-cash share-based compensation and other charges | 19,438 | 19,253 | |
Non-cash interest, investments, and affiliate income, net | (1,668) | (1,791) | |
Deferred income taxes | 850 | (2,689) | |
Equity in net loss of affiliates, less distributions received | 692 | 1,160 | |
Franchise agreement acquisition costs, net of reimbursements | (41,474) | (52,025) | |
Change in working capital and other | (41,895) | (18,010) | |
Net cash provided by operating activities | 116,070 | 113,595 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Investments in other property and equipment | (18,333) | (22,686) | |
Investments in owned hotel properties | (65,676) | (50,853) | |
Contributions to investments in affiliates | (9,358) | (19,486) | |
Issuances of notes receivable | (3,353) | (1,479) | |
Collections of notes receivable | 2,773 | 1,743 | |
Proceeds from sales of equity securities | — | 16,815 | |
Distributions from sales of affiliates | — | 15,850 | |
Other items, net | (1,201) | (1,936) | |
Net cash used in investing activities | (95,148) | (62,032) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net borrowings pursuant to revolving credit facilities | 130,000 | 301,500 | |
Debt issuance costs | — | (2,760) | |
Purchases of treasury stock | (112,756) | (292,711) | |
Dividends paid | (26,868) | (28,854) | |
Proceeds from the exercise of stock options | 6,385 | 4,261 | |
Net cash used in financing activities | (3,239) | (18,564) | |
Net change in cash and cash equivalents | 17,683 | 32,999 | |
Effect of foreign exchange rate changes on cash and cash equivalents | 750 | 656 | |
Cash and cash equivalents, beginning of period | 40,177 | 26,754 | |
Cash and cash equivalents, end of period | $ 58,610 | $ 60,409 | |
Exhibit 4 | |||||||||||||||||||
CHOICE HOTELS INTERNATIONAL, INC. | |||||||||||||||||||
SUPPLEMENTAL OPERATING INFORMATION | |||||||||||||||||||
DOMESTIC HOTEL SYSTEM | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | Change | |||||||||||||||||
Average Daily | Average Daily | Average Daily | |||||||||||||||||
Rate | Occupancy | RevPAR | Rate | Occupancy | RevPAR | Rate | Occupancy | RevPAR | |||||||||||
Upscale & Above (1) | $ 152.54 | 60.5 % | $ 92.24 | $ 156.20 | 62.0 % | $ 96.88 | (2.3) % | (150) | bps | (4.8) % | |||||||||
Midscale & Upper | 102.08 | 59.4 % | 60.64 | 104.11 | 60.2 % | 62.71 | (1.9) % | (80) | bps | (3.3) % | |||||||||
Extended Stay (3) | 66.89 | 71.2 % | 47.62 | 64.38 | 74.0 % | 47.63 | 3.9 % | (280) | bps | — % | |||||||||
Economy (4) | 71.42 | 50.1 % | 35.80 | 72.33 | 49.6 % | 35.86 | (1.3) % | 50 | bps | (0.2) % | |||||||||
Total | $ 97.65 | 59.6 % | $ 58.22 | $ 99.40 | 60.3 % | $ 59.95 | (1.8) % | (70) | bps | (2.9) % | |||||||||
For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Change | |||||||||||||||||
Average Daily | Average Daily | Average Daily | |||||||||||||||||
Rate | Occupancy | RevPAR | Rate | Occupancy | RevPAR | Rate | Occupancy | RevPAR | |||||||||||
Upscale & Above (1) | $ 146.63 | 55.2 % | $ 80.91 | $ 150.14 | 56.5 % | $ 84.90 | (2.3) % | (130) | bps | (4.7) % | |||||||||
Midscale & Upper | 98.52 | 54.6 % | 53.78 | 99.16 | 54.9 % | 54.45 | (0.6) % | (30) | bps | (1.2) % | |||||||||
Extended Stay (3) | 66.79 | 69.5 % | 46.44 | 62.98 | 71.5 % | 45.03 | 6.0 % | (200) | bps | 3.1 % | |||||||||
Economy (4) | 70.73 | 46.9 % | 33.19 | 69.66 | 46.2 % | 32.20 | 1.5 % | 70 | bps | 3.1 % | |||||||||
Total | $ 94.48 | 55.3 % | $ 52.25 | $ 94.79 | 55.5 % | $ 52.61 | (0.3) % | (20) | bps | (0.7) % | |||||||||
Effective Royalty Rate | |||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||
System-wide | 5.12 % | 5.04 % | 5.11 % | 5.04 % | |||||||||||||||
(1) Includes Ascend Hotel Collection, Cambria, Park Plaza, Radisson, Radisson Blu, Radisson Individuals, and Radisson RED brands. | |||||||||||||||||||
(2) Includes Clarion, Comfort Inn, Comfort Suites, Country Inn & Suites, Park Inn, Quality Inn, and Sleep Inn brands. | |||||||||||||||||||
(3) Includes Everhome Suites, Mainstay Suites, Suburban Studios, and WoodSpring Suites brands. | |||||||||||||||||||
(4) Includes Econo Lodge and Rodeway brands. | |||||||||||||||||||
Exhibit 5 | ||||||||||||||||
CHOICE HOTELS INTERNATIONAL, INC. | ||||||||||||||||
SUPPLEMENTAL HOTEL AND ROOM SUPPLY DATA | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
June 30, 2025 | June 30, 2024 | Variance | ||||||||||||||
Hotels | Rooms | Hotels | Rooms | Hotels | % | Rooms | % | |||||||||
Ascend Hotel Collection | 231 | 38,537 | 203 | 23,109 | 28 | 13.8 % | 15,428 | 66.8 % | ||||||||
Cambria Hotels | 75 | 10,222 | 74 | 10,209 | 1 | 1.4 % | 13 | 0.1 % | ||||||||
Radisson(1) | 53 | 9,928 | 60 | 14,177 | (7) | (11.7) % | (4,249) | (30.0) % | ||||||||
Comfort(2) | 1,659 | 130,208 | 1,670 | 131,167 | (11) | (0.7) % | (959) | (0.7) % | ||||||||
Quality | 1,593 | 115,638 | 1,625 | 118,739 | (32) | (2.0) % | (3,101) | (2.6) % | ||||||||
Country | 408 | 32,704 | 422 | 33,633 | (14) | (3.3) % | (929) | (2.8) % | ||||||||
Sleep | 407 | 28,483 | 422 | 29,696 | (15) | (3.6) % | (1,213) | (4.1) % | ||||||||
Clarion(3) | 186 | 19,014 | 186 | 19,598 | — | — % | (584) | (3.0) % | ||||||||
Park Inn | 13 | 1,302 | 8 | 775 | 5 | 62.5 % | 527 | 68.0 % | ||||||||
WoodSpring | 270 | 32,521 | 246 | 29,639 | 24 | 9.8 % | 2,882 | 9.7 % | ||||||||
MainStay | 139 | 10,098 | 130 | 9,202 | 9 | 6.9 % | 896 | 9.7 % | ||||||||
Suburban | 111 | 9,137 | 110 | 9,332 | 1 | 0.9 % | (195) | (2.1) % | ||||||||
Everhome | 17 | 1,952 | 4 | 449 | 13 | 325.0 % | 1,503 | 334.7 % | ||||||||
Econo Lodge | 620 | 36,149 | 658 | 38,602 | (38) | (5.8) % | (2,453) | (6.4) % | ||||||||
Rodeway | 441 | 24,669 | 458 | 25,756 | (17) | (3.7) % | (1,087) | (4.2) % | ||||||||
Domestic Franchises | 6,223 | 500,562 | 6,276 | 494,083 | (53) | (0.8) % | 6,479 | 1.3 % | ||||||||
International Franchises | 1,258 | 143,838 | 1,210 | 136,980 | 48 | 4.0 % | 6,858 | 5.0 % | ||||||||
Total Franchises | 7,481 | 644,400 | 7,486 | 631,063 | (5) | (0.1) % | 13,337 | 2.1 % | ||||||||
(1) Includes Radisson, Radisson Blu, Radisson Individuals, and Radisson RED brands. | ||||||||||||||||
(2) Includes Comfort family of brand extensions including Comfort Inn and Comfort Suites. | ||||||||||||||||
(3) Includes Clarion family of brand extensions including Clarion and Clarion Pointe. | ||||||||||||||||
Exhibit 6 | |||||||||
CHOICE HOTELS INTERNATIONAL, INC. | |||||||||
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION | |||||||||
(UNAUDITED) | |||||||||
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | |||||||||
(dollar amounts in thousands) | Three months ended June 30, | Six months ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | ||||||
Total selling, general and administrative expenses | $ 89,298 | $ 88,729 | $ 163,508 | $ 160,998 | |||||
Mark to market adjustments on non-qualified retirement plan investments | (3,973) | (931) | (3,250) | (4,651) | |||||
Non-recurring operational restructuring (charges) net benefit and executive severance | (372) | 258 | (4,302) | (533) | |||||
Share-based compensation | (6,236) | (5,126) | (12,126) | (10,059) | |||||
Expenses associated with legal claims | — | (2,430) | — | (2,430) | |||||
Global ERP system implementation and related costs | (1,076) | — | (2,066) | — | |||||
Adjusted selling, general and administrative expenses | $ 77,641 | $ 80,500 | $ 141,764 | $ 143,325 | |||||
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") AND ADJUSTED EBITDA | |||||||||
(dollar amounts in thousands) | Three months ended June 30, | Six months ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | ||||||
Net income | $ 81,734 | $ 87,136 | $ 126,268 | $ 118,145 | |||||
Income tax expense | 26,877 | 29,445 | 42,105 | 38,644 | |||||
Interest expense | 22,736 | 23,845 | 43,978 | 44,026 | |||||
Interest income | (1,456) | (2,415) | (3,015) | (4,146) | |||||
Other (gain) loss | (5,374) | 2,544 | (4,938) | 3,880 | |||||
Equity in net loss (gain) of affiliates | 80 | (7,933) | 131 | (7,778) | |||||
Depreciation and amortization | 13,424 | 12,837 | 27,172 | 25,652 | |||||
EBITDA | $ 138,021 | $ 145,459 | $ 231,701 | $ 218,423 | |||||
Share-based compensation | 6,236 | 5,126 | 12,126 | 10,059 | |||||
Mark to market adjustments on non-qualified retirement plan investments | 3,973 | 931 | 3,250 | 4,651 | |||||
Franchise agreement acquisition costs amortization and charges | 5,941 | 4,054 | 11,327 | 7,581 | |||||
Revenue for reimbursable costs from franchised and managed properties | (167,349) | (176,265) | (290,773) | (305,252) | |||||
Reimbursable expenses from franchised and managed properties | 176,358 | 179,369 | 320,169 | 330,918 | |||||
Global ERP system implementation and related costs | 1,076 | — | 2,066 | — | |||||
Business combination, diligence and transition costs | 347 | 895 | 446 | 16,739 | |||||
Non-recurring operational restructuring charges (net benefit) and executive severance | 372 | (258) | 4,302 | 533 | |||||
Expenses associated with legal claims | — | 2,430 | — | 2,430 | |||||
Adjusted EBITDA | $ 164,975 | $ 161,741 | $ 294,614 | $ 286,082 | |||||
ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE ("EPS") | |||||||||
(dollar amounts in thousands, except per share amounts) | Three months ended June 30, | Six months ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | ||||||
Net income | $ 81,734 | $ 87,136 | $ 126,268 | $ 118,145 | |||||
Loss on investments in equity securities, net of dividend income | — | 3,357 | — | 7,584 | |||||
Revenue for reimbursable costs from franchised and managed properties | (167,349) | (176,265) | (290,773) | (305,252) | |||||
Reimbursable expenses from franchised and managed properties | 176,358 | 179,369 | 320,169 | 330,918 | |||||
Business combination, diligence and transition costs | 347 | 895 | 446 | 16,739 | |||||
Non-recurring operational restructuring charges (net benefit) and executive severance | 372 | (258) | 4,302 | 533 | |||||
Global ERP system implementation and related costs | 1,076 | — | 2,066 | — | |||||
Expenses associated with legal claims | — | 2,430 | — | 2,430 | |||||
Gain on sale of an affiliate | — | (7,232) | — | (7,232) | |||||
Income tax expense on adjustments | (2,756) | (649) | (9,053) | (11,421) | |||||
Adjusted net income | $ 89,782 | $ 88,783 | $ 153,425 | $ 152,444 | |||||
Diluted EPS | $ 1.75 | $ 1.80 | $ 2.68 | $ 2.41 | |||||
Adjusted Diluted EPS | $ 1.92 | $ 1.84 | $ 3.25 | $ 3.11 | |||||
Exhibit 7 | |||||
CHOICE HOTELS INTERNATIONAL, INC. | |||||
SUPPLEMENTAL INFORMATION - 2025 OUTLOOK | |||||
(UNAUDITED) | |||||
Guidance represents the company's range of estimated outcomes for the full year ended December 31, 2025 | |||||
EBITDA & ADJUSTED EBITDA | |||||
(in thousands) | Full Year | Full Year | |||
Lower Range | Upper Range | ||||
Net income(1) | $ 260,800 | $ 275,800 | |||
Income tax expense | 87,000 | 92,000 | |||
Interest expense | 88,400 | 88,400 | |||
Interest income | (6,500) | (6,500) | |||
Other gain | (4,700) | (4,700) | |||
Equity in net gain of affiliates | (1,300) | (1,300) | |||
Depreciation and amortization(1) | 56,400 | 56,400 | |||
EBITDA | $ 480,100 | $ 500,100 | |||
Share-based compensation | 24,100 | 24,100 | |||
Mark to market adjustments on non-qualified retirement plan investments | 3,300 | 3,300 | |||
Franchise agreement acquisition costs amortization and charges | 23,800 | 23,800 | |||
Revenue for reimbursable costs from franchised and managed properties | (606,200) | (606,200) | |||
Reimbursable expenses from franchised and managed properties | 676,200 | 676,200 | |||
Non-recurring operational restructuring charges and executive severance | 4,300 | 4,300 | |||
Global ERP system implementation and related costs | 6,400 | 6,400 | |||
Business combination, diligence and transition costs | 3,000 | 3,000 | |||
Adjusted EBITDA | $ 615,000 | $ 635,000 | |||
ADJUSTED NET INCOME & DILUTED EARNINGS PER SHARE ("EPS") | |||||
(in thousands, except per share amounts) | Full Year | Full Year | |||
Lower Range | Upper Range | ||||
Net income(1) | $ 260,800 | $ 275,800 | |||
Revenue for reimbursable costs from franchised and managed properties | (606,200) | (606,200) | |||
Reimbursable expenses from franchised and managed properties | 676,200 | 676,200 | |||
Non-recurring operational restructuring charges and executive severance | 4,300 | 4,300 | |||
Global ERP system implementation and related costs | 6,400 | 6,400 | |||
Business combination, diligence and transition costs | 3,000 | 3,000 | |||
Income tax expense on adjustments | (20,900) | (20,900) | |||
Adjusted Net Income | $ 323,600 | $ 338,600 | |||
Diluted EPS | $ 5.54 | $ 5.86 | |||
Adjusted Diluted EPS | $ 6.88 | $ 7.20 | |||
(1) Guidance does not reflect depreciation and amortization related to assets acquired and liabilities assumed in conjunction with the acquisition of Choice Hotels Canada, as the initial accounting for the acquisition is incomplete as of the filing date. | |||||
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SOURCE Choice Hotels International, Inc.
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