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Published on : Wednesday, August 2, 2017
Choice Hotels International, Inc., one of the world’s largest hotel companies, today reported its results for the three months ended June 30, 2017. Net income for the 2017 second quarter was $45.0 million, or $0.79 per diluted share, compared to $38.8 million, or $0.68 per diluted share for the 2016 second quarter, representing a 16-percent increase. Second quarter adjusted earnings before income taxes, depreciation and amortization (EBITDA) was $81.1 million compared to $70.4 million in the prior-year second quarter, a 15-percent increase.
“Choice Hotels’ overall strategy to successfully focus on franchisee profitability has led to our robust development pipeline and continues to deliver strong financial results,” said Stephen P. Joyce, chief executive officer, Choice Hotels. “For second quarter of 2017, 176 new domestic franchise agreements were executed, a 20-percent increase when compared to second quarter of 2016. In fact, we have experienced one of the strongest January through June development periods in our company’s history, as new franchise agreements increased 30-percent and new construction agreements increased 65-percent, versus the first six months of 2016.”
“Our midscale and upscale brands continue to be core areas of strength and expansion,” said Patrick Pacious, Choice Hotel’s president, chief operating officer and incoming chief executive officer. “The brands in our midscale segment, including Comfort, Quality and Sleep Inn, are experiencing continued growth in both RevPAR and our development pipeline. In addition, our upscale brands – Cambria Hotels and The Ascend Hotel Collection – are aggressively expanding. These results reinforce that we have very effective distribution channels and a high-performing franchisee business model.”