Choice Hotels Reports Increase In 2Q Franchising Revenues
Friday July 26th, 2013 - 10:15AM XB
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ROCKVILLE, MD—Choice Hotels International, Inc. has reported that franchising revenues increased 6% to $82.6 million for the second quarter of 2013. up from $77.8 million for the same period of 2012. Total revenues increased 6% to $183.6 million.
In addition, RevPAR increased 3.5% and occupancy and average daily rate increased 90 basis points and 1.8% respectively. According to the company, the Ascend Collection, Suburban Extended Stay Hotel brand and Sleep Inn brand are seeing particularly strong RevPAR performance.
The company executed 104 new domestic hotel franchise contracts compared to 106 new contracts for the same period last year. The number of hotels under construction, awaiting conversion or approved for development worldwide is 448 hotels, or 36,487 rooms. The company noted that the Comfort brand and Ascend Collection are outpacing last year’s results when it comes to development and conversion.
Diluted earnings per share for Q2 2013 were $0.48 compared to $0.55 for Q2 2012.
Tags: • Hospitality • Brands • Quarterly Results •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.