Choice Hotels Reports Increase In 2Q Franchising Revenues
Friday July 26th, 2013 - 10:15AM XB
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.