CHH - Choice Hotels backs FY23 outlook reports FY24 Adj EBITDA guidance

2023-07-11 06:57:15 ET

• Choice Hotels International ( NYSE: CHH ) expects 2024 Adj EBITDA growth annual growth to be 10% at the mid-point amid $20M incremental contribution from Radisson Hotels Americas as well as organic growth in more revenue intense segments and markets, strong effective royalty rate growth, and other factors.
• In 1H 2023, the company opened a total of 107 hotel openings driven by an increase in conversion hotel openings of 45% and a 24% increase in new construction hotel openings.
• Radisson Hotels Americas integration to deliver ~$80M of annual recurring synergies, surpassing the company's original synergy target.
• The company repurchased ~1.8M common shares for over $220 million under its stock repurchase program with balance of 2.8M common shares available under the current share repurchase authorization.
• The company affirms FY23 EPS guidance of $570-$5.90 vs $5.91 consensus.
• Source: Press Release

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