In 2022, Choice Hotels International's portfolio expanded to 22 brands and nearly 7,500 hotels with nearly 630,000 rooms in 46 countries and territories. In a statement released as the Americas Lodging Investment Summit kicked off in Los Angeles, the company described itself as "the challenger brand to watch in upscale and the growth leader in extended-stay."
Upscale Growth
In the first three quarters of the year, Choice signed 20 agreements with developers to open Cambria hotels and broke ground on eight properties, half of which were new-builds. The brand currently has 65 hotels open with another 70 in the pipeline.
With the acquisition of Radisson Hotels Americas and its upscale hotels consisting of the Radisson Collection, Radisson Red, Radisson Individuals, Park Plaza, Radisson Blu and Radisson hotels, Choice now has more than 80,000 rooms open or in the pipeline across this segment.
Extended-Stay Development
The company also opened its first Everhome Suites hotel in Corona, Calif., in September. The brand’s pipeline grew by 30 deals over the first three quarters of 2022, and the brand reached an all-time high for development deals in 2022, securing a commitment with one of the largest extended-stay investors in the nation to open more than 20 new Everhome Suites in Colorado, Arizona, Utah, Nevada and Florida. In addition to construction projects under way in Newnan, Ga., and Nampa, Idaho, the brand expects to commence projects in several locations including Arizona, California, Montana, Nevada and Oregon.
After achieving nearly a 60 percent gross operating profit in 2021, the WoodSpring Suites pipeline grew 68 percent from 2021 to 2022, with 54 deals signed in the first three quarters.
A new name and modernization of Suburban Studios' look and feel in the first quarter of 2022 in addition to innovations like the proprietary kitchen-in-a-box design—a modular way to transform transient rooms into extended-stay hotels—resulted in the most contracts being awarded since the brand's acquisition nearly two decades ago.
Conversion brand MainStay Suites more than doubled its number of agreements with 93 hotels in the pipeline by the end of the third quarter of 2022.