Choice Hotels' Upscale Brands Continue Portfolio Growth
"With Americans rediscovering domestic destinations and the continued return to travel, as well as the trend of work from anywhere, guests are increasingly turning to Ascend and Cambria, thanks to their uniquely local experience and upscale amenities that allow for exploration. As a result, our upscale brands are outperforming the local competition at record levels," said
Choice's upscale brands experienced several notable achievements in the first half of the year, including:
Ascend Hotel Collectionoutperformed the upscale segment in RevPAR change by nearly 26 percentage points in the second quarter compared to 2019, while achieving RevPAR share gains of 12 percentage points against local competitors compared to the first half of 2019. In addition, July RevPAR increased 17.7%, driven by an increase in average daily rate of 20.7% as compared to 2019. At the same time, the industry's first and largest soft brand continues to grow, with nearly 390 hotels open globally.
Cambria Hotelsachieved its strongest RevPAR Index in the brands' history with a gain of nearly 15 percentage points against local competitors in the first half of the year, compared to 2019. Through June, the brand's RevPAR Index change exceeded local competitors in 14 of the previous 15 months. In addition, the brand grew its unit portfolio size by 14% to 58 hotels, and there were 17 projects under active construction at the end of June.
Both Ascend and Cambria led its local competitors in occupancy and average daily rate in the first half of the year. Combined, these brands set a record for upscale domestic openings in the first half of the year, including 22 properties added as part of the company's strategic alliance with Penn National Gaming.
"Our results in the first half of the year are proof that our upscale brands offer an attractive value proposition for current and prospective owners," said
For more information about Choice's upscale development opportunities, visit https://choicehotelsdevelopment.com.
This communication includes "forward-looking statements" about future events, including anticipated hotel openings. Such statements are subject to numerous risks and uncertainties, including construction delays, availability and cost of financing and the other "Risk Factors" described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, any of which could cause actual results to be materially different from our expectations.
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