Intrinsic value of Choice Hotels International - CHH

Previous Close

$78.03

  Intrinsic Value

$25.86

stock screener

  Rating & Target

str. sell

-67%

Previous close

$78.03

 
Intrinsic value

$25.86

 
Up/down potential

-67%

 
Rating

str. sell

We calculate the intrinsic value of CHH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
  5.39
Revenue, $m
  1,140
  1,281
  1,431
  1,588
  1,753
  1,925
  2,105
  2,293
  2,489
  2,692
  2,904
  3,124
  3,352
  3,590
  3,836
  4,093
  4,360
  4,637
  4,926
  5,227
  5,541
  5,867
  6,208
  6,564
  6,935
  7,322
  7,727
  8,151
  8,593
  9,056
Variable operating expenses, $m
  789
  884
  985
  1,091
  1,203
  1,319
  1,441
  1,568
  1,700
  1,838
  1,963
  2,112
  2,266
  2,427
  2,593
  2,767
  2,947
  3,135
  3,330
  3,534
  3,746
  3,966
  4,197
  4,437
  4,688
  4,950
  5,224
  5,510
  5,809
  6,122
Fixed operating expenses, $m
  46
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  86
Total operating expenses, $m
  835
  931
  1,033
  1,140
  1,253
  1,370
  1,493
  1,622
  1,755
  1,894
  2,020
  2,170
  2,326
  2,488
  2,655
  2,831
  3,012
  3,202
  3,398
  3,604
  3,817
  4,039
  4,271
  4,513
  4,766
  5,029
  5,305
  5,593
  5,894
  6,208
Operating income, $m
  305
  350
  397
  447
  500
  554
  612
  671
  733
  798
  884
  954
  1,026
  1,102
  1,181
  1,262
  1,347
  1,436
  1,528
  1,624
  1,724
  1,828
  1,937
  2,051
  2,169
  2,293
  2,423
  2,558
  2,700
  2,848
EBITDA, $m
  333
  379
  428
  479
  533
  589
  648
  709
  773
  839
  908
  980
  1,055
  1,133
  1,213
  1,297
  1,385
  1,476
  1,570
  1,669
  1,771
  1,878
  1,990
  2,107
  2,229
  2,356
  2,489
  2,628
  2,773
  2,925
Interest expense (income), $m
  42
  41
  28
  35
  42
  50
  59
  68
  77
  86
  96
  106
  117
  128
  140
  152
  164
  177
  191
  205
  220
  235
  251
  267
  285
  303
  321
  341
  362
  383
  406
Earnings before tax, $m
  264
  322
  362
  405
  449
  496
  544
  595
  647
  702
  777
  836
  898
  962
  1,029
  1,098
  1,170
  1,245
  1,323
  1,404
  1,489
  1,578
  1,670
  1,766
  1,867
  1,972
  2,081
  2,196
  2,316
  2,442
Tax expense, $m
  71
  87
  98
  109
  121
  134
  147
  161
  175
  190
  210
  226
  242
  260
  278
  296
  316
  336
  357
  379
  402
  426
  451
  477
  504
  532
  562
  593
  625
  659
Net income, $m
  193
  235
  265
  295
  328
  362
  397
  434
  472
  513
  567
  611
  656
  702
  751
  801
  854
  909
  966
  1,025
  1,087
  1,152
  1,219
  1,289
  1,363
  1,439
  1,519
  1,603
  1,691
  1,783

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,127
  1,266
  1,414
  1,569
  1,732
  1,902
  2,080
  2,266
  2,459
  2,660
  2,869
  3,087
  3,312
  3,547
  3,791
  4,044
  4,308
  4,582
  4,868
  5,165
  5,475
  5,798
  6,135
  6,486
  6,853
  7,236
  7,636
  8,054
  8,491
  8,949
Adjusted assets (=assets-cash), $m
  1,127
  1,266
  1,414
  1,569
  1,732
  1,902
  2,080
  2,266
  2,459
  2,660
  2,869
  3,087
  3,312
  3,547
  3,791
  4,044
  4,308
  4,582
  4,868
  5,165
  5,475
  5,798
  6,135
  6,486
  6,853
  7,236
  7,636
  8,054
  8,491
  8,949
Revenue / Adjusted assets
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
Average production assets, $m
  173
  195
  217
  241
  266
  293
  320
  349
  378
  409
  441
  475
  510
  546
  583
  622
  663
  705
  749
  795
  842
  892
  944
  998
  1,054
  1,113
  1,175
  1,239
  1,306
  1,377
Working capital, $m
  -149
  -168
  -187
  -208
  -230
  -252
  -276
  -300
  -326
  -353
  -380
  -409
  -439
  -470
  -503
  -536
  -571
  -608
  -645
  -685
  -726
  -769
  -813
  -860
  -908
  -959
  -1,012
  -1,068
  -1,126
  -1,186
Total debt, $m
  487
  612
  745
  885
  1,031
  1,185
  1,345
  1,512
  1,686
  1,867
  2,055
  2,251
  2,454
  2,665
  2,885
  3,113
  3,350
  3,597
  3,854
  4,121
  4,400
  4,691
  4,994
  5,310
  5,640
  5,985
  6,345
  6,721
  7,115
  7,526
Total liabilities, $m
  1,014
  1,140
  1,272
  1,412
  1,559
  1,712
  1,872
  2,039
  2,213
  2,394
  2,582
  2,778
  2,981
  3,192
  3,412
  3,640
  3,877
  4,124
  4,381
  4,649
  4,928
  5,218
  5,521
  5,837
  6,167
  6,512
  6,872
  7,249
  7,642
  8,054
Total equity, $m
  113
  127
  141
  157
  173
  190
  208
  227
  246
  266
  287
  309
  331
  355
  379
  404
  431
  458
  487
  517
  548
  580
  613
  649
  685
  724
  764
  805
  849
  895
Total liabilities and equity, $m
  1,127
  1,267
  1,413
  1,569
  1,732
  1,902
  2,080
  2,266
  2,459
  2,660
  2,869
  3,087
  3,312
  3,547
  3,791
  4,044
  4,308
  4,582
  4,868
  5,166
  5,476
  5,798
  6,134
  6,486
  6,852
  7,236
  7,636
  8,054
  8,491
  8,949
Debt-to-equity ratio
  4.320
  4.840
  5.270
  5.640
  5.960
  6.230
  6.470
  6.670
  6.860
  7.020
  7.160
  7.290
  7.410
  7.510
  7.610
  7.700
  7.780
  7.850
  7.920
  7.980
  8.040
  8.090
  8.140
  8.190
  8.230
  8.270
  8.310
  8.350
  8.380
  8.410
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  193
  235
  265
  295
  328
  362
  397
  434
  472
  513
  567
  611
  656
  702
  751
  801
  854
  909
  966
  1,025
  1,087
  1,152
  1,219
  1,289
  1,363
  1,439
  1,519
  1,603
  1,691
  1,783
Depreciation, amort., depletion, $m
  28
  29
  30
  32
  33
  35
  36
  38
  39
  41
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  73
  77
Funds from operations, $m
  221
  264
  295
  327
  361
  396
  433
  472
  512
  554
  592
  637
  684
  733
  784
  836
  891
  948
  1,008
  1,070
  1,134
  1,202
  1,272
  1,345
  1,422
  1,502
  1,585
  1,673
  1,764
  1,860
Change in working capital, $m
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
Cash from operations, $m
  238
  283
  314
  348
  383
  419
  457
  496
  537
  580
  620
  666
  714
  764
  816
  870
  926
  985
  1,046
  1,109
  1,175
  1,245
  1,317
  1,392
  1,470
  1,553
  1,639
  1,728
  1,822
  1,921
Maintenance CAPEX, $m
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
New CAPEX, $m
  -21
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -70
Cash from investing activities, $m
  -30
  -31
  -34
  -36
  -39
  -41
  -43
  -47
  -50
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -79
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -125
  -130
  -137
  -143
Free cash flow, $m
  209
  252
  281
  312
  344
  378
  413
  450
  488
  528
  565
  608
  653
  699
  748
  798
  851
  905
  962
  1,021
  1,083
  1,148
  1,215
  1,285
  1,358
  1,435
  1,514
  1,598
  1,685
  1,777
Issuance/(repayment) of debt, $m
  -240
  126
  133
  140
  147
  153
  160
  167
  174
  181
  188
  196
  203
  211
  219
  228
  237
  247
  257
  268
  279
  291
  303
  316
  330
  345
  360
  376
  394
  412
Issuance/(repurchase) of shares, $m
  179
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -61
  126
  133
  140
  147
  153
  160
  167
  174
  181
  188
  196
  203
  211
  219
  228
  237
  247
  257
  268
  279
  291
  303
  316
  330
  345
  360
  376
  394
  412
Total cash flow (excl. dividends), $m
  148
  377
  414
  451
  490
  531
  573
  617
  662
  709
  753
  803
  856
  911
  967
  1,026
  1,088
  1,152
  1,219
  1,289
  1,362
  1,438
  1,518
  1,601
  1,688
  1,779
  1,875
  1,974
  2,079
  2,189
Retained Cash Flow (-), $m
  -371
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -224
  363
  399
  436
  474
  514
  555
  598
  643
  689
  732
  782
  833
  887
  943
  1,001
  1,062
  1,125
  1,191
  1,259
  1,331
  1,406
  1,484
  1,566
  1,651
  1,741
  1,835
  1,933
  2,035
  2,143
Discount rate, %
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
  -205
  303
  299
  292
  281
  266
  248
  228
  207
  184
  160
  138
  116
  97
  79
  63
  49
  37
  28
  20
  14
  10
  7
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Choice Hotels International, Inc. is a hotel franchisor. The Company's segments include Hotel Franchising, SkyTouch Technology and Corporate & Other. It franchises lodging properties under brand names, including Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites, Suburban Extended Stay Hotel, Cambria hotels & suites, and Ascend Hotel Collection. The Company had 6,514 hotels open and 775 hotels under construction, awaiting conversion or approved for development, as of December 31, 2016, representing 516,122 rooms open and 62,547 rooms under construction, awaiting conversion or approved for development in 50 states, the District of Columbia and over 40 countries and territories outside the United States. Its domestic franchising operations are conducted through direct franchising relationships, while its international franchise operations are conducted through a combination of direct franchising and master franchising relationships.

FINANCIAL RATIOS  of  Choice Hotels International (CHH)

Valuation Ratios
P/E Ratio 31.6
Price to Sales 4.7
Price to Book -14.1
Price to Tangible Book
Price to Cash Flow 28.9
Price to Free Cash Flow 35.4
Growth Rates
Sales Growth Rate 7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.4%
Cap. Spend. - 3 Yr. Gr. Rate -3.2%
Financial Strength
Quick Ratio 202
Current Ratio 0
LT Debt to Equity -270.1%
Total Debt to Equity -270.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 21.4%
Ret/ On Assets - 3 Yr. Avg. 23.3%
Return On Total Capital 29.3%
Ret/ On T. Cap. - 3 Yr. Avg. 32.6%
Return On Equity -39.3%
Return On Equity - 3 Yr. Avg. -32.7%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 43.1%
Gross Margin - 3 Yr. Avg. 43.9%
EBITDA Margin 27.5%
EBITDA Margin - 3 Yr. Avg. 28.2%
Operating Margin 25.8%
Oper. Margin - 3 Yr. Avg. 26.8%
Pre-Tax Margin 21.6%
Pre-Tax Margin - 3 Yr. Avg. 22%
Net Profit Margin 15%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 30.5%
Payout Ratio 33.1%

CHH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHH stock intrinsic value calculation we used $1007.356 million for the last fiscal year's total revenue generated by Choice Hotels International. The default revenue input number comes from 0001 income statement of Choice Hotels International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CHH stock valuation model: a) initial revenue growth rate of 13.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.1%, whose default value for CHH is calculated based on our internal credit rating of Choice Hotels International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Choice Hotels International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CHH stock the variable cost ratio is equal to 69.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $45 million in the base year in the intrinsic value calculation for CHH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.7% for Choice Hotels International.

Corporate tax rate of 27% is the nominal tax rate for Choice Hotels International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CHH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CHH are equal to 15.2%.

Life of production assets of 17.8 years is the average useful life of capital assets used in Choice Hotels International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CHH is equal to -13.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-258.601 million for Choice Hotels International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 56.634 million for Choice Hotels International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Choice Hotels International at the current share price and the inputted number of shares is $4.4 billion.

RELATED COMPANIES Price Int.Val. Rating
MAR Marriott Inter 118.31 89.80  sell
HLT Hilton Worldwi 72.89 85.01  hold
IHG InterContinent 54.57 165.95  str.buy
H Hyatt Hotels 70.43 36.00  str.sell
SABR Sabre 24.79 28.00  hold

COMPANY NEWS

▶ New interstate hotels add to longtime Triad hot spot   [Nov-14-18 01:15PM  American City Business Journals]
▶ Franchise Revenue Paces Choice Hotels' Third Quarter   [Nov-08-18 04:45PM  Motley Fool]
▶ Choice Hotels: 3Q Earnings Snapshot   [09:00AM  Associated Press]
▶ Choice Hotels Launches Book On Google   [Nov-07-18 03:55PM  PR Newswire]
▶ Why Cambria Hotel Chicago Magnificent Mile workers are still striking   [Oct-22-18 02:18PM  American City Business Journals]
▶ $26 million Cambria hotel to be built in downtown Phoenix   [Oct-18-18 10:37PM  American City Business Journals]
▶ Cambria Chicago Magnificent Mile lone holdout in hotel workers strike   [Oct-17-18 01:33PM  American City Business Journals]
▶ Sleep Inn Expands Footprint in Northwest U.S.   [Oct-16-18 08:00AM  PR Newswire]
▶ Clifton Park hotel facing mortgage foreclosure   [Oct-02-18 11:36AM  American City Business Journals]
▶ Feds sue owner of twice-bankrupt Raleigh hotel   [Oct-01-18 01:56PM  American City Business Journals]
▶ Sleep Inn Opens in Clarksville, Tennessee   [Sep-26-18 10:12AM  PR Newswire]
▶ Marriott inks new contract with Chicago hotel workers   [Sep-21-18 01:43PM  American City Business Journals]
▶ Choice Hotels Launches Clarion Pointe   [Sep-20-18 09:00AM  PR Newswire]
▶ Choice Hotels Launches Virtual Pay Online   [Sep-18-18 08:00AM  PR Newswire]
▶ WoodSpring Suites Continues Growth in Chicago   [Sep-17-18 10:00AM  PR Newswire]
▶ WoodSpring Suites Continues Record-Setting Growth   [Aug-23-18 08:00AM  PR Newswire]
▶ Q&A: Milwaukee growth, downtown location a 'perfect mix' for Cambria hotel   [Aug-08-18 02:29PM  American City Business Journals]
▶ Choice Hotels: 2Q Earnings Snapshot   [08:11AM  Associated Press]
▶ Cambria Hotels Breaks Ground in Downtown Milwaukee   [Aug-07-18 02:00PM  PR Newswire]
▶ Donohoe takes over Buzzard Point hotel project   [11:56AM  American City Business Journals]
▶ Cambria Hotels Opens in College Park, Maryland   [Aug-01-18 09:00AM  PR Newswire]
▶ Cambria Hotels Opens in Mount Pleasant, South Carolina   [Jul-31-18 02:30PM  PR Newswire]
▶ These D.C.-area hoteliers ranked highest for loyalty rewards programs   [12:01AM  American City Business Journals]
▶ 3 Hotel Stocks Set to Crush the Market in 2H18   [Jul-26-18 12:58PM  InvestorPlace]
▶ Comfort Brand Expands in Key U.S. Markets   [Jul-18-18 08:00AM  PR Newswire]
▶ Riverside Inn & Suites Joins The Ascend Hotel Collection   [Jul-10-18 10:53AM  PR Newswire]

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