Choice Hotels CEO Sees Signs of Stabilization
With more consumers ditching extravagant vacations and taking to the road on good, old-fashioned road trips, Choice Hotels International is finding itself in a good spot.
"It seems like it has stabilized," CEO Steve Joyce says. "We are sort of in the position now where we are waiting to see if things will improve."
Choice franchises value hotels brands such as Comfort Inn, Quality Inn, and Comfort Suites, and tends to benefit when leisure travelers take to the road.
"Our typical customer is a drive customer," Joyce says. "Our drive locations are holding up better and we think those trends will continue."
Choice saw its business weaken last year after Memorial Day as consumers cut back on travel in response to high gasoline prices. The slow down accelerated in October as consumers dug-in deeper and cut spending as the recession wore on.
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Source - CNBC
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