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Choice Hotels (CHH) Expand Presence, Opens Hotel in New Haven
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Choice Hotels International, Inc.’s (CHH - Free Report) upscale Cambria Hotels continues to expand in the United States with the opening of a new hotel in New Haven, CT. Now the brand owns approximately 60 hotels across the United States in the popular cities of Chicago, Los Angeles, New York, New Orleans and Phoenix. Notably, it has around 80 hotels in the pipeline.
The new six storied, 130-room hotel is expected to be inaugurated in summer 2022. Being situated in the coastal city of New Haven, the place lies in the neighborhood of Yale University, Yale New Haven Hospital Saint Raphael Campus, Yale New Haven Children's Hospital, and Yale School of Medicine. Also, the hotel is very close to New Haven Green, West River Memorial Park, Hammonasset Beach State Park and Yale Bowl football stadium.
The deluxe Cambria Hotel in New Haven will offer multiple luxurious services to guests. These luxuries include all-purpose spaces for productive work or relaxation. Additionally, there will be sophisticated guest rooms with local decorations along with spa-style bathrooms with bluetooth mirrors. The onsite dining offers fresh food, local craft beer, wine and specialty cocktails, multi-function meeting and event spaces. Also, it has a state-of-the-art fitness centre.
With respect to this, Janis Cannon, senior vice president, upscale brands, Choice Hotels, has said “The ground-breaking of the Cambria Hotel New Haven illustrates the tremendous expansion of the brand. So far this year, we have already debuted new hotels in Fort Lauderdale and Orlando, Florida; Rock Hill, South Carolina; and Washington, DC.”
Continuous Expansion Bodes Well
Choice Hotels relies heavily on expansion in both domestic and international markets. In 2020, the company awarded 427 domestic franchise agreements, out of which 70% accounted for conversion hotels. During first-quarter 2021, the company executed 89 domestic franchise agreements, out of which more than 80% were for conversion hotels.
Alongside domestic growth, the company continues to expand its international footprint in new countries. Key international operating markets include Spain, Colombia, Panama, the Caribbean and Canada. Relatively new to the midscale portfolio, Clarion Pointe -- part of the popular Clarion brand -- is seeing great success.
Furthermore, Choice Hotels’ riveting growth potential depends on the continual expansion of its brands. In fact, the company’s portfolio of well-segmented brands is getting evidently stronger. During the first quarter, the number of domestic hotels in the upscale segment rose 22% year over year owing to an increase in room count of 12% for the Cambria Hotels brand and 26% for the Ascend Hotel Collection.
So far this year, shares of Choice Hotels have gained 10.6% compared with the Zacks Hotels and Motels industry’s 8.5% rise.
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Choice Hotels (CHH) Expand Presence, Opens Hotel in New Haven
Choice Hotels International, Inc.’s (CHH - Free Report) upscale Cambria Hotels continues to expand in the United States with the opening of a new hotel in New Haven, CT. Now the brand owns approximately 60 hotels across the United States in the popular cities of Chicago, Los Angeles, New York, New Orleans and Phoenix. Notably, it has around 80 hotels in the pipeline.
The new six storied, 130-room hotel is expected to be inaugurated in summer 2022. Being situated in the coastal city of New Haven, the place lies in the neighborhood of Yale University, Yale New Haven Hospital Saint Raphael Campus, Yale New Haven Children's Hospital, and Yale School of Medicine. Also, the hotel is very close to New Haven Green, West River Memorial Park, Hammonasset Beach State Park and Yale Bowl football stadium.
The deluxe Cambria Hotel in New Haven will offer multiple luxurious services to guests. These luxuries include all-purpose spaces for productive work or relaxation. Additionally, there will be sophisticated guest rooms with local decorations along with spa-style bathrooms with bluetooth mirrors. The onsite dining offers fresh food, local craft beer, wine and specialty cocktails, multi-function meeting and event spaces. Also, it has a state-of-the-art fitness centre.
With respect to this, Janis Cannon, senior vice president, upscale brands, Choice Hotels, has said “The ground-breaking of the Cambria Hotel New Haven illustrates the tremendous expansion of the brand. So far this year, we have already debuted new hotels in Fort Lauderdale and Orlando, Florida; Rock Hill, South Carolina; and Washington, DC.”
Continuous Expansion Bodes Well
Choice Hotels relies heavily on expansion in both domestic and international markets. In 2020, the company awarded 427 domestic franchise agreements, out of which 70% accounted for conversion hotels. During first-quarter 2021, the company executed 89 domestic franchise agreements, out of which more than 80% were for conversion hotels.
Alongside domestic growth, the company continues to expand its international footprint in new countries. Key international operating markets include Spain, Colombia, Panama, the Caribbean and Canada. Relatively new to the midscale portfolio, Clarion Pointe -- part of the popular Clarion brand -- is seeing great success.
Furthermore, Choice Hotels’ riveting growth potential depends on the continual expansion of its brands. In fact, the company’s portfolio of well-segmented brands is getting evidently stronger. During the first quarter, the number of domestic hotels in the upscale segment rose 22% year over year owing to an increase in room count of 12% for the Cambria Hotels brand and 26% for the Ascend Hotel Collection.
So far this year, shares of Choice Hotels have gained 10.6% compared with the Zacks Hotels and Motels industry’s 8.5% rise.
Zacks Rank
Choice Hotels — which shares space with Marriott International, Inc. (MAR - Free Report) , Hilton Worldwide Holdings Inc. (HLT - Free Report) and Hyatt Hotels Corporation (H - Free Report) in the same industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
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