Choice Hotels International, Inc.’s ( CHH Quick Quote CHH - Free Report) Clarion Pointe — a midscale brand — continues to expand its presence. Recently, the company announced the opening of three new hotels in Raleigh, NC; South Boston, VA; and Green Bay, WI. Notably, this marks the opening of the 30th Clarion Pointe hotel. Now the brand owns approximately 70 hotels, already opened and in the pipeline. By the end of 2021, Clarion Pointe expects to open more hotels in various locations including Augusta, GA; Indianapolis, IN; and Charlottesville, VA. The Wake Forest – Raleigh North hotel consists of 79 rooms and is located in the neighborhood of Raleigh-Durham International Airport. The hotel is very close to North Carolina State University, Triangle Town Center and various entertainments centres like Falls Lake, Durant Nature Park and the WRAL Soccer Complex. The South Boston-Danville East hotel currently has 66 rooms and is situated in South Boston by the side of Roanoke River. Nearby destinations like Staunton River State Park, Virginia International Speedway and Beaver Pond Creek mostly attract the visitors. The place is also very close to ABB Power Grids, Sentara Halifax Regional Hospital, Duke Energy and Dominion Energy and other business houses. The Green Bay is a 78-room hotel that is just four miles away from the Green Bay Austin-Straubel International Airport. Also, the hotel is easily accessible to Lambeau Field and places like Resch Center and the University of Wisconsin-Green Bay. Notably, Shopko's corporate and the Naval Reserve Center are two major business houses located nearby. The Clarion Pointe hotels provide sophisticated guest rooms with local decorations, all-purpose spaces for relaxation or work with complimentary breakfast, snacks, selective beverages, free wifi and 49-inch TVs with casting capabilities. Additionally, it has a state-of-the-art fitness center. Increased Focus on Expansion to Drive Growth
Choice Hotels depends largely on expansion, both in 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.
Apart from domestic growth, the company continues to expand its international footprint. The main 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 experiencing great success. So far this year, shares of Choice Hotels have gained 9.9% compared with the Zacks Hotels and Motels industry’s 8.4% rise. Zacks Rank
Choice Hotels — which shares space with
Marriott Vacations Worldwide Corporation ( VAC Quick Quote VAC - Free Report) , Hilton Worldwide Holdings Inc. ( HLT Quick Quote HLT - Free Report) and Hyatt Hotels Corporation ( H Quick Quote 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 More Stock News: This Is Bigger than the iPhone!
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