Choice Hotels plans to shift its focus towards higher-end lodgings in a bid to attract upscale business travelers.
“One of our most successful initiatives has been growing our share in the upscale segment. We believe that our strategic focus on upscale will continue to evolve our portfolio and drive top line growth because of the revenue-intense nature of the brands,” said Dominic Dragisich, chief financial officer of Choice Hotels.
Total revenue for the quarter was $218.3 million, a 4 percent increase from the year before. The company stock declined about 3 percent after market open, but has since partially recovered.