Choice Hotels' revenue per available room in April declined 4.2 percent compared with 2019, nearly matching its pre-pandemic level, the company announced during a first-quarter earnings call. April RevPAR also was up 140 percent year over year, according to the company.
"We continued to achieve sequential quarter-over-quarter improvement," said Choice president and CEO Patrick Pacious on a Monday first-quarter earnings call. "Our April RevPAR results are truly remarkable, marking the near return to 2019 levels."
The company's key performance indicators declined for the quarter, but they showed an improvement over fourth-quarter 2020 results. Domestic first-quarter systemwide RevPAR was down 4.4 percent year over year, and average daily rate was off 6.4 percent. Choice's occupancy level reached 47.1 percent, a decline of 1 percentage point.
As for pre-Covid-19 metrics, domestic systemwide RevPAR was down 18.7 percent for the quarter compared with the first quarter of 2019, while ADR was off 9.9 percent, and occupancy declined by 5.1 percentage points.
Pacious cited the performances of the company's extended-stay, upscale and midscale portfolios. Specifically, its WoodSpring Suites brand reported quarterly RevPAR growth of 3.2 percent compared with 2019, an ADR increase of 4.3 percent and occupancy levels of more than 74 percent.
He also noted the company is seeing sequential quarter-over-quarter improvement in business travel booking trends. "Even group travel is showing signs of recovery with the sports segment," Pacious said. "Booking expectations already are exceeding 2019 levels."
Choice's first-quarter net income of $22.3 million was down 60 percent year over year, according to a U.S. Securities and Exchange filing.
The company awarded 89 new domestic franchise agreements during the quarter, "an over 50 percent increase over the same period of 2020," Pacious said. "About 80 percent were for conversion hotels."
Choice grew its domestic rooms by 1.9 percent year over year. Its pipeline as of March 31 reached 943 hotels with more than 77,000 rooms.
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May 11, 2021 at 03:23AM
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Choice: Monthly RevPAR Just Shy of Pre-Covid Levels - Business Travel News
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