Choice Hotels reaffirms 2023 outlook, projects >10% adjusted EBITDA growth in 2024

CHOICE HOTELS INTERNATIONAL INC /DE

2023-Q2 EPS reported $2.66 revenue$760,212,000

Reaffirmed full-year 2023 guidance; 2024 adjusted EBITDA growth >10% at midpoint, driven by ~$20M incremental Radisson contribution.
Radisson integration achieved ~$80M annual recurring synergies, exceeding original target; ahead of schedule with ~600 hotels onboarding by Q3.
Opened 107 hotels YTD through June 30, 2023, up 39% YoY; upscale openings +83%, extended stay +50%.
Repurchased ~1.8M shares for >$220M in H1 2023; 2.8M shares remaining under authorization.
Radisson expected to contribute >$60M adjusted EBITDA in 2023, growing to >$80M in 2024.

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