Skift Take
Choice Hotels doesn't consider private equity entrants as competition, but as potential collaborators.
This was the year the short-term rentals industry saw it all — the good, the bad and the ugly.
It has been a year of tough regulations, softening demand and fierce competition. Notably, 2023 saw every major hotel company announce an extended stay brand — Marriott, Hyatt, Hilton, Wyndham, Best Western to name a few.
But Choice Hotels believes it has a clear competitive advantage over its peers. It has four extended stay brands, a plan to transform traditional hotel rooms into an extended stay unit by shipping and installing a kitchen, and a franchise model that allows the company to branch out of the Choice platform.
Through franchising and acquisitions, the company has established itself as a prominent player. Last year, Choice produced record revenue of $1.4 billion and a record net income of $332.2 million.
Skift spoke to Matt McElhare, senior director of extended stay and Ron Burgett, senior vice president of franchise development in its extended stay business.
Here are the top takeaways below. Edited for clarity:
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