Investment Thesis
Strong, Stable and Growing System
- 5.4% increase in domestic hotels in 2004
- 552 new hotel contracts signed in 2004 (up from 470)
- 20 year contracts, barriers to exit
Strong and Growing Annual Earnings and EBITDA
- EBITDA - $135 million (8% increase)
- Adjusted Diluted EPS - $2.16 (16% increase)
Source: Choice Internal Data as of December 2004.