Investment Thesis
Strong, Stable and Growing System
- 4.4% increase in domestic rooms
- 470 new hotel contracts signed (up from 304)
- 20 year contracts, barriers to exit
Strong and Growing Earnings and Cash Flow
- Cash flow from operations - $115 million (17% increase)
- 2003 EBITDA - $125 million (8% increase)
- Adjusted Diluted EPS - $1.87 (23% increase)