Choice Hotels affirms full-year profit outlook, as first-half hotel opening rose 39%

Choice Hotels International Inc.
CHH,
+2.05%
affirmed its full-year profit outlook on Tuesday, and said it has opened 107 hotels in the first half of 2023, up 39% from a year ago. The company still expects adjusted earnings per share of $5.70 to $5.90, which is below the current FactSet consensus of $5.92. Regarding first-half hotel openings, the upscales segment’s openings increased 83%, the midscale segment rose 42%,. the extended stay segment grew 50% and the economy segment rose 11%. The stock, which is still inactive in the premarket, has gained 6.7% year to date, while the S&P 500
SPX,
+0.24%
has climbed 14.9%.