Choice Hotels International Inc

CHH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$721.00	Cvngdk	Nywsftyj

Choice Hotels Earnings: Deal With Wyndham Remains Uncertain, but Pipeline Development Continues

Dan Wasiolek

Nov 7, 2023

We plan to lower our $130 fair value estimate on narrow-moat Choice Hotels by a low-single-digit percentage to account for slower revenue growth in 2023. Timing of a resolution or progress of Choice’s unsolicited bid for narrow-moat Wyndham remains uncertain, which we think could present some overhang to shares of both hoteliers. It appears that Choice is ready to engage, while Wyndham wants confirmation on its concerns, including breakup fees, leverage, and equity mix.

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