Choice Hotels International, Inc. 2026年第二季度业绩初览

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

Choice Hotels International, Inc.

First Look at 2Q26 Results

Neutral

CHH, CHH US

Price (04 Aug 26):$108.61

Gaming & Lodging

CHH’s 2Q26 adj EBITDA of $175m was in line with JPMe $175m (Street high)

and 3% above Street’s $170m. Relative to the Street estimates, upside was driven

by slightly higher NUG/royalty rates and higher Owned EBITDA. Looking past

the domestic RevPAR miss (+1.3% vs. JPMe/Street’s 2.0% and index/implied

3.6%) and a -0.5% q/q decline in pipeline, there were a lot of positives in CHH’s

report: (1) FY26 guidance was raised, with domestic RevPAR MP now seen +0.6%

y/y vs. the prior -0.5% y/y and royalty rates +7-9% bps y/y (prior: +MSD), which

pushed FY26 adj. EBITDA MP up $3m to $643m; (2) Global NUG guide raised

50bps to 1.5% (2Q domestic footprint up q/q, but down slightly y/y; (3) FCF

conversion looks back on track at ~58% (per CHH definition); (4) CHH reiterated

its first asset sales will occur in 1H27. Interestingly, CHH raised its forecast for

FY26 US royalty rate growth, though also recognized its opportunity to “enhance

franchisee economics” through top-line initiatives and “lowering operating costs.”

We look for more on CHH’s 10:00AM ET call.

2Q26 Recap. Adj. EBITDA of $175m equaled our $175m estimate but was

+3% vs Str’s 170m and net revenues were $277m (+2-3% vs. JPMe $273m/

Str’s $268m). Domestic RevPAR growth was +1.3% y/y, vs JPMe’s +2%,

while global net rooms growth of +2.6% was 30bps/40bps above versus JPMe/

Street’s +2.3%/+2.2% (US NRG -0.3% and Int’l NRG +12.5% y/y). Other

tidbits: (1) US royalty rate was up 11bps y/y (5.23%); (2) CHH returned $64m

to shareholders during 2Q ($51m repo; $13m divs); (3) Economy RevPAR was

the weakest segment at -0.7% (ADR -0.2%, Occ -20bps), though sequentially

improved from -8.5% in 1Q26; (4) No mention of World Cup uplift in the PR.

Guidance update. FY26: Adj. EBITDA MP $643m, which is +$3m/+0.5% vs

prior guide (Street $642m); US RevPAR MP +0.6% vs prior -0.5% (Street

+0.6%); Global NRG +1.5% vs. prior +1.0% (Street: +1.0%). Implied 2H:

Adj. EBITDA $342m (Street: $346m); US RevPAR +1.5% (Street: +1.7%)

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