Choice Hotels International (CHH) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-13393
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1209792
Entity Address, Address Line One	1 Choice Hotels Circle,
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	592-5000
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	CHH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,356,894
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Entity Central Index Key	0001046311
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES
Revenues	$ 217,806	$ 218,040
Total revenues	218,175	218,320
OPERATING EXPENSES
Selling, general and administrative	28,835	39,514
Depreciation and amortization	6,529	3,616
Marketing and reservation system	130,447	119,839
Owned hotels	6,034	0
Total operating expenses	171,845	162,969
Impairment of goodwill	0	(3,097)
Impairment of long-lived assets	0	(7,304)
Gain on sale of assets, net	0	100
Operating income	46,330	45,050
OTHER INCOME AND EXPENSES, NET
Interest expense	11,380	11,211
Interest income	(2,288)	(2,613)
Loss on extinguishment of debt	607	0
Other losses (gains)	4,277	(2,198)
Equity in net loss of affiliates	1,955	2,171
Total other income and expenses, net	15,931	8,571
Income before income taxes	30,399	36,479
Income tax (benefit) expense	(25,064)	6,398
Net income	$ 55,463	$ 30,081
Basic earnings per share (in dollars per share)	$ 1	$ 0.54
Diluted earnings per share (in dollars per share)	0.99	0.54
Cash dividends declared per share (in dollars per share)	$ 0.225	$ 0.215
Royalty fees
REVENUES
Revenues	$ 70,339	$ 80,353
Initial franchise and relicensing fees
REVENUES
Revenues	7,284	6,807
Procurement services
REVENUES
Revenues	13,797	11,947
Marketing and reservation system
REVENUES
Revenues	110,385	110,064
Owned hotels
REVENUES
Revenues	9,314	0
Total revenues	9,422	0
Other
REVENUES
Revenues	6,687	8,869
Total revenues	$ 6,948	$ 9,149

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 55,463	$ 30,081
Other comprehensive (loss) income, net of tax:
Amortization of loss on cash flow hedge	0	215
Foreign currency translation adjustment	(664)	(207)
Other comprehensive (loss) income, net of tax	(664)	8
Comprehensive income	$ 54,799	$ 30,089

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 321,954	$ 33,766
Receivables (net of allowance for credit losses of $24,250 and $18,482, respectively)	148,281	141,566
Income taxes receivable	10,553	11,126
Notes receivable	27,237	26,265
Less: Allowance for notes receivable credit losses	(3,076)	(861)
Other current assets	26,330	24,727
Total current assets	531,279	236,589
Property and equipment, at cost, net	351,045	351,502
Operating lease right-of-use assets	23,689	24,088
Goodwill	159,196	159,196
Intangible assets, net	292,030	290,421
Notes receivable	112,785	106,749
Less: Allowance for notes receivable losses	(10,026)	(3,695)
Investments, employee benefit plans, at fair value	21,083	24,978
Investments in unconsolidated entities	78,583	78,655
Deferred income taxes	49,346	20,747
Other assets	94,942	97,442
Total assets	1,703,952	1,386,672
Current liabilities
Accounts payable	68,987	73,449
Accrued expenses and other current liabilities	65,939	90,364
Deferred revenue	60,442	71,594
Current portion of long-term debt	7,335	7,511
Liability for guest loyalty program	52,717	82,970
Total current liabilities	255,420	325,888
Long-term debt	1,208,945	844,102
Long-term deferred revenue	126,656	112,662
Deferred compensation and retirement plan obligations	25,869	29,949
Income taxes payable	26,147	26,147
Operating lease liabilities	20,196	21,270
Liability for guest loyalty program	81,291	46,698
Other liabilities	3,282	3,467
Total liabilities	1,747,806	1,410,183
Commitments and Contingencies
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at March 31, 2020 and December 31, 2019; 55,340,423 and 55,702,628 shares outstanding at March 31, 2020 and December 31, 2019, respectively	951	951
Additional paid-in-capital	221,553	231,160
Accumulated other comprehensive loss	(5,214)	(4,550)
Treasury stock, at cost; 39,725,215 and 39,363,010 shares at March 31, 2020 and December 31, 2019, respectively	(1,265,888)	(1,219,905)
Retained earnings	1,004,744	968,833
Total shareholders’ deficit	(43,854)	(23,511)
Total liabilities and shareholders’ deficit	$ 1,703,952	$ 1,386,672

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 24,250	$ 18,482
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	95,065,638	95,065,638
Common stock, shares outstanding (in shares)	55,340,423	55,702,628
Treasury stock, shares (in shares)	39,725,215	39,363,010

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 55,463	$ 30,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,529	3,616
Depreciation and amortization – marketing and reservation system	4,873	4,521
Franchise agreement acquisition cost amortization	2,819	2,685
Gain on disposal of assets	0	(2,120)
Provision for credit losses, net	7,686	2,983
Impairment of long-lived assets	0	7,304
Impairment of goodwill	0	3,097
Loss on extinguishment of debt	607	0
Non-cash stock compensation and other charges	(2,575)	3,989
Non-cash interest and other loss (income)	4,339	(2,495)
Deferred income taxes	(26,677)	(2,257)
Equity in net losses from unconsolidated joint ventures, less distributions received	2,105	3,954
Franchise agreement acquisition cost, net of reimbursements	(7,122)	(6,401)
Change in working capital and other, net of acquisition	(42,283)	(31,014)
Net cash provided by operating activities	5,764	17,943
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(6,229)	(14,906)
Investment in intangible assets	(1,004)	(760)
Proceeds from sales of assets	0	10,585
Contributions to equity method investments	(2,201)	(8,495)
Distributions from equity method investments	157	5,724
Purchases of investments, employee benefit plans	(1,544)	(1,603)
Proceeds from sales of investments, employee benefit plans	1,697	1,637
Issuance of notes receivable	(5,778)	(1,755)
Collections of notes receivable	63	5,096
Other items, net	14	197
Net cash used in investing activities	(14,825)	(4,280)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	396,800	42,400
Principal payments on long-term debt	(33,239)	(123)
Purchase of treasury stock	(54,072)	(31,951)
Dividends paid	(12,791)	(12,163)
Proceeds from issuance of long term debt	0	8,491
Payments on transfer of interest in notes receivable	0	(24,409)
Proceeds from exercise of stock options	1,235	9,203
Net cash provided by (used in) financing activities	297,933	(8,552)
Net change in cash and cash equivalents	288,872	5,111
Effect of foreign exchange rate changes on cash and cash equivalents	(684)	57
Cash and cash equivalents at beginning of period	33,766	26,642
Cash and cash equivalents at end of period	321,954	31,810
Cash payments during the period for:
Income taxes, net of refunds	1,024	807
Interest, net of capitalized interest	12,627	19,885
Non-cash investing and financing activities:
Dividends declared but not paid	12,313	11,970
Investment in property and equipment acquired in accounts payable	$ 2,709	$ 5,732

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Deficit - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in- Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2018			55,679,207
Beginning balance at Dec. 31, 2018		$ (183,772)	$ 951	$ 213,170	$ (5,446)	$ (1,187,625)	$ 795,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		30,081					30,081
Other comprehensive income (loss)		8			8
Other	[1]	(614)					(614)
Share based payment activity (in shares)			408,545
Share based payment activity		12,920		3,214		9,706
Dividends declared ($0.215 per share)		$ (12,149)					(12,149)
Treasury purchases (in shares)		(548,031)	(414,077)
Treasury purchases		$ (31,951)				(31,951)
Ending balance (in shares) at Mar. 31, 2019			55,673,675
Ending balance at Mar. 31, 2019		$ (185,477)	$ 951	216,384	(5,438)	(1,209,870)	812,496
Beginning balance (in shares) at Dec. 31, 2019		55,702,628	55,702,628
Beginning balance at Dec. 31, 2019		$ (23,511)	$ 951	231,160	(4,550)	(1,219,905)	968,833
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		55,463					55,463
Other comprehensive income (loss)		(664)			(664)
Share based payment activity (in shares)			294,826
Share based payment activity		(1,518)		(9,607)		8,089
Dividends declared ($0.215 per share)	[2]	(12,721)					(12,721)
Treasury purchases (in shares)			(657,031)
Treasury purchases		$ (54,072)				(54,072)
Ending balance (in shares) at Mar. 31, 2020		55,340,423	55,340,423
Ending balance at Mar. 31, 2020		$ (43,854)	$ 951	$ 221,553	$ (5,214)	$ (1,265,888)	$ 1,004,744
[1]	Impact of adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts with Customers (Topic 606) and subsequent amendments to the initial guidance ("Topic 606") related to a foreign joint venture accounted for as an equity method investment.
[2]	During the fourth quarter of 2019, the Company's board of directors announced a 5% increase to the quarterly dividend rate to $0.225 per share from $0.215 per share, beginning with the dividend payable in the first quarter of 2020. On February 28, 2020, the Company’s board of directors declared a quarterly cash dividend of $0.225 per share of common stock. The dividend was payable on April 16, 2020 to shareholders of record on April 2, 2020. In light of uncertainty resulting from the COVID-19 pandemic, we have taken the action to suspend future, undeclared dividends for at least the remainder of 2020. Reference Management's Discussion and Analysis of Financial Condition and Results of Operations.

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Deficit (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.225	$ 0.215

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and its subsidiaries (together the "Company") have been prepared by the Company in accordance with United States of America generally accepted accounting principles ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. The consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2019 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 2, 2020 . Interim results are not necessarily indicative of the entire year results. All inter-company transactions and balances between Choice Hotels International, Inc. and its subsidiaries have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Summary of Significant Accounting Policies The Company’s significant accounting policies are detailed in the “Summary of Significant Accounting Policies” section of Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2019 . The significant accounting policies that changed in 2020 are set forth below. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) and issued subsequent amendments to the initial guidance at various points thereafter ("Topic 326"). Under legacy standards, we recognized an impairment of receivables when it was probable that a loss had been incurred. Topic 326 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts (which includes losses that may be incurred in future periods), and enhanced disclosures to provide insight to significant estimates and judgments used in estimating credit losses. The Company adopted Topic 326 on January 1, 2020 using the modified retrospective approach resulting in a cumulative-effect adjustment of $6.8 million (inclusive of deferred taxes) recorded in retained earnings as of the date of adoption. The scope and provisions of Topic 326 most significantly impacted the allowance for the Company's notes receivables. While trade receivables are in the scope, the provisions of Topic 326 did not significantly alter the accounting policy for allowance for trade receivables given the duration of such receivables is typically 30 days. Refer to Note 3 for further details on the adoption of Topic 326 and the impact to the Company's accounting policies for Notes Receivable. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 modifies disclosure requirements on fair value measurements. The Company adopted ASU 2018-13 on a retrospective basis on January 1, 2020, with limited modifications to its fair value footnote disclosure. Refer to Note 7 . In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) : Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The Company adopted ASU 2018-15 on a prospective basis on January 1, 2020. As the majority of the Company's hosting arrangements are service contracts, the capitalization and subsequent amortization of implementation costs incurred after adoption are expected to impact the timing, but not classification, of expense recognition. Recently Issued Accounting Standard In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 enhances and simplifies various aspects of the income tax accounting guidance in Accounting Standards Codification ("ASC") 740, Income Taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted. T

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Liabilities Contract liabilities relate to (i) advance consideration received, such as initial franchise and relicensing fees paid when a franchise agreement is awarded and system implementation fees paid at time of installation, for services considered to be part of the brand intellectual property performance obligation and (ii) amounts received when Choice Privileges points are issued, but for which revenue is not yet recognized since the related points have not been redeemed. Initial and relicensing fees are charged when (i) new hotels enter the franchise system, (ii) there is a change of ownership, or (iii) existing franchise agreements are extended. These revenues are recognized as revenue ratably as services are provided over the enforceable period of the franchise agreement. System implementation fees charged to franchisees are also deferred and recognized as revenue over the enforceable period of the franchise agreement. The enforceable period is the period from hotel opening to the first date the franchisee or the Company can terminate the franchise agreement without incurring a significant penalty. Deferred revenues from initial and relicensing fees and system implementation fees will typically be recognized over a five - to ten -year period, unless the franchise agreement is terminated and the hotel exits the franchise system whereby remaining deferred amounts will be recognized to revenue in the period of termination. Loyalty points represent a performance obligation attributable to usage of the points, and thus revenues are recognized at the point in time when the loyalty points are redeemed by members for benefits. The estimated fair value of future redemptions is reflected in current and non-current Liability for guest loyalty program in the consolidated balance sheets. The amount of the loyalty program fees in excess of the point liability represents current and non-current deferred revenue, which is recognized to revenue as points are redeemed including an estimate of future forfeitures. The anticipated redemption pattern of the points is the basis for current and non-current designation of each liability, which was adjusted in the first quarter of 2020 to reflect an anticipated longer issuance to redemption period in light of impacts from the COVID-19 pandemic. Loyalty points are typically redeemed within three years of issuance. Significant changes in the contract liabilities balances during the period December 31, 2019 to March 31, 2020 are as follows: (in thousands) Balance as of December 31, 2019 $ 163,847 Increases to the contract liability balance due to cash received 20,137 Revenue recognized in the period (19,068 ) Balance as of March 31, 2020 $ 164,916 Remaining Performance Obligations The aggregate amount of transaction price allocated to unsatisfied or partially unsatisfied performance obligations is $164.9 million as of March 31, 2020 . This amount represents fixed transaction price that will be recognized as revenue in future periods, which is primarily captured in the consolidated balance sheet as current and non-current deferred revenue. Based on practical expedient elections permitted by Topic 606, the Company does not disclose the value of unsatisfied performance obligations for (i) variable consideration subject to the sales or usage-based royalty constraint or comprising a component of a series (including franchise, partnership, qualified vendor, and software as a service ("SaaS") agreements), (ii) variable consideration for which we recognize revenue at the amount to which we have the right to invoice for services performed, or (iii) contracts with an expected original duration of one year or less. Disaggregation of Revenue Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 70,339 $ — $ 70,339 $ 80,353 $ — $ 80,353 Initial franchise and relicensing fees 7,284 — 7,284 6,807 — 6,807 Procurement services 13,288 509 13,797 11,487 460 11,947 Marketing and reservation system 99,329 11,056 110,385 104,078 5,986 110,064 Owned hotels 8,021 1,293 9,314 — — — Other 6,687 — 6,687 8,869 — 8,869 Total Topic 606 revenues $ 204,948 $ 12,858 217,806 $ 211,594 $ 6,446 218,040 Non-Topic 606 revenues 369 280 Total revenues $ 218,175 $ 218,320 Non-Topic 606 revenues primarily represent revenue from leasing and are presented in Owned hotels and Other revenues in the consolidated statements of income. As presented in Note 11 , the Corporate & Other segment amounts represent $10.9 million and $3.3 million for the three months ended March 31, 2020 and 2019 , respectively, and are included in the Over time column of Other revenues and the Owned Hotels and Non-Topic 606 revenues rows. The remaining revenues relate to the Hotel Franchising segment. Royalty fees and Marketing and reservation system revenues are presented net of $0.8 million in intersegment revenues for the three months ended March 31, 2020 as described in Note 11 .

Notes Receivable and Allowance

Notes Receivable and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2020
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Notes Receivable and Allowance for Credit Losses	90 days Past Due Total Past Due Current Total Notes Receivable As of March 31, 2020 Senior $ — $ — $ — $ 104,924 $ 104,924 Subordinated — — — 32,643 32,643 Unsecured — — — 2,455 2,455 $ — $ — $ — $ 140,022 $ 140,022 As of December 31, 2019 Senior $ — $ — $ — $ 98,545 $ 98,545 Subordinated — — — 32,153 32,153 Unsecured — — — 2,316 2,316 $ — $ — $ — $ 133,014 $ 133,014 The Company evaluated its off-balance-sheet credit exposure for loan commitments and determined the likelihood of having to perform is remote as of March 31, 2020 . Refer to Note 12 . Variable Interest through Notes Issued The Company has issued notes receivables to certain entities that have created variable interests in these borrowers totaling $124.9 million and $126.5 million as of March 31, 2020 and December 31, 2019 , respectively. The Company has determined that it is not the primary beneficiary of these variable interest entities ("VIEs"). These loans have stated fixed and/or variable interest amounts." id="sjs-B4">Notes Receivable and Allowance for Credit Losses The Company has provided financing in the form of notes receivable loans to franchisees to support the development of properties in strategic markets. As of March 31, 2020 and December 31, 2019 , the Company had $140.0 million and $133.0 million , respectively, in notes receivable loans outstanding. The Company has developed a systematic methodology to determine its allowance for credit losses across our portfolio of notes receivable loans. The Company monitors the risk and performance of our portfolio by the level of security in collateral (i.e., senior, subordinated or unsecured). As each of the Company’s notes receivable loans has unique risk characteristics, the Company deploys its methodology to calculate allowances for credit losses at the individual notes receivable loan level. The Company primarily utilizes a discounted cash flow ("DCF") approach to measure the credit allowance, influenced by the key economic variables of each note receivable loan. The Company identified the key economic variables for these loans to be loan-to-cost ("LTC") or loan-to-value ("LTV") ratios and debt service coverage ratio ("DSCR"). The LTC or LTV ratio represents the loan principal relative to the project cost or value and is an indication of the ability to be re-paid principal at loan maturity. The DSCR represents borrower net operating income as a percentage of the interest and principal payments incurred (i.e., debt service) on all debt of the borrower and is an indication of the ability of the borrower to timely pay amounts due during the term of the loan. The LTC or LTV ratios and DSCR are considered during loan underwriting as indications of risk and, accordingly, we believe these factors are the most representative risk indicators for calculating the allowance for credit loss. Loans with higher LTC or LTV ratios and lower DSCR ratios generally are representative of loans with greater risk and, accordingly, have higher credit allowances as a percentage of loan principal. Conversely, loans with lower LTC or LTV ratios and higher DSCR ratios generally are representative of loans with lesser risk and, accordingly, have lower credit allowances as a percentage of loan principal. The following table shows the composition of the Company's notes receivable balances based on the level of security credit quality indicator: (in thousands) March 31, 2020 December 31, 2019 Senior $ 104,924 $ 98,545 Subordinated 32,643 32,153 Unsecured 2,455 2,316 Total notes receivable 140,022 133,014 Total allowance for notes receivable losses 13,102 4,556 Total notes receivable, net of allowance $ 126,920 $ 128,458 Current portion, net of allowance $ 24,161 $ 25,404 Long-term portion, net of allowance $ 102,759 $ 103,054 Amortized cost basis by year of origination and level of security credit quality indicator are as follows: (in thousands) 2020 2019 2018 Prior Total Senior $ — $ 23,570 $ 20,546 $ 60,808 $ 104,924 Subordinated — 2,270 11,492 18,881 32,643 Unsecured — — 629 1,826 2,455 Total notes receivable $ — $ 25,840 $ 32,667 $ 81,515 $ 140,022 As disclosed in Note 1 , Topic 326 requires a cumulative-effect adjustment to the consolidated balance sheet as of the beginning of the first reporting period in which the guidance is effective. As of the adoption date of January 1, 2020, the Company established a credit allowance on its notes receivable loans of $12.9 million , an increase from a previous loan allowance of $4.6 million as of December 31, 2019. The cumulative-effect adjustment of adopting Topic 326 of $6.8 million , net of tax impact, is recorded in the consolidated balance sheets in the Retained earnings line item. The following table summarizes the activity related to the Company’s Notes Receivable allowance for credit losses, including the impacts of adopting Topic 326: (in thousands) March 31, 2020 December 31, 2019 Beginning balance $ 4,556 $ 4,685 Reserves established from adoption of Topic 326 8,348 — Provisions 198 — Write-offs — (129 ) Ending balance $ 13,102 $ 4,556 The Company considers loans to be past due and in default when payments are not made when due. Although the Company considers loans to be in default if payments are not received on the due date, the Company does not suspend the accrual of interest until those payments are more than 30 days past due. The Company applies payments received for loans on non-accrual status first to interest and then to principal. The Company does not resume interest accrual until all delinquent payments are received. The amortized cost basis of notes receivable on non-accrual status was $1.7 million at both March 31, 2020 and December 31, 2019 . The Company has identified loans totaling approximately $14.2 million and $16.3 million , respectively, with stated interest rates that are less than market rate, representing a total discount of $1.2 million and $1.3 million as of March 31, 2020 and December 31, 2019 , respectively. These discounts are reflected as a reduction of the outstanding loan amounts and are amortized over the life of the related loan. Past due balances of notes receivable by credit quality indicators are as follows: (in thousands) 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable As of March 31, 2020 Senior $ — $ — $ — $ 104,924 $ 104,924 Subordinated — — — 32,643 32,643 Unsecured — — — 2,455 2,455 $ — $ — $ — $ 140,022 $ 140,022 As of December 31, 2019 Senior $ — $ — $ — $ 98,545 $ 98,545 Subordinated — — — 32,153 32,153 Unsecured — — — 2,316 2,316 $ — $ — $ — $ 133,014 $ 133,014 The Company evaluated its off-balance-sheet credit exposure for loan commitments and determined the likelihood of having to perform is remote as of March 31, 2020 . Refer to Note 12 . Variable Interest through Notes Issued The Company has issued notes receivables to certain entities that have created variable interests in these borrowers totaling $124.9 million and $126.5 million as of March 31, 2020 and December 31, 2019 , respectively. The Company has determined that it is not the primary beneficiary of these variable interest entities ("VIEs"). These loans have stated fixed and/or variable interest amounts.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company maintains a portfolio of investments owned through noncontrolling interests in equity method investments with one or more partners. The Company has equity method investments in joint ventures that represent VIEs totaling $74.4 million on the consolidated balance sheets at both March 31, 2020 and December 31, 2019 . These investments relate to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria Hotels in strategic markets. Based on an analysis of who has the power to direct the activities that most significantly impact these entities performance and who has an obligation to absorb losses of these entities or a right to receive benefits from these entities that could potentially be significant to the entity, the Company determined that it is not the primary beneficiary of any of these VIEs. The Company based its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and the relevant development, operating management and financial agreements. Although the Company is not the primary beneficiary of these VIEs, it does exercise significant influence through its equity ownership and as a result the Company's investment in these entities is accounted for under the equity method. For the three months ended March 31, 2020 and 2019 , the Company recognized losses totaling $2.0 million and $2.4 million , respectively, from these investments. The Company's maximum exposure to losses related to its investments in VIEs is limited to its equity investments as well as certain limited payment guaranties described in Note 12 of these financial statements.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: March 31, 2020 December 31, 2019 (in thousands) $400 million senior unsecured notes due 2022 with an effective interest rate of 6.0% less deferred issuance costs of $2.1 million and $2.3 million at March 31, 2020 and December 31, 2019, respectively $ 397,896 $ 397,680 $400 million senior unsecured notes due 2029 with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $5.8 million and $6.0 million at March 31, 2020 and December 31, 2019, respectively 394,184 394,039 $600 million senior unsecured revolving credit facility with an effective interest rate of 1.91% and 2.76%, less deferred issuance costs of $2.6 million and $2.7 million at March 31, 2020 and December 31, 2019, respectively 412,449 15,502 Construction loan with an effective interest rate of 6.23%, less deferred issuance costs of $0.6 million at December 31, 2019. — 32,465 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.1 million and $0.2 million at March 31, 2020 and December 31, 2019, respectively 7,335 7,511 Economic development loans with an effective interest rate of 3.0% at March 31, 2020 and December 31, 2019, respectively 4,416 4,416 Total debt $ 1,216,280 $ 851,613 Less current portion 7,335 7,511 Total long-term debt $ 1,208,945 $ 844,102

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2020 and 2019 : (in thousands) Loss on Cash Flow Hedge Foreign Currency Items Total Balance as of December 31, 2019 $ — $ (4,550 ) $ (4,550 ) Other comprehensive loss before reclassification — (664 ) (664 ) Amounts reclassified from accumulated other comprehensive loss — — — Net current period other comprehensive income (loss) — (664 ) (664 ) Balance as of March 31, 2020 $ — $ (5,214 ) $ (5,214 ) (in thousands) Loss on Cash Flow Hedge Foreign Currency Items Total Balance as of December 31, 2018 $ (1,436 ) $ (4,010 ) $ (5,446 ) Other comprehensive loss before reclassification — (207 ) (207 ) Amounts reclassified from accumulated other comprehensive loss 215 — 215 Net current period other comprehensive income (loss) 215 (207 ) 8 Balance as of March 31, 2019 $ (1,221 ) $ (4,217 ) $ (5,438 ) During the three months ended March 31, 2019 , $0.2 million was reclassified from accumulated other comprehensive loss to Interest expense in the Company's Consolidated Statements of Income with reference to a cash flow hedge loss on an interest rate contract. There was no income tax expense or benefit. There were no amounts reclassified during the three months ended March 31, 2020 , as the debt related to the Interest rate contract was paid off in December 2019.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company estimates the fair value of its financial instruments utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The following summarizes the three levels of inputs, as well as the assets that the Company values using those levels of inputs. Level 1 : Quoted prices in active markets for identical assets and liabilities. The Company’s Level 1 assets consist of marketable securities (primarily mutual funds) held in the Deferred Compensation Plan. Level 2 : Observable inputs, other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable. The Company’s Level 2 assets consist of money market funds held in the Company's Deferred Compensation Plan. Level 3 : Unobservable inputs, supported by little or no market data available, where the reporting entity is required to develop its own assumptions to determine the fair value of the instrument. The Company does not currently have any assets recorded at fair value whose fair value was determined using Level 3 inputs and there were no transfers of Level 3 assets during the three months ended March 31, 2020 . As of March 31, 2020 and December 31, 2019 , the Company had the following assets recorded in the consolidated balance sheets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) Total Level 1 Level 2 Level 3 As of March 31, 2020 Mutual funds (1) $ 20,260 $ 20,260 $ — $ — Money market funds (1) 2,429 — 2,429 — Total $ 22,689 $ 20,260 $ 2,429 $ — As of December 31, 2019 Mutual funds (1) $ 24,927 $ 24,927 $ — $ — Money market funds (1) 2,192 — 2,192 — Total $ 27,119 $ 24,927 $ 2,192 $ — (1) Included in Investments, employee benefit plans, at fair value and Other current assets on the consolidated balance sheets. Other financial instruments disclosure The Company believes that the fair value of its current assets and current liabilities approximate their reported carrying amounts due to the short-term nature of these items. In addition, the interest rates of the Company's senior unsecured revolving credit facility adjust frequently based on current market rates; accordingly its carrying amount approximates fair value. The Company estimates the fair value of notes receivable, which approximate their carrying value, utilizing an analysis of future cash flows and credit worthiness for similar types of arrangements. Based upon the availability of market data, the notes receivable have been classified as Level 3 inputs. The primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. For further information on the Notes Receivable, refer to Note 3 . The fair values of the Company's $400 million senior unsecured notes due 2022 and $400 million senior unsecured notes due 2029 are classified as Level 2, as the significant inputs are observable in an active market. At March 31, 2020 and December 31, 2019 , the $400 million senior unsecured notes due 2022 had an approximate fair value of $374.8 million and $432.0 million , respectively. At March 31, 2020 and December 31, 2019 , the $400 million senior unsecured notes due 2029 had an approximate fair value of $322.6 million and $403.4 million , respectively. Fair value estimates are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were (82.5)% and 17.5% for the three months ended March 31, 2020 and 2019 , respectively. On January 1, 2018, the Company adopted ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other than Inventory ("ASU 2016-16"), which provides guidance on recognition of current income tax consequences for inter-company asset transfers (other than inventory) at the time of transfer. On January 1, 2020 , the Company completed a reorganization of its foreign legal entity structure that resulted in a $30.6 million tax benefit. In accordance with ASU 2016-16, the Company recorded the $30.6 million benefit and a corresponding deferred tax asset in the first quarter of 2020. The effective income tax rate for the three months ended March 31, 2020 was further lowered by $2.4 million of excess tax benefits from share-based compensation, partially offset by state income taxes. The effective income tax rate for the three months ended March 31, 2020 would have been 18.1% without the reorganization of its foreign legal entity structure. The effective income tax rate for the three months ended March 31, 2019 was lower than the U.S. federal income tax rate of 21.0% primarily due to $2.0 million of excess tax benefits from share-based compensation and the impact of foreign operations, partially offset by state income taxes. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act provides opportunities for additional liquidity, loan guarantees, and other government programs to support companies affected by the COVID-19 pandemic and their employees. Based on our preliminary analysis of the CARES Act, we do not expect a significant impact to our consolidated financial statements.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation and Capital Stock	Share-Based Compensation and Capital Stock The components of the Company’s pretax share-based compensation activity and associated income tax (expense) benefit are as follows for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, (in thousands) 2020 2019 Stock options $ 491 $ 591 Restricted stock 1,944 1,976 Performance vested restricted stock units (5,187 ) 1,150 Total $ (2,752 ) $ 3,717 Income tax (expense) benefit $ (674 ) $ 881 Refer to the discussion of Performance Vested Restricted Stock Units (“PVRSUs”) leveraging for unvested grants below. A summary of stock-based award activity as of March 31, 2020 and changes during the three months ended are presented below: Stock Options Restricted Stock Performance Vested Restricted Stock Units Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2020 873,895 $ 61.69 312,097 $ 75.23 330,716 $ 70.03 Granted 158,620 91.28 112,563 91.28 93,388 91.28 Performance-Based Leveraging (1) — — — — 30,116 61.31 Exercised/Vested (22,553 ) 54.74 (81,926 ) 69.27 (176,471 ) 58.68 Expired — — — (16,117 ) 60.50 Forfeited — — (16,761 ) 78.99 (8,173 ) 78.19 Outstanding at March 31, 2020 1,009,962 $ 66.49 2.8 years 325,973 $ 82.08 253,459 $ 85.00 Options exercisable at March 31, 2020 664,405 $ 57.27 2.8 years (1) PVRSUs outstanding have been increased by 30,116 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods which vested in the three months ending March 31, 2020 . The stock options granted by the Company had an exercise price equal to the market price of the Company's common stock on the date of grant. The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: 2020 Grants Risk-free interest rate 0.99 % Expected volatility 20.88 % Expected life of stock option 5.9 years Dividend yield 0.99 % Requisite service period 4 years Contractual life 10 years Weighted average fair value of options granted (per option) $ 17.25 Restricted stock awards generally vest ratably over the service period beginning with the first anniversary of the grant date. Vesting service period of shares granted during the three months ended March 31, 2020 range from 36 to 48 months . The Company has granted PVRSUs to certain employees. The vesting of these stock awards is contingent upon the Company achieving performance targets over a 36 to 48 month requisite service period and the employees' continued employment. The performance conditions affect the number of shares that will ultimately vest and can range between 0% and 200% of the shares granted. Management monitors the leveraging of unvested PVRSUs and adjusts the leveraging percentages based on estimated achievement of performance targets. During the three months ended March 31, 2020 , the Company reduced the leveraging factor for 227,114 unvested PVRSUs to 0% , based on management's estimate of achievement of performance targets with contemplation to impacts from the COVID-19 pandemic, contained in PVRSUs granted in the current and prior periods. Share Repurchases and Redemptions The Company purchased 548,031 shares of common stock under the share repurchase program at a total cost of $43.3 million during the three months ended March 31, 2020 . During the three months ended March 31, 2020 , the Company redeemed 128,103 shares of common stock at a total cost of approximately $12.1 million

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The computation of basic and diluted earnings per common share is as follows: Three Months Ended March 31, (in thousands, except per share amounts) 2020 2019 Computation of Basic Earnings Per Share: Numerator: Net income $ 55,463 $ 30,081 Income allocated to participating securities (317 ) (179 ) Net income available to common shareholders $ 55,146 $ 29,902 Denominator: Weighted average common shares outstanding – basic 55,343 55,347 Basic earnings per share $ 1.00 $ 0.54 Computation of Diluted Earnings Per Share: Numerator: Net income $ 55,463 $ 30,081 Income allocated to participating securities (316 ) (179 ) Net income available to common shareholders $ 55,147 $ 29,902 Denominator: Weighted average common shares outstanding – basic 55,343 55,347 Diluted effect of stock options and PVRSUs 334 310 Weighted average common shares outstanding – diluted 55,677 55,657 Diluted earnings per share $ 0.99 $ 0.54 The Company's unvested restricted shares contain rights to receive nonforfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator. At March 31, 2020 and 2019 , the Company had 1.0 million and 1.1 million outstanding stock options, respectively. Stock options are included in the diluted EPS calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the three months ended March 31, 2020 , no anti-dilutive stock options were excluded from the diluted EPS calculation. For the three months ended March 31, 2019 , 0.2 million anti-dilutive stock options were excluded from the diluted EPS calculation. PVRSUs are also included in the diluted EPS calculation when the performance conditions have been met at the reporting date. However, at March 31, 2020 and 2019 , PVRSUs totaling 253,459 and 324,140 , respectively, were excluded from the computation since the performance conditions had not been met.

Reportable Segment Information

Reportable Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Hotel Franchising: Hotel Franchising includes the Company's hotel franchising operations consisting of its fourteen brands. The fourteen brands are aggregated within this segment considering their similar economic characteristics, types of customers, distribution channels and regulatory business environments. Revenues from the hotel franchising business include royalty fees, initial franchise and relicensing fees, marketing and reservation system fees, procurement services revenue and other hotel franchising related revenue. The Company is obligated under its hotel franchise agreements to provide marketing and reservation services appropriate for the operation of its systems. These services do not represent separate reportable segments as their operations are directly related to the Company's hotel franchising business. The revenues received from franchisees that are used to pay for part of the Company's ongoing operations are included in hotel franchising revenues and are offset by the related expenses paid for marketing and reservation activities to calculate hotel franchising operating income. The Company evaluates its hotel franchising segment based primarily on the results of the segment without allocating corporate expenses, income taxes or indirect general and administrative expenses, which are included in the Corporate & Other column. Corporate & Other revenues include owned hotel revenues and rental income related to an office building owned by the Company, as well as revenues related to the Company's vacation rental activities and its SaaS technology solutions divisions which provide cloud-based property management software to non-franchised hoteliers and vacation rental management companies. Equity in earnings or losses from hotel franchising related joint ventures is allocated to the Company's hotel franchising segment. The Company does not allocate interest expense, interest income, other gains and losses or income taxes to its segments. Intersegment revenue adjustment is from the elimination of Hotel Franchising revenue which include royalty and marketing and reservation system fees charged to our owned hotels against franchise fee expense recognized by our owned hotels in Corporate & Other operating income (loss). Our President and Chief Executive Officer, who is our chief operating decision maker, does not use assets by operating segment when assessing performance or making operating segment resource allocations and therefore assets by segment are not disclosed below. The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2020 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 208,047 $ 10,905 $ (777 ) $ 218,175 Operating income (loss) $ 50,534 $ (4,204 ) $ — $ 46,330 Income (loss) before income taxes $ 48,579 $ (18,180 ) $ — $ 30,399 Three Months Ended March 31, 2019 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 214,992 $ 3,328 $ — $ 218,320 Operating income (loss) $ 70,457 $ (25,407 ) $ — $ 45,050 Income (loss) before income taxes $ 68,287 $ (31,808 ) $ — $ 36,479

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is not a party to any litigation other than litigation in the ordinary course of business. The Company's management and legal counsel do not expect that the ultimate outcome of any of its currently ongoing legal proceedings, individually or collectively, will have a material adverse effect on the Company's financial position, results of operations or cash flows. Contingencies The Company entered into various limited payment guaranties with regards to the Company’s VIEs supporting the VIE’s efforts to develop and own hotels franchised under the Company’s brands. Under these limited payment guaranties, the Company has agreed to guarantee a portion of the outstanding debt until certain conditions are met such as (a) the loan matures, (b) certain debt covenants are achieved, (c) the maximum amount guaranteed by the Company is paid in full or (d) the Company, through its affiliates, ceases to be a member of the VIE. The maximum exposure of principal incidental to these limited payment guaranties is $7.5 million , plus unpaid expenses and accrued unpaid interest. As of March 31, 2020 and December 31, 2019 , the Company believed the likelihood of having to perform under the aforementioned limited payment guaranties was remote. In the event of performance, the Company has recourse for two of the transactions in the form of a membership interest pledge as collateral for the guaranty. Commitments The Company has the following commitments outstanding at March 31, 2020 : • The Company provides financing in the form of franchise agreement acquisition payments to franchisees for property improvements, hotel development efforts and other purposes. These payments are typically made at commencement of construction or hotel opening, in accordance with agreed upon provisions in individual franchise agreements. At March 31, 2020 , the Company had commitments to extend an additional $296.3 million for these purposes provided the conditions of the payment are met by its franchisees. • To the extent existing unconsolidated joint ventures proceed to the hotel construction phase, the Company is committed to make capital contributions totaling $9.5 million to support their efforts to construct Cambria hotels. • The Company committed to provide financing in the form of mezzanine loans or credit facilities to franchisees for Choice brand development efforts. The Company has committed to provide an aggregate of approximately $34.5 million , upon certain conditions being met. As of March 31, 2020 , $23.8 million have been disbursed. • In March 2018, the Company entered into a construction loan agreement for the rehabilitation and development of a former office building into a hotel through a consolidated joint venture with a commercial lender, which is secured by the building. The construction loan can be drawn up to $34.9 million . On March 5, 2020 , the Company paid off the construction loan in the amount $33.1 million inclusive of accrued and unpaid interest and recorded a loss on extinguishment of debt of $0.6 million . • The Company’s franchise agreements require the payment of franchise fees, which include marketing and reservation system fees. In accordance with terms of our franchise agreements, the Company is obligated to use the marketing and reservation system revenues it collects from the current franchisees comprising its various hotel brands to provide marketing and reservation services appropriate to support the operation of the overall system. To the extent revenues collected exceed expenditures incurred, the Company has a commitment to the franchisee system to make expenditures in future years. Conversely, to the extent expenditures incurred exceed revenues collected, the Company has the contractual enforceable right to assess and collect such amounts.

Transactions with Unconsolidate

Transactions with Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Transactions with Unconsolidated Joint Ventures	Transactions with Unconsolidated Joint Ventures The Company has a management fee arrangement for marketing services with a joint venture partner. For the three months ended March 31, 2020 and 2019 , fees earned and payroll costs reimbursed under this arrangement totaled $0.4 million and $0.3 million , respectively. The Company has entered into franchise agreements with certain of the unconsolidated joint ventures discussed in Note 4 . Pursuant to these franchise agreements, for the three months ended March 31, 2020 and 2019 , the Company recorded royalty and marketing reservation system fees of approximately $4.6 million and $4.6 million , respectively. The Company recorded $1.6 million and $1.4 million as a receivable due from these joint ventures as of March 31, 2020 and December 31, 2019 , respectively. In addition, the Company paid commissions of $37 thousand and $50 thousand for the three months ended March 31, 2020 and 2019 , respectively, to an on-line travel agent for which the Company is a joint venture member.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 16, 2020 , the Company entered into the Credit Agreement, which provides for a $250 million Term Loan (the "Term Loan") with a scheduled maturity date of April 15, 2021 , subject to an optional one-year extension that can be requested by the Company prior to the initial maturity date. The effectiveness of such extension is subject to the consent of the lenders under the Credit Agreement and certain customary conditions. The Term Loan and all accrued but unpaid interest thereon must be repaid in full on the maturity date. Upon the occurrence of certain asset sales, debt issuances and equity issuances, subject to the exceptions set forth in the Credit Agreement, the Company is required to make certain mandatory principal prepayments of the Term Loan in an amount equal to 100% of the net cash proceeds of such transactions. The Credit Agreement provides that the Company may elect to have the Term Loan bear interest at a rate equal to (i) LIBOR (subject to a floor of 1.00% ) plus a margin ranging from 200 to 275 basis points or (ii) a base rate plus a margin ranging from 100 to 175 basis points, in each case, with the margin determined according to the Company’s senior unsecured long-term debt rating. The Credit Agreement requires that the Company and its restricted subsidiaries comply with various covenants, including with respect to restrictions on liens, incurring indebtedness, making investments and effecting mergers and/or asset sales. With respect to dividends and stock repurchases, the Company may not declare or make any payment, subject to certain exceptions set forth in the Credit Agreement, if (i) there is an existing event of default or if the payment would create an event of default or (ii) (x) the Company’s total leverage ratio exceeds 4.0 to 1.0 or (y) liquidity (defined in the Credit Agreement as the Company’s unrestricted cash and cash equivalents plus undrawn amounts under the Company’s existing senior unsecured revolving credit facility) is less than $250 million , in each case, both before or immediately after giving effect to such payment. The Credit Agreement imposes financial maintenance covenants requiring the Company to maintain a consolidated fixed charge coverage ratio of at least 2.5 to 1.0 and a total leverage ratio of not more than 4.5 to 1.0 . If the Company maintains an Investment Grade Rating, as defined in the Credit Agreement, then the Company will not need to comply with the consolidated fixed charge coverage ratio covenant. The Credit Agreement includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of the Company under the Credit Agreement to be immediately due and payable. The proceeds of the Term Loan were utilized to reduce borrowings on the Company’s senior unsecured revolving credit facility.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and its subsidiaries (together the "Company") have been prepared by the Company in accordance with United States of America generally accepted accounting principles ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. The consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2019 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 2, 2020 . Interim results are not necessarily indicative of the entire year results. All inter-company transactions and balances between Choice Hotels International, Inc. and its subsidiaries have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) and issued subsequent amendments to the initial guidance at various points thereafter ("Topic 326"). Under legacy standards, we recognized an impairment of receivables when it was probable that a loss had been incurred. Topic 326 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts (which includes losses that may be incurred in future periods), and enhanced disclosures to provide insight to significant estimates and judgments used in estimating credit losses. The Company adopted Topic 326 on January 1, 2020 using the modified retrospective approach resulting in a cumulative-effect adjustment of $6.8 million (inclusive of deferred taxes) recorded in retained earnings as of the date of adoption. The scope and provisions of Topic 326 most significantly impacted the allowance for the Company's notes receivables. While trade receivables are in the scope, the provisions of Topic 326 did not significantly alter the accounting policy for allowance for trade receivables given the duration of such receivables is typically 30 days. Refer to Note 3 for further details on the adoption of Topic 326 and the impact to the Company's accounting policies for Notes Receivable. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 modifies disclosure requirements on fair value measurements. The Company adopted ASU 2018-13 on a retrospective basis on January 1, 2020, with limited modifications to its fair value footnote disclosure. Refer to Note 7 . In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) : Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The Company adopted ASU 2018-15 on a prospective basis on January 1, 2020. As the majority of the Company's hosting arrangements are service contracts, the capitalization and subsequent amortization of implementation costs incurred after adoption are expected to impact the timing, but not classification, of expense recognition. Recently Issued Accounting Standard In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 enhances and simplifies various aspects of the income tax accounting guidance in Accounting Standards Codification ("ASC") 740, Income Taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted. T he Company is evaluating the effect of adopting ASU 2019-12, but does not expect adoption will have a material impact on the consolidated financial statements and disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	Significant changes in the contract liabilities balances during the period December 31, 2019 to March 31, 2020 are as follows: (in thousands) Balance as of December 31, 2019 $ 163,847 Increases to the contract liability balance due to cash received 20,137 Revenue recognized in the period (19,068 ) Balance as of March 31, 2020 $ 164,916
Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 70,339 $ — $ 70,339 $ 80,353 $ — $ 80,353 Initial franchise and relicensing fees 7,284 — 7,284 6,807 — 6,807 Procurement services 13,288 509 13,797 11,487 460 11,947 Marketing and reservation system 99,329 11,056 110,385 104,078 5,986 110,064 Owned hotels 8,021 1,293 9,314 — — — Other 6,687 — 6,687 8,869 — 8,869 Total Topic 606 revenues $ 204,948 $ 12,858 217,806 $ 211,594 $ 6,446 218,040 Non-Topic 606 revenues 369 280 Total revenues $ 218,175 $ 218,320

Notes Receivable and Allowanc_2

Notes Receivable and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Schedule Of Notes Receivable	The following table shows the composition of the Company's notes receivable balances based on the level of security credit quality indicator: (in thousands) March 31, 2020 December 31, 2019 Senior $ 104,924 $ 98,545 Subordinated 32,643 32,153 Unsecured 2,455 2,316 Total notes receivable 140,022 133,014 Total allowance for notes receivable losses 13,102 4,556 Total notes receivable, net of allowance $ 126,920 $ 128,458 Current portion, net of allowance $ 24,161 $ 25,404 Long-term portion, net of allowance $ 102,759 $ 103,054
Financing Receivable Credit Quality Indicators	Amortized cost basis by year of origination and level of security credit quality indicator are as follows: (in thousands) 2020 2019 2018 Prior Total Senior $ — $ 23,570 $ 20,546 $ 60,808 $ 104,924 Subordinated — 2,270 11,492 18,881 32,643 Unsecured — — 629 1,826 2,455 Total notes receivable $ — $ 25,840 $ 32,667 $ 81,515 $ 140,022
Financing Receivable, Allowance for Credit Loss	The following table summarizes the activity related to the Company’s Notes Receivable allowance for credit losses, including the impacts of adopting Topic 326: (in thousands) March 31, 2020 December 31, 2019 Beginning balance $ 4,556 $ 4,685 Reserves established from adoption of Topic 326 8,348 — Provisions 198 — Write-offs — (129 ) Ending balance $ 13,102 $ 4,556
Past Due Balances Of Notes Receivable	Past due balances of notes receivable by credit quality indicators are as follows: (in thousands) 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable As of March 31, 2020 Senior $ — $ — $ — $ 104,924 $ 104,924 Subordinated — — — 32,643 32,643 Unsecured — — — 2,455 2,455 $ — $ — $ — $ 140,022 $ 140,022 As of December 31, 2019 Senior $ — $ — $ — $ 98,545 $ 98,545 Subordinated — — — 32,153 32,153 Unsecured — — — 2,316 2,316 $ — $ — $ — $ 133,014 $ 133,014

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule Of Components Of Debt	Debt consists of the following: March 31, 2020 December 31, 2019 (in thousands) $400 million senior unsecured notes due 2022 with an effective interest rate of 6.0% less deferred issuance costs of $2.1 million and $2.3 million at March 31, 2020 and December 31, 2019, respectively $ 397,896 $ 397,680 $400 million senior unsecured notes due 2029 with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $5.8 million and $6.0 million at March 31, 2020 and December 31, 2019, respectively 394,184 394,039 $600 million senior unsecured revolving credit facility with an effective interest rate of 1.91% and 2.76%, less deferred issuance costs of $2.6 million and $2.7 million at March 31, 2020 and December 31, 2019, respectively 412,449 15,502 Construction loan with an effective interest rate of 6.23%, less deferred issuance costs of $0.6 million at December 31, 2019. — 32,465 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.1 million and $0.2 million at March 31, 2020 and December 31, 2019, respectively 7,335 7,511 Economic development loans with an effective interest rate of 3.0% at March 31, 2020 and December 31, 2019, respectively 4,416 4,416 Total debt $ 1,216,280 $ 851,613 Less current portion 7,335 7,511 Total long-term debt $ 1,208,945 $ 844,102

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2020 and 2019 : (in thousands) Loss on Cash Flow Hedge Foreign Currency Items Total Balance as of December 31, 2019 $ — $ (4,550 ) $ (4,550 ) Other comprehensive loss before reclassification — (664 ) (664 ) Amounts reclassified from accumulated other comprehensive loss — — — Net current period other comprehensive income (loss) — (664 ) (664 ) Balance as of March 31, 2020 $ — $ (5,214 ) $ (5,214 ) (in thousands) Loss on Cash Flow Hedge Foreign Currency Items Total Balance as of December 31, 2018 $ (1,436 ) $ (4,010 ) $ (5,446 ) Other comprehensive loss before reclassification — (207 ) (207 ) Amounts reclassified from accumulated other comprehensive loss 215 — 215 Net current period other comprehensive income (loss) 215 (207 ) 8 Balance as of March 31, 2019 $ (1,221 ) $ (4,217 ) $ (5,438 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets	As of March 31, 2020 and December 31, 2019 , the Company had the following assets recorded in the consolidated balance sheets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) Total Level 1 Level 2 Level 3 As of March 31, 2020 Mutual funds (1) $ 20,260 $ 20,260 $ — $ — Money market funds (1) 2,429 — 2,429 — Total $ 22,689 $ 20,260 $ 2,429 $ — As of December 31, 2019 Mutual funds (1) $ 24,927 $ 24,927 $ — $ — Money market funds (1) 2,192 — 2,192 — Total $ 27,119 $ 24,927 $ 2,192 $ — (1) Included in Investments, employee benefit plans, at fair value and Other current assets on the consolidated balance sheets.

Share-Based Compensation and _2

Share-Based Compensation and Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits	The components of the Company’s pretax share-based compensation activity and associated income tax (expense) benefit are as follows for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, (in thousands) 2020 2019 Stock options $ 491 $ 591 Restricted stock 1,944 1,976 Performance vested restricted stock units (5,187 ) 1,150 Total $ (2,752 ) $ 3,717 Income tax (expense) benefit $ (674 ) $ 881
Summary Of Change In Stock-Based Award Activity	A summary of stock-based award activity as of March 31, 2020 and changes during the three months ended are presented below: Stock Options Restricted Stock Performance Vested Restricted Stock Units Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2020 873,895 $ 61.69 312,097 $ 75.23 330,716 $ 70.03 Granted 158,620 91.28 112,563 91.28 93,388 91.28 Performance-Based Leveraging (1) — — — — 30,116 61.31 Exercised/Vested (22,553 ) 54.74 (81,926 ) 69.27 (176,471 ) 58.68 Expired — — — (16,117 ) 60.50 Forfeited — — (16,761 ) 78.99 (8,173 ) 78.19 Outstanding at March 31, 2020 1,009,962 $ 66.49 2.8 years 325,973 $ 82.08 253,459 $ 85.00 Options exercisable at March 31, 2020 664,405 $ 57.27 2.8 years (1) PVRSUs outstanding have been increased by 30,116 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods which vested in the three months ending March 31, 2020 .
Weighted Average Assumptions Of Black-Scholes Option-Pricing Model	The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: 2020 Grants Risk-free interest rate 0.99 % Expected volatility 20.88 % Expected life of stock option 5.9 years Dividend yield 0.99 % Requisite service period 4 years Contractual life 10 years Weighted average fair value of options granted (per option) $ 17.25

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Common Share	The computation of basic and diluted earnings per common share is as follows: Three Months Ended March 31, (in thousands, except per share amounts) 2020 2019 Computation of Basic Earnings Per Share: Numerator: Net income $ 55,463 $ 30,081 Income allocated to participating securities (317 ) (179 ) Net income available to common shareholders $ 55,146 $ 29,902 Denominator: Weighted average common shares outstanding – basic 55,343 55,347 Basic earnings per share $ 1.00 $ 0.54 Computation of Diluted Earnings Per Share: Numerator: Net income $ 55,463 $ 30,081 Income allocated to participating securities (316 ) (179 ) Net income available to common shareholders $ 55,147 $ 29,902 Denominator: Weighted average common shares outstanding – basic 55,343 55,347 Diluted effect of stock options and PVRSUs 334 310 Weighted average common shares outstanding – diluted 55,677 55,657 Diluted earnings per share $ 0.99 $ 0.54

Reportable Segment Information

Reportable Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule Of Financial Information For Company's Franchising Segment	The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2020 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 208,047 $ 10,905 $ (777 ) $ 218,175 Operating income (loss) $ 50,534 $ (4,204 ) $ — $ 46,330 Income (loss) before income taxes $ 48,579 $ (18,180 ) $ — $ 30,399 Three Months Ended March 31, 2019 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 214,992 $ 3,328 $ — $ 218,320 Operating income (loss) $ 70,457 $ (25,407 ) $ — $ 45,050 Income (loss) before income taxes $ 68,287 $ (31,808 ) $ — $ 36,479

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 1,004,744		$ 968,833
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 6,800

Revenue - Textual (Details)

Revenue - Textual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Redemption of loyalty points period	36 months
Revenue, remaining performance obligation	$ 164,900
Revenues	217,806	$ 218,040
Revenues	218,175	218,320
Royalty fees
Disaggregation of Revenue [Line Items]
Revenues	70,339	80,353
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenues	10,900	3,300
Revenues	10,905	3,328
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenues		$ 0
Intersegment Eliminations | Royalty fees
Disaggregation of Revenue [Line Items]
Revenues	$ (777)
Minimum
Disaggregation of Revenue [Line Items]
Deferred revenue, recognition period	5 years
Maximum
Disaggregation of Revenue [Line Items]
Deferred revenue, recognition period	10 years

Revenue - Contract Liability (D

Revenue - Contract Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Changes in Contract Liability [Roll Forward]
Contract with customer, liability, beginning	$ 163,847
Increases to the contract liability balance due to cash received	20,137
Revenue recognized in the period	(19,068)
Contract with customer, liability, ending	$ 164,916

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 217,806	$ 218,040
Non-Topic 606 revenues	369	280
Total revenues	218,175	218,320
Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	204,948	211,594
Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	12,858	6,446
Royalty fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	70,339	80,353
Royalty fees | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	70,339	80,353
Royalty fees | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	0	0
Initial franchise and relicensing fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	7,284	6,807
Initial franchise and relicensing fees | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	7,284	6,807
Initial franchise and relicensing fees | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	0	0
Procurement services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	13,797	11,947
Procurement services | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	13,288	11,487
Procurement services | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	509	460
Marketing and reservation system
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	110,385	110,064
Marketing and reservation system | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	99,329	104,078
Marketing and reservation system | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	11,056	5,986
Owned hotels
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	9,314	0
Total revenues	9,422	0
Owned hotels | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	8,021	0
Owned hotels | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	1,293	0
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	6,687	8,869
Total revenues	6,948	9,149
Other | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	6,687	8,869
Other | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 0	$ 0

Notes Receivable and Allowanc_3

Notes Receivable and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves		$ 13,102	$ 4,556		$ 4,685
Loans and financing receivable		102,759	103,054
Financing Receivable, before Allowance for Credit Loss		140,022	133,014
Retained earnings		1,004,744	968,833
Mezzanine & Other Notes Receivable | Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Average notes receivable, nonaccrual status		1,700	1,700
Variable Interest Entity, Not Primary Beneficiary | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable		124,900	126,500
Variable Interest Entity, Not Primary Beneficiary | Interest Rate Below Market Reduction | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable		14,200	16,300
Receivable with Imputed Interest, discount		$ 1,200	$ 1,300
Accounting Standards Update 2016-13
Notes Receivable and Allowance for Losses [Line Items]
Cumulative effect of new accounting principle in period of adoption	[1]			$ (6,831)
Cumulative Effect, Period of Adoption. Adjusted Balance | Accounting Standards Update 2016-13
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves				12,900
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves				8,348
Retained earnings				$ 6,800
[1]	Reflects the cumulative effect of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which was adopted on January 1, 2020. Refer to Note 1 for additional details.

Notes Receivable and Allowanc_4

Notes Receivable and Allowance for Credit Losses - Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 140,022	$ 133,014
Total allowance for notes receivable losses	13,102	4,556	$ 4,685
Net carrying value	126,920	128,458
Current portion, net	24,161	25,404
Long-term portion, net	102,759	103,054
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	104,924	98,545
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	32,643	32,153
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 2,455	$ 2,316

Notes Receivable and Allowanc_5

Notes Receivable and Allowance for Credit Losses - Credit Quality Indicator (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Notes Receivable and Allowance for Losses [Line Items]
2020	$ 0
2019	25,840
2018	32,667
Prior	81,515
Total	140,022	$ 133,014
Senior
Notes Receivable and Allowance for Losses [Line Items]
2020	0
2019	23,570
2018	20,546
Prior	60,808
Total	104,924	98,545
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
2020	0
2019	2,270
2018	11,492
Prior	18,881
Total	32,643	32,153
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
2020	0
2019	0
2018	629
Prior	1,826
Total	$ 2,455	$ 2,316

Notes Receivable and Allowanc_6

Notes Receivable and Allowance for Credit Losses - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 4,556	$ 4,685
Loan reserves	13,102	4,685
Provision for Loan and Lease Losses	198	0
Write-offs	0	(129)
Ending balance	$ 13,102	$ 4,556
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Loan reserves			$ 8,348

Notes Receivable and Allowanc_7

Notes Receivable and Allowance for Credit Losses - Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - Mezzanine & Other Notes Receivable - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 0	$ 0
Current	140,022	133,014
Total Notes Receivable	140,022	133,014
Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	104,924	98,545
Total Notes Receivable	104,924	98,545
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	32,643	32,153
Total Notes Receivable	32,643	32,153
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	2,455	2,316
Total Notes Receivable	2,455	2,316
Financing Receivables, 30 to 89 Days Past Due
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 0	$ 0

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	$ 1,703,952,000		$ 1,386,672,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	74,400,000		$ 74,400,000
Loss attributable to variable interest entities	$ 2,000,000	$ 2,400,000

Debt - Schedule Of Components O

Debt - Schedule Of Components Of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt [Line Items]
Total debt	$ 1,216,280,000		$ 851,613,000
Less current portion	7,335,000		7,511,000
Total long-term debt	1,208,945,000		844,102,000
Senior | $400 Million Senior Notes Due 2022
Debt [Line Items]
Total debt	397,896,000		397,680,000
Debt instrument face amount	$ 400,000,000		$ 400,000,000
Debt instrument effective interest rate	6.00%		6.00%
Deferred issuance costs	$ 2,100,000		$ 2,300,000
Senior | $400 Million Senior Unsecured Notes Due 2029
Debt [Line Items]
Total debt	394,184,000		$ 394,039,000
Debt instrument effective interest rate			3.88%
Deferred issuance costs	5,800,000		$ 6,000,000
Senior | $600 Million Unsecured Revolving Credit Facility
Debt [Line Items]
Total debt	412,449,000		15,502,000
Debt instrument face amount	$ 600,000,000		$ 600,000,000
Debt instrument effective interest rate	1.91%		2.76%
Deferred issuance costs	$ 2,600,000		$ 2,700,000
Construction Loans
Debt [Line Items]
Total debt	0		$ 32,465,000
Debt instrument effective interest rate			6.20%
Deferred issuance costs			$ 600,000
Collateralized Mortgage
Debt [Line Items]
Total debt	$ 7,335,000		$ 7,511,000
Debt instrument effective interest rate	4.57%		4.57%
Fair value adjustment	$ 100,000	$ 200,000
Economic Development Loans
Debt [Line Items]
Total debt	$ 4,416,000		$ 4,416,000
Debt instrument effective interest rate	3.00%		3.00%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Apr. 16, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt [Line Items]
Loss on extinguishment of debt		$ 607,000	$ 0
$600 Million Unsecured Revolving Credit Facility | Senior
Debt [Line Items]
Letters of credit outstanding, amount		396,800,000
Debt instrument face amount		$ 600,000,000		$ 600,000,000
Subsequent Event | $250 Million Unsecured Term Loan | Unsecured Debt
Debt [Line Items]
Debt instrument, extension, term	1 year
Debt instrument face amount	$ 250,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (23,511)	$ (183,772)
Net current period other comprehensive income (loss)	(664)	8
Ending balance	(43,854)	(185,477)
Loss on Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	(1,436)
Other comprehensive loss before reclassification	0	0
Amounts reclassified from accumulated other comprehensive loss	0	215
Net current period other comprehensive income (loss)	0	215
Ending balance	0	(1,221)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,550)	(4,010)
Other comprehensive loss before reclassification	(664)	(207)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net current period other comprehensive income (loss)	(664)	(207)
Ending balance	(5,214)	(4,217)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,550)	(5,446)
Other comprehensive loss before reclassification	(664)	(207)
Amounts reclassified from accumulated other comprehensive loss	0	215
Net current period other comprehensive income (loss)	(664)	8
Ending balance	$ (5,214)	$ (5,438)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest rate contract | Loss on Cash Flow Hedge | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	$ 0	$ (200,000)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Measurements [Line Items]
Assets measured at fair value	$ 22,689	$ 27,119
Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	20,260	24,927
Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	2,429	2,192
Level 1
Fair Value Measurements [Line Items]
Assets measured at fair value	20,260	24,927
Level 1 | Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	20,260	24,927
Level 1 | Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 2
Fair Value Measurements [Line Items]
Assets measured at fair value	2,429	2,192
Level 2 | Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 2 | Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	2,429	2,192
Level 3
Fair Value Measurements [Line Items]
Assets measured at fair value	0	0
Level 3 | Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 3 | Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Senior - USD ($)	Mar. 31, 2020	Dec. 31, 2019
$400 Million Senior Notes Due 2022
Fair Value Measurements [Line Items]
Debt instrument face amount	$ 400,000,000	$ 400,000,000
$400 Million Senior Notes Due 2022 | Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	322,600,000	432,000,000
$400 Million Senior Unsecured Notes Due 2029 | Level 2
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000
Debt instrument fair value	$ 374,800,000	$ 403,400,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019
Operating Loss Carryforwards [Line Items]
Effective income tax rate (percent)		(82.50%)	17.50%
Income tax benefit		$ 25,064	$ (6,398)
Share-based compensation, excess tax benefit, amount		$ 2,400	$ 2,000
Effective income tax rate, excluding reorganization of foreign legal entity structure		18.10%
Foreign
Operating Loss Carryforwards [Line Items]
Income tax benefit		$ 30,600
Accounting Standards Update 2016-16 | Cumulative Effect, Period of Adoption, Adjustment | Foreign
Operating Loss Carryforwards [Line Items]
Income tax benefit	$ 30,600

Share-Based Compensation and _3

Share-Based Compensation and Capital Stock - Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ (2,752)	$ 3,717
Income tax benefits	(674)	881
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	491	591
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	1,944	1,976
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ (5,187)	$ 1,150

Share-Based Compensation and _4

Share-Based Compensation and Capital Stock - Summary of Change in Stock-Based Award Activity (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, ending balance (in shares)	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Performance-based leveraging - weighted average grant date fair value (in dollars per share) | $ / shares	$ 61.31
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	873,895
Granted (in shares)	158,620
Exercised/vested (in shares)	(22,553)
Expired (in shares)	0
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	1,009,962
Options exercisable, ending balance (in shares)	664,405
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance - weighted average exercise price (in dollars per share) | $ / shares	$ 61.69
Granted - weighted average exercise price (in dollars per share) | $ / shares	91.28
Exercised/vested - weighted average exercise price (in dollars per share) | $ / shares	54.74
Expired - weighted average exercise price (in dollars per share) | $ / shares	0
Forfeited - weighted average exercise price (in dollars per share) | $ / shares	0
Ending balance - weighted average exercise price (in dollars per share) | $ / shares	66.49
Options exercisable, ending balance - weighted average exercise price (in dollars per share) | $ / shares	$ 57.27
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Roll Forward]
Weighted average remaining contractual term - outstanding, ending balance	2 years 9 months 18 days
Weighted average remaining contractual term - options exercisable, ending balance	2 years 9 months 18 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance (in shares)	312,097
Granted (in shares)	112,563
Exercised/vested (in shares)	(81,926)
Forfeited (in shares)	(16,761)
Outstanding, ending balance (in shares)	325,973
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 75.23
Granted - weighted average grant date fair value (in dollars per share) | $ / shares	91.28
Exercised/vested - weighted average grant date fair value (in dollars per share) | $ / shares	69.27
Forfeited - weighted average grant date fair value (in dollars per share) | $ / shares	78.99
Ending balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 82.08
Performance Vested Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance (in shares)	330,716
Granted (in shares)	93,388
Performance-based leveraging (in shares)	30,116
Exercised/vested (in shares)	(176,471)
Expired (in shares)	(16,117)
Forfeited (in shares)	(8,173)
Outstanding, ending balance (in shares)	253,459
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 70.03
Granted - weighted average grant date fair value (in dollars per share) | $ / shares	91.28
Exercised/vested - weighted average grant date fair value (in dollars per share) | $ / shares	58.68
Expired - weighted average grant date fair value (in dollars per share) | $ / shares	60.50
Forfeited - weighted average grant date fair value (in dollars per share) | $ / shares	78.19
Ending balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 85

Share-Based Compensation and _5

Share-Based Compensation and Capital Stock - Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options	3 Months Ended
	Mar. 31, 2020$ / shares
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate	0.99%
Expected volatility	20.88%
Expected life of stock option	5 years 10 months 24 days
Dividend yield	0.99%
Requisite service period	4 years
Contractual life	10 years
Weighted average fair value of options granted (in dollars per share)	$ 17.25

Share-Based Compensation and _6

Share-Based Compensation and Capital Stock - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-Based Compensation and Capital Stock [Line Items]
Shares repurchased (in shares)		548,031
Payments related to tax withholding for share-based compensation		$ 43.3
Shares redeemed for tax withholding for share based compensation (in shares)		128,103
Cost of shares repurchased		$ 12.1
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Unvested shares expected to vest	227,114
Leveraging factor	0.00%
Performance Vested Restricted Stock Units | Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	36 months
Performance period, percent	0.00%
Performance Vested Restricted Stock Units | Maximum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	48 months
Performance period, percent	200.00%
Restricted stock | Minimum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration	36 months
Restricted stock | Maximum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration	48 months

Earnings Per Share - Computatio

Earnings Per Share - Computation Of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income	$ 55,463	$ 30,081
Income allocated to participating securities	(317)	(179)
Net income available to common shareholders	$ 55,146	$ 29,902
Denominator:
Weighted average common shares outstanding – basic (in shares)	55,343	55,347
Basic earnings per share (in dollars per share)	$ 1	$ 0.54
Numerator:
Income allocated to participating securities	$ (316)	$ (179)
Net income available to common shareholders	$ 55,147	$ 29,902
Denominator:
Weighted average common shares outstanding – basic (in shares)	55,343	55,347
Diluted effect of stock options and PVRSUs (in shares)	334	310
Weighted average common shares outstanding – diluted (in shares)	55,677	55,657
Diluted earnings per share (in dollars per share)	$ 0.99	$ 0.54

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock options (in shares)	1,000,000	1,100,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS computation (in shares)	0	200,000
Performance Vested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
PVRSUs excluded from EPS calculation due to performance conditions not met (in shares)	253,459	324,140

Reportable Segment Informatio_2

Reportable Segment Information - Narrative (Details)	Mar. 31, 2020brand
Segment Reporting [Abstract]
Number of brands	14

Reportable Segment Informatio_3

Reportable Segment Information - Schedule Of Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reportable Segment Information [Line Items]
Revenues	$ 218,175	$ 218,320
Operating income (loss)	46,330	45,050
Income (loss) before income taxes	30,399	36,479
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	10,905	3,328
Operating income (loss)	(4,204)	(25,407)
Income (loss) before income taxes	(18,180)	(31,808)
Intersegment Eliminations
Reportable Segment Information [Line Items]
Revenues		0
Operating income (loss)	0	0
Income (loss) before income taxes	0	0
Hotel Franchising | Operating Segments
Reportable Segment Information [Line Items]
Revenues	208,047	214,992
Operating income (loss)	50,534	70,457
Income (loss) before income taxes	$ 48,579	$ 68,287

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Mar. 05, 2020USD ($)	Mar. 31, 2020USD ($)transaction	Mar. 31, 2019USD ($)
Commitments and Contingencies [Line Items]
Limited payment guaranties		$ 7,500
Number of transactions with recourse | transaction		2
Other commitment		$ 34,500
Other commitment, payment		23,800
Construction loan		34,900
Loss on extinguishment of debt		607	$ 0
Forgivable Notes Receivable
Commitments and Contingencies [Line Items]
Other commitment		296,300
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment		$ 9,500
Construction Loans
Commitments and Contingencies [Line Items]
Repayments of debt	$ 33,100
Loss on extinguishment of debt	$ 600

Transactions with Unconsolida_2

Transactions with Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Joint Venture Partner
Related Party Transaction [Line Items]
Fees earned and payroll costs reimbursed from marketing services arrangement		$ 300
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	$ 4,600	4,600
Receivables	1,600		$ 1,400
Commissions paid to travel agent	$ 37	$ 50

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 16, 2020	Mar. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Cash and cash equivalents		$ 321,954,000	$ 33,766,000
Subsequent Event | Unsecured Debt | $250 Million Unsecured Term Loan
Subsequent Event [Line Items]
Debt instrument face amount	$ 250,000,000
Debt instrument, extension, term	1 year
Debt instrument, principal prepayments, percentage of cash proceeds	100.00%
Debt instrument, covenant, leverage ratio	4
Cash and cash equivalents	$ 250,000,000
Subsequent Event | Unsecured Debt | Minimum | $250 Million Unsecured Term Loan
Subsequent Event [Line Items]
Fixed charge coverage ratio	2.5
Subsequent Event | Unsecured Debt | Maximum | $250 Million Unsecured Term Loan
Subsequent Event [Line Items]
Fixed charge coverage ratio	4.5
Subsequent Event | Unsecured Debt | LIBOR | $250 Million Unsecured Term Loan
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Subsequent Event | Unsecured Debt | LIBOR | Minimum | $250 Million Unsecured Term Loan
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Subsequent Event | Unsecured Debt | LIBOR | Maximum | $250 Million Unsecured Term Loan
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Subsequent Event | Unsecured Debt | Base Rate | Minimum | $250 Million Unsecured Term Loan
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Subsequent Event | Unsecured Debt | Base Rate | Maximum | $250 Million Unsecured Term Loan
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.75%