Choice Hotels International (CHH) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		55,630,682
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Entity Central Index Key	0001046311
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES
Revenues	$ 278,237	$ 151,365	$ 461,070	$ 369,171
Total revenues	278,344	151,733	461,291	369,908
OPERATING EXPENSES
Selling, general and administrative	34,470	43,935	64,737	72,318
Depreciation and amortization	6,232	6,398	12,594	12,927
Marketing and reservation system	113,285	89,309	211,458	219,756
Owned hotels	5,333	2,976	9,480	9,010
Total operating expenses	159,320	142,618	298,269	314,011
Loss on impairment of assets	0	(1,226)	0	(1,226)
Operating income	119,024	7,889	163,022	54,671
OTHER INCOME AND EXPENSES, NET
Interest expense	11,691	13,082	23,468	24,462
Interest income	(1,234)	(2,245)	(2,515)	(4,533)
Loss on extinguishment of debt	0	0	0	607
Other (gains) losses	(2,108)	(3,556)	(3,313)	1,173
Equity in net (gain) loss of affiliates	(1,179)	3,486	4,818	5,441
Total other income and expenses, net	7,170	10,767	22,458	27,150
Income (loss) before income taxes	111,854	(2,878)	140,564	27,521
Income tax expense (benefit)	25,972	(437)	32,345	(25,501)
Net income (loss)	$ 85,882	$ (2,441)	$ 108,219	$ 53,022
Basic earnings (losses) per share (in dollars per share)	$ 1.54	$ (0.04)	$ 1.95	$ 0.96
Diluted earning (losses) per share (in dollars per share)	1.53	(0.04)	1.93	0.95
Cash dividends declared per share (in dollars per share)	$ 0.225	$ 0	$ 0.225	$ 0.225
Royalty fees
REVENUES
Revenues	$ 106,242	$ 50,152	$ 172,289	$ 120,491
Initial franchise and relicensing fees
REVENUES
Revenues	7,328	6,676	12,755	13,960
Procurement services
REVENUES
Revenues	12,092	10,697	23,283	24,494
Marketing and reservation system
REVENUES
Revenues	135,988	79,677	227,509	190,062
Owned hotels
REVENUES
Revenues	8,886	2,000	13,126	11,314
Total revenues	8,993	2,108	13,347	11,530
Other
REVENUES
Revenues	7,701	2,163	12,108	8,850
Total revenues	$ 7,701	$ 2,423	$ 12,108	$ 9,371

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 85,882	$ (2,441)	$ 108,219	$ 53,022
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	71	187	123	(477)
Other comprehensive income (loss), net of tax	71	187	123	(477)
Comprehensive income (loss)	$ 85,953	$ (2,254)	$ 108,342	$ 52,545

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 307,975	$ 234,779
Receivables (net of allowance for credit losses of $57,726 and $59,424, respectively)	201,038	149,921
Income taxes receivable	346	4,186
Notes receivable (net of allowance for credit losses of $7,428 and $4,179, respectively)	70,887	24,048
Other current assets	27,294	19,980
Total current assets	607,540	432,914
Property and equipment, at cost, net	342,121	334,901
Operating lease right-of-use assets	13,163	17,688
Goodwill	159,196	159,196
Intangible assets, net	307,559	303,725
Notes receivable (net of allowance for credit losses of $12,611 and $15,305, respectively)	67,922	95,785
Investments, employee benefit plans, at fair value	31,484	29,104
Investments in unconsolidated entities	42,793	57,879
Deferred income taxes	71,161	67,745
Other assets	85,855	88,396
Total assets	1,728,794	1,587,333
Current liabilities
Accounts payable	90,407	83,329
Accrued expenses and other current liabilities	103,160	78,920
Deferred revenue	63,394	50,290
Liability for guest loyalty program	59,014	43,308
Total current liabilities	315,975	255,847
Long-term debt	1,059,602	1,058,738
Long-term deferred revenue	113,392	122,406
Deferred compensation and retirement plan obligations	36,010	33,756
Income taxes payable	20,642	23,394
Operating lease liabilities	7,822	12,739
Liability for guest loyalty program	60,591	77,071
Other liabilities	9,827	9,134
Total liabilities	1,623,861	1,593,085
Commitments and Contingencies
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at June 30, 2021 and December 31, 2020; 55,646,993 and 55,535,554 shares outstanding at June 30, 2021 and December 31, 2020, respectively	951	951
Additional paid-in-capital	246,604	233,921
Accumulated other comprehensive loss	(4,523)	(4,646)
Treasury stock, at cost; 39,418,645 and 39,530,084 shares at June 30, 2021 and December 31, 2020, respectively	(1,258,295)	(1,260,478)
Retained earnings	1,120,196	1,024,500
Total shareholders’ equity (deficit)	104,933	(5,752)
Total liabilities and shareholders’ equity (deficit)	$ 1,728,794	$ 1,587,333

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for credit loss, current	$ (57,726)	$ (59,424)
Allowance for credit losses, current	(7,428)	(4,179)
Allowance for credit losses, noncurrent	$ (12,611)	$ (15,305)
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)	55,646,993	55,535,554
Treasury stock, shares (in shares)	39,418,645	39,530,084

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 108,219	$ 53,022
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,594	12,927
Depreciation and amortization – marketing and reservation system	12,076	9,585
Franchise agreement acquisition cost amortization	6,294	5,558
Loss on asset disposition and impairments	0	1,226
Loss on debt extinguishment	0	607
Non-cash stock compensation and other charges	16,295	458
Non-cash interest and other investment (income) loss	(6,824)	1,097
Deferred income taxes	(3,465)	(27,098)
Equity in net losses from unconsolidated joint ventures, less distributions received	7,398	5,588
Franchise agreement acquisition costs, net of reimbursements	(18,078)	(12,567)
Change in working capital and other	(32,102)	(48,951)
Net cash provided by operating activities	102,407	1,452
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in property and equipment	(23,393)	(21,094)
Investment in intangible assets	(2,976)	(830)
Contributions to equity method investments	(1,136)	(2,997)
Distributions from equity method investments	0	3,113
Proceeds from sale of equity method investments	11,830	0
Purchases of investments, employee benefit plans	(931)	(1,932)
Proceeds from sales of investments, employee benefit plans	1,994	1,901
Purchase/issuance of notes receivable	(17,918)	(7,730)
Collection of notes receivable	63	63
Other items, net	(486)	(27)
Net cash used in investing activities	(32,953)	(29,533)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings pursuant to revolving credit facilities	0	170,300
Net borrowings pursuant to term loan	0	249,500
Principal payments on long-term debt	0	(33,369)
Debt issuance costs	0	(492)
Purchase of treasury stock	(5,362)	(54,536)
Dividends paid	0	(25,228)
Proceeds from exercise of stock options	9,115	2,768
Net cash provided by financing activities	3,753	308,943
Net change in cash and cash equivalents	73,207	280,862
Effect of foreign exchange rate changes on cash and cash equivalents	(11)	(489)
Cash and cash equivalents at beginning of period	234,779	33,766
Cash and cash equivalents at end of period	307,975	314,139
Cash payments during the period for:
Income taxes, net of refunds	17,108	1,114
Interest, net of capitalized interest	21,885	23,248
Non-cash investing and financing activities:
Dividends declared but not paid	12,521	46
Investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities	$ 4,085	$ 1,317

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in- Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings	Cumulative Effect, Period of Adoption, Adjustment	[1]	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings	[1]
Beginning balance (in shares) at Dec. 31, 2019			55,702,628
Beginning balance at Dec. 31, 2019		$ (23,511)	$ 951	$ 231,160	$ (4,550)	$ (1,219,905)	$ 968,833	$ (6,831)		$ (6,831)
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)	[2]		294,826
Share-based payment activity (2)	[2]	(1,787)		(9,607)		8,089	(269)
Dividends declared	[2]	(12,452)					(12,452)
Treasury purchases (in shares)			(657,031)
Treasury purchases		(54,072)				(54,072)
Ending balance (in shares) at Mar. 31, 2020			55,340,423
Ending balance at Mar. 31, 2020		$ (43,854)	$ 951	221,553	(5,214)	(1,265,888)	1,004,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)		$ 0.225
Beginning balance (in shares) at Dec. 31, 2019			55,702,628
Beginning balance at Dec. 31, 2019		$ (23,511)	$ 951	231,160	(4,550)	(1,219,905)	968,833	$ (6,831)		$ (6,831)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		53,022
Other comprehensive income (loss)		(477)
Ending balance (in shares) at Jun. 30, 2020			55,363,895
Ending balance at Jun. 30, 2020		$ (42,752)	$ 951	223,719	(5,027)	(1,264,527)	1,002,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)		$ 0.225
Beginning balance (in shares) at Mar. 31, 2020			55,340,423
Beginning balance at Mar. 31, 2020		$ (43,854)	$ 951	221,553	(5,214)	(1,265,888)	1,004,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		(2,441)					(2,441)
Other comprehensive income (loss)		187			187
Share-based payment activity (in shares)			29,997
Share-based payment activity (2)		3,820		2,166		1,825	(171)
Dividends declared		0					0
Treasury purchases (in shares)			(6,525)
Treasury purchases		(464)				(464)
Ending balance (in shares) at Jun. 30, 2020			55,363,895
Ending balance at Jun. 30, 2020		$ (42,752)	$ 951	223,719	(5,027)	(1,264,527)	1,002,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)		$ 0
Beginning balance (in shares) at Dec. 31, 2020		55,535,554	55,535,554
Beginning balance at Dec. 31, 2020		$ (5,752)	$ 951	233,921	(4,646)	(1,260,478)	1,024,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		22,337					22,337
Other comprehensive income (loss)		52			52
Share-based payment activity (in shares)	[2]		48,781
Share-based payment activity (2)	[2]	7,644		3,617		4,030	(3)
Dividends declared	[2]	0					0
Treasury purchases (in shares)			(46,499)
Treasury purchases		(5,046)				(5,046)
Ending balance (in shares) at Mar. 31, 2021			55,537,836
Ending balance at Mar. 31, 2021		$ 19,235	$ 951	237,538	(4,594)	(1,261,494)	1,046,834
Beginning balance (in shares) at Dec. 31, 2020		55,535,554	55,535,554
Beginning balance at Dec. 31, 2020		$ (5,752)	$ 951	233,921	(4,646)	(1,260,478)	1,024,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		108,219
Other comprehensive income (loss)		$ 123
Ending balance (in shares) at Jun. 30, 2021		55,646,993	55,646,993
Ending balance at Jun. 30, 2021		$ 104,933	$ 951	246,604	(4,523)	(1,258,295)	1,120,196
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)		$ 0.225
Beginning balance (in shares) at Mar. 31, 2021			55,537,836
Beginning balance at Mar. 31, 2021		$ 19,235	$ 951	237,538	(4,594)	(1,261,494)	1,046,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		85,882					85,882
Other comprehensive income (loss)		71			71
Share-based payment activity (in shares)	[2]		111,895
Share-based payment activity (2)	[2]	12,583		9,066		3,516	1
Dividends declared	[2]	(12,521)					(12,521)
Treasury purchases (in shares)			(2,738)
Treasury purchases		$ (317)				(317)
Ending balance (in shares) at Jun. 30, 2021		55,646,993	55,646,993
Ending balance at Jun. 30, 2021		$ 104,933	$ 951	$ 246,604	$ (4,523)	$ (1,258,295)	$ 1,120,196
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)		$ 0.225
[1]	Reflects the cumulative effect of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) and subsequent amendments issued thereafter (collectively "Topic 326"), which was adopted on January 1, 2020. Refer to Note 3.
[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 April 2020, subsequent to the payment of the dividend and in light of uncertainty resulting from the COVID-19 pandemic, we suspended future, undeclared dividends. During 2020 and 2021, accumulated dividends were paid to certain shareholders upon vesting of certain performance vested restricted stock units ("PVRSU") which are captured in Share-based payment activity. On May 7, 2021, the Company's board of directors declared a quarterly cash dividend of $0.225 per share of common stock.

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Accounting standards update		us-gaap:AccountingStandardsUpdate201613Member
Increase to quarterly dividend rate	5.00%
Cash dividends declared per share (in dollars per share)	$ 0.215

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). All significant intercompany accounts and transactions between the Company 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. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments that are necessary 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. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2020 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 26, 2021. Interim results are not necessarily indicative of the entire year results. Certain prior year amounts in our consolidated financial statements have been reclassified in order to maintain comparability with current year presentation. Foreign currency transaction gains and losses that were previously presented in selling, general and administrative ("SG&A") expenses are now presented within other gain (loss) in the consolidated statements of income. The reclassification had no effect on the Company’s previously reported results of operations. 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, 2020. The significant accounting policies that changed in 2021 are set forth below. Recently Adopted Accounting Standards 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.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
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 executed 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. Deferred revenues from initial and relicensing fees and system implementation fees will typically be recognized over a five Significant changes in the contract liabilities balances during the period December 31, 2020 to June 30, 2021 are as follows: (in thousands) Balance as of December 31, 2020 $ 156,227 Increases to the contract liability balance due to cash received 44,940 Revenue recognized in the period (39,461) Balance as of June 30, 2021 $ 161,706 Remaining Performance Obligations The aggregate amount of transaction price allocated to unsatisfied or partially unsatisfied performance obligations is $161.7 million as of June 30, 2021. This amount represents fixed transaction price that will be recognized as revenue in future periods, which is captured in the consolidated balance sheet as current and non-current deferred revenue. Based on practical expedient elections permitted by ASU 2014-09, Revenue From Contracts with Customers (Topic 606) and subsequent amendments ("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 June 30, 2021 June 30, 2020 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 106,242 $ — $ 106,242 $ 50,152 $ — $ 50,152 Initial franchise and relicensing fees 7,328 — 7,328 6,676 — 6,676 Procurement services 11,502 590 12,092 10,161 536 10,697 Marketing and reservation system 121,944 14,044 135,988 54,436 25,241 79,677 Owned hotels 7,550 1,336 8,886 1,639 361 2,000 Other 7,701 — 7,701 2,163 — 2,163 Total Topic 606 revenues $ 262,267 $ 15,970 278,237 $ 125,227 $ 26,138 151,365 Non-Topic 606 revenues 107 368 Total revenues $ 278,344 $ 151,733 Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 172,289 $ — $ 172,289 $ 120,491 $ — $ 120,491 Initial franchise and relicensing fees 12,755 — 12,755 13,960 — 13,960 Procurement services 22,241 1,042 23,283 23,449 1,045 24,494 Marketing and reservation system 200,995 26,514 227,509 153,765 36,297 190,062 Owned hotels 11,068 2,058 13,126 9,660 1,654 11,314 Other 12,108 — 12,108 8,850 — 8,850 Total Topic 606 revenues $ 431,456 $ 29,614 461,070 $ 330,175 $ 38,996 369,171 Non-Topic 606 revenues 221 737 Total revenues $ 461,291 $ 369,908 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 $4.5 million for the three months ended June 30, 2021 and 2020, respectively, and $17.0 million and $15.4 million for the six months ended June 30, 2021 and 2020, 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 intersegment revenues of $0.7 million and $0.1 million for the three months ended June 30, 2021 and 2020, respectively, and $1.0 million and $0.9 million for the six months ended June 30, 2021 and 2020, respectively.

Notes Receivable and Allowance

Notes Receivable and Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2021
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Notes Receivable and Allowance for Credit Losses	90 days Total Current Total As of June 30, 2021 Senior $ 17,918 $ — $ 15,200 $ 33,118 $ 90,297 $ 123,415 Subordinated 6,629 — 2,209 8,838 25,130 33,968 Unsecured — — — — 1,465 1,465 $ 24,547 $ — $ 17,409 $ 41,956 $ 116,892 $ 158,848 As of December 31, 2020 Senior $ — $ — $ 15,200 $ 15,200 $ 89,516 $ 104,716 Subordinated — — 2,209 2,209 31,025 33,234 Unsecured — — — — 1,367 1,367 $ — $ — $ 17,409 $ 17,409 $ 121,908 $ 139,317 The Company evaluated its off-balance-sheet credit exposure for loan commitments and determined the likelihood of having to perform is remote as of June 30, 2021. 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 $138.1 million and $119.3 million as of June 30, 2021 and December 31, 2020, 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. The composition of notes receivable balances based on the level of security credit quality indicator and the allowance for credit losses is as follows: (in thousands) June 30, 2021 December 31, 2020 Senior $ 123,415 $ 104,716 Subordinated 33,968 33,234 Unsecured 1,465 1,367 Total notes receivable 158,848 139,317 Total allowance for notes receivable credit losses 20,039 19,484 Total notes receivable, net of allowance $ 138,809 $ 119,833 Current portion, net of allowance $ 70,887 $ 24,048 Long-term portion, net of allowance $ 67,922 $ 95,785 During the second quarter of 2021, the Company acquired a senior note with collateral in an underlying operating hotel for $17.9 million. The acquired senior note has an origination date in June 2018. Amortized cost basis by year of origination and level of security credit quality indicator are as follows: (in thousands) 2021 2020 2019 Prior Total Senior $ — $ — $ 28,964 $ 94,451 $ 123,415 Subordinated — — 2,668 31,300 33,968 Unsecured — — — 1,465 1,465 Total notes receivable $ — $ — $ 31,632 $ 127,216 $ 158,848 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) June 30, 2021 December 31, 2020 Beginning balance $ 19,484 $ 4,556 Allowances established from adoption of Topic 326 — 8,348 Provision for credit losses 555 7,634 Write-offs — (1,054) Ending balance $ 20,039 $ 19,484 The provisions recorded in the six months ended June 30, 2021 primarily result from changes in the classification of certain loans as collateral-dependent and associated revisions to their allowances. Allowances for credit losses attributable to collateral-dependent loans are $9.1 million and $7.8 million as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, three loans with senior and/ or subordinated tranches met the definition of collateral-dependent and are collateralized by either land parcels, an operating hotel, or membership interests in the borrowing entities. The Company used a discounted cash flow ("DCF") technique to project cash flows or a market approach via quoted market prices to value the underlying collateral. In projecting cash flows, the Company reviewed the borrower's financial statements, economic trends, industry projections for the market, and comparable sales capitalization rates. These nonrecurring fair value measurements are classified as level three of the fair value measurement hierarchy, as there are unobservable inputs which are significant to the overall fair value. Based on these analyses, the fair value of collateral secures the carrying value of each loan to a significant extent. During the first quarter of 2021, a loan with senior and subordinated tranches, that met the definition of collateral-dependent as of December 31, 2020, was restructured and as a result no longer meets the classification of collateral-dependent as of June 30, 2021. As a result of the COVID-19 pandemic, the Company extended interest deferral terms on certain notes receivable. The Company considers loans past due and in default when payments are not made when due in accordance with then current loan provisions or terms extended to borrowers, including loans with concessions or interest deferral. The Company suspends the accrual of interest when payments on loans are more than 30 days past due or upon a loan being classified as collateral-dependent. 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 based on then current loan provisions. The amortized cost basis of notes receivable on non-accrual status was $68.7 million and $28.9 million at June 30, 2021 and December 31, 2020, respectively. The Company has identified loans totaling approximately $13.1 million as of both June 30, 2021 and December 31, 2020, with stated interest rates that are less than market rate, representing a total unamortized discount of $0.5 million and $0.8 million as of June 30, 2021 and December 31, 2020, respectively. These discounts are reflected as a reduction of the outstanding loan amounts and are amortized over the life of the related loan. The past due balances by credit quality indicator of notes receivable are as follows: (in thousands) 1- 30 days 31-89 days > 90 days Total Current Total As of June 30, 2021 Senior $ 17,918 $ — $ 15,200 $ 33,118 $ 90,297 $ 123,415 Subordinated 6,629 — 2,209 8,838 25,130 33,968 Unsecured — — — — 1,465 1,465 $ 24,547 $ — $ 17,409 $ 41,956 $ 116,892 $ 158,848 As of December 31, 2020 Senior $ — $ — $ 15,200 $ 15,200 $ 89,516 $ 104,716 Subordinated — — 2,209 2,209 31,025 33,234 Unsecured — — — — 1,367 1,367 $ — $ — $ 17,409 $ 17,409 $ 121,908 $ 139,317 The Company evaluated its off-balance-sheet credit exposure for loan commitments and determined the likelihood of having to perform is remote as of June 30, 2021. 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 $138.1 million and $119.3 million as of June 30, 2021 and December 31, 2020, 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	6 Months Ended
	Jun. 30, 2021
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 $41.1 million and $56.9 million on the consolidated balance sheets at June 30, 2021 and December 31, 2020, respectively. 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 June 30, 2021 and 2020, the Company recognized (gains) losses totaling $(0.9) million and $2.6 million, respectively, from these investments that represent VIEs. For the six months ended June 30, 2021 and 2020, the Company recognized losses totaling $5.5 million and $4.6 million, respectively, from these investments that represent VIEs. 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. During the first quarter of 2021, the Company recognized an impairment charge of $4.8 million related to an equity method investment. The Company assessed the estimated fair value of the investment from comparable market transactions of the investment. Based on this analysis, the Company determined that the fair market value declined below the carrying value and the decline is other-than-temporary. As a result, the Company recorded an impairment charge from the carrying value to the estimated fair value for the investment. The impairment charge is classified as equity in net loss of affiliates in the consolidated statements of income and captured in the Hotel Franchising reportable segment in Note 11. During the second quarter of 2021, the Company sold its ownership interest in three separate equity method investments. The Company recognized a cumulative gain of $2.6 million on the sales of these investments, which is recorded in equity in net (gain) loss of affiliates.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: June 30, 2021 December 31, 2020 (in thousands) $450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $5.8 million and $6.1 million at June 30, 2021 and December 31, 2020, respectively $ 444,165 $ 443,860 $400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $5.1 million and $5.4 million at June 30, 2021 and December 31, 2020, respectively 394,936 394,635 $400 million senior unsecured notes due 2022 ("2012 Senior Notes") with an effective interest rate of 6.00%, less deferred issuance costs of $0.5 million and $0.7 million at June 30, 2021 and December 31, 2020, respectively 216,085 215,827 $600 million senior unsecured revolving credit facility (1) — — Economic development loans with an effective interest rate of 3.00% at June 30, 2021 and December 31, 2020, respectively 4,416 4,416 Long-term debt $ 1,059,602 $ 1,058,738 (1) During the third quarter of 2020, the Company utilized excess cash on hand to pay down its senior unsecured revolving credit facility balance in full and the facility remains undrawn as of June 30, 2021 and December 31, 2020. As there are no outstanding borrowings at June 30, 2021 or December 31, 2020, deferred issuance costs for the senior unsecured revolving credit facility of $2.2 million and $2.4 million, respectively, are presented in non-current Other Assets in the Consolidated Balance Sheets. Refer to Note 12 and the Liquidity and Capital Resources header of "Management's Discussion and Analysis of Financial Condition and Results of Operations" for more information.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2021 and 2020 are as follows: (in thousands) Balance as of December 31, 2020 $ (4,646) Other comprehensive income (loss) before reclassification 123 Net current period other comprehensive income (loss) 123 Balance as of June 30, 2021 $ (4,523) (in thousands) Balance as of December 31, 2019 $ (4,550) Other comprehensive income (loss) before reclassification (477) Net current period other comprehensive income (loss) (477) Balance as of June 30, 2020 $ (5,027) The other comprehensive income (loss) before reclassification for both the six months ended June 30, 2021 and 2020 relate to foreign currency items.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 on a recurring basis. 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 six months ended June 30, 2021. As of June 30, 2021 and December 31, 2020, 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 June 30, 2021 Mutual funds (1) $ 31,251 $ 31,251 $ — $ — Money market funds (1) 2,543 — 2,543 — Total $ 33,794 $ 31,251 $ 2,543 $ — As of December 31, 2020 Mutual funds (1) $ 28,520 $ 28,520 $ — $ — Money market funds (1) 2,836 — 2,836 — Total $ 31,356 $ 28,520 $ 2,836 $ — (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 values 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 we believe its carrying amount, when amounts are drawn, approximates fair value. The fair values of the Company's $400 million 2012 Senior Notes, $400 million 2019 Senior Notes, and $450 million 2020 Senior Notes are classified as Level 2, as the significant inputs are observable in an active market. At June 30, 2021 and December 31, 2020, the $216.6 million remaining 2012 Senior Notes had an approximate fair value of $227.1 million and $232.4 million. At June 30, 2021 and December 31, 2020, the $400 million 2019 Senior Notes had an approximate fair value of $433.7 million and $438.1 million, respectively, and the $450 million 2020 Senior Notes had an approximate fair value of $487.9 million and $498.3 million, respectively. Refer to Note 5 for further information on debt. 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 or a prudent management decision.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were 23.2% and 11.8% for the three months ended June 30, 2021 and 2020, respectively. The effective income tax rates were 23.0% and (92.3)% for the six months ended June 30, 2021 and 2020, respectively. The effective income tax rate for the three months ended June 30, 2021 was higher than the U.S. federal income tax rate of 21.0% primarily due to the impact of state income taxes, partially offset by $1.2 million of excess tax benefits from share-based compensation. The effective income tax rate for the three months ended June 30, 2020 was lower than the U.S. federal income tax rate of 21.0% primarily due to excess tax benefits from share-based compensation and the impact of foreign operations, partially offset by state income taxes and a change in estimated uncertain tax positions. The effective income tax rate for the six months ended June 30, 2021 was higher than the U.S. federal income tax rate of 21.0% primarily due to the impact of state income taxes, partially offset by $2.0 million of excess tax benefits from share-based compensation. The effective income tax rate for the six months ended June 30, 2020 was lower than the U.S. federal income tax rate of 21.0% primarily due to the impact of our international reorganization in accordance with 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 intercompany asset transfers (other than inventory) at the time of transfer, that resulted in a $30.6 million tax benefit. The effective income tax rate was also lower due to $2.7 million of excess tax benefits from share-based compensation and the impact of foreign operations, partially offset by state income taxes and a change in estimated uncertain tax positions. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") was signed into law. The CARES Act provided opportunities to support companies affected by the COVID-19 pandemic and contained numerous income tax provisions. The provisions in the CARES Act do not have any significant impact to the Company's consolidated financial statements.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	6 Months Ended
	Jun. 30, 2021
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 benefit (expense) are as follows for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Stock options $ 932 $ 490 $ 1,548 $ 981 Restricted stock awards 2,323 2,099 4,842 4,043 Performance vested restricted stock units 3,144 (324) 4,810 (5,511) Total share-based compensation expense (benefit) $ 6,399 $ 2,265 $ 11,200 $ (487) Income tax benefit (expense) $ 1,556 $ (539) $ 2,723 $ 116 A summary of share-based award activity as of and changes during the six months ended June 30, 2021 are presented below: Stock Options Restricted Stock Performance Vested Options Weighted Weighted Shares Weighted Shares Weighted Outstanding at January 1, 2021 819,610 $ 70.48 304,439 $ 84.48 321,752 $ 109.25 Granted 280,811 104.87 52,112 106.89 96,447 108.52 Performance-Based Leveraging (1) — — — — 75,911 107.51 Exercised/Vested (153,266) 59.47 (98,938) 81.54 (3,986) 81.55 Expired — — — — (72,955) 81.55 Forfeited — — (9,051) 87.09 (1,357) 101.85 Outstanding at June 30, 2021 947,155 $ 82.46 5.9 years 248,562 $ 90.25 415,812 $ 113.91 Options exercisable at June 30, 2021 451,256 $ 66.30 3.2 years (1) PVRSUs outstanding have been increased by 75,911 units in the six months ended June 30, 2021 due to the Company exceeding the targeted performance conditions contained in PVRSUs. Stock Options 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: 2021 Grants Risk-free interest rate 0.94 % Expected volatility 29.23 % Expected life of stock option 5.9 years Dividend yield (1) 0.82 % Requisite service period 4 years Contractual life 10 years Weighted average fair value of options granted (per option) $ 28.00 (1) In April 2020, in light of uncertainty resulting from the COVID-19 pandemic, we suspended future, undeclared dividends. On May 7, 2021, the Company's board of directors declared a quarterly cash dividend of $0.225 per share of common stock. Restricted Stock Awards The Company grants two types of restricted stock awards: i) shares of restricted stock and ii) restricted stock units ("RSU"). Shares of restricted stock provide the participant a non-forfeitable right to dividends, if declared, and the right to vote as a shareholder while the shares are unvested. RSUs provide the participant declared dividends that are contingent upon vesting of the award. Restricted stock awards generally vest ratably over the service period beginning with the first anniversary of the grant date. The fair value of restricted stock awards is measured by the market price of the Company's common stock on the date of grant. The service period of restricted stock awards granted during the six months ended June 30, 2021 range from 9 to 48 months. Performance Vested Restricted Stock Units The Company grants three types of PVRSU awards: i) PVRSUs with performance conditions based on internal performance conditions, ii) PVRSUs with market conditions based on the Company's total shareholder return ("TSR") relative to a predetermined peer group, and iii) PVRSUs with both performance and market conditions. The vesting of PVRSU awards is contingent upon the Company achieving internal performance and/ or TSR targets over a specified period and the employees' continued employment for a service period. These performance and market conditions affect the number of shares that will ultimately vest. During the six months ended June 30, 2021, the Company granted PVRSUs with market conditions and PVRSUs with performance and market conditions with requisite service periods between 9 months and 60 months with award vesting ranges between 0% and 300% of the initial units granted. The fair value of PVRSUs with only internal performance conditions is measured by the market price of the Company's common stock on the date of award grant. Compensation expense is recognized ratably over the requisite service period based on the Company's estimate of the achievement of the performance conditions. Management monitors current results and forecasts of the relevant internal performance and, as necessary, adjusts the performance-based leveraging of unvested PVRSUs. The fair value of PVRSUs with market conditions is estimated using a Monte Carlo simulation method as of the date of award grant. Compensation expense is recognized ratably over the requisite service period, regardless of whether the market conditions are achieved and the awards ultimately vest. The fair value of PVRSUs with both performance and market conditions is estimated using a Monte Carlo simulation method as of the date of award grant. Compensation expense is recognized ratably over the requisite service period based on the Company's estimate of the achievement of the performance conditions, with subsequent adjustments made for performance-based leveraging of unvested PVRSUs, as necessary. During the six months ended June 30, 2020, the Company reduced the leveraging factor for 239,437 unvested PVRSUs to 0%. Share Repurchases and Redemptions In April 2020, in light of uncertainty resulting from the COVID-19 pandemic, the Company temporarily suspended activity under the Company's share repurchase program. On May 7, 2021, the Company's board of directors approved resumption of the share repurchase program. Refer to the Liquidity and Capital Resources header of "Management's Discussion and Analysis of Financial Condition and Results of Operations" for more information. During both the three and six months ended June 30, 2021, there were 1,582 purchases of common stock under the share repurchase program at a total cost of $0.2 million. During the three and six months ended June 30, 2021, the Company redeemed 1,156 and 47,655 shares of common stock at a total cost of $0.1 million and $5.4 million, respectively, from employees to satisfy the option exercise price and statutory minimum tax-withholding requirements related to the exercising of stock options and vesting of performance vested restricted stock units and restricted stock grants. These redemptions were outside the share repurchase program.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s shares of restricted stock contain rights to receive nonforfeitable dividends and thus are participating securities requiring the computation of basic earnings per share (“EPS”) using the two-class method. As the shares of restricted stock are both potential shares of common stock and participating securities, the Company calculates diluted earnings per share by the more dilutive of the treasury stock method or the two-class method. The calculation of EPS for net income available to common shareholders excludes the distribution of dividends and undistributed earnings attributable to participating securities from the numerator. The diluted earnings weighted average shares of common stock outstanding includes stock options, PVRSUs and RSUs. Stock options are included in the calculation, unless the exercise price is lower than the Company’s average share price for the period as the inclusion would be anti-dilutive. PVRSUs are included in the calculation if the performance condition has been met or the market condition is probable as of the reporting date. The computation of basic and diluted earnings per share of common stock is as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net income (loss) $ 85,882 $ (2,441) $ 108,219 $ 53,022 (Income) loss allocated to participating securities (324) 14 (463) (301) Net income (loss) available to common shareholders $ 85,558 $ (2,427) $ 107,756 $ 52,721 Denominator: Weighted average shares of common stock outstanding – basic 55,389 55,054 55,326 55,199 Basic earnings (losses) per share $ 1.54 $ (0.04) $ 1.95 $ 0.96 Numerator: Net income (loss) $ 85,882 $ (2,441) $ 108,219 $ 53,022 (Income) loss allocated to participating securities (324) 14 (463) (300) Net income (loss) available to common shareholders $ 85,558 $ (2,427) $ 107,756 $ 52,722 Denominator: Weighted average shares of common stock outstanding – basic 55,389 55,054 55,326 55,199 Dilutive effect of stock options and PVRSUs 411 — 405 258 Weighted average shares of common stock outstanding – diluted 55,800 55,054 55,731 55,457 Diluted earnings (losses) per share $ 1.53 $ (0.04) $ 1.93 $ 0.95 The following securities have been excluded from the calculation of diluted weighted average shares of common stock outstanding as the inclusion of these securities would have an anti-dilutive effect or the performance or market conditions have not been met: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Stock options — 402 — 155 PVRSUs 157 246 157 246

Reportable Segment Information

Reportable Segment Information	6 Months Ended
	Jun. 30, 2021
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 system activities to calculate hotel franchising operating income. Equity in earnings or losses from hotel franchising related joint ventures is allocated to the Company's hotel franchising segment. The Company evaluates its hotel franchising segment based primarily on the results of the segment without allocating corporate expenses, indirect general and administrative expenses, interest expense, interest income, other gains and losses or income taxes, which are included in the Corporate & Other column. Corporate & Other revenues include owned hotel revenues, rental income related to an office building owned by the Company, and revenues related to the Company's SaaS technology solutions division which provide cloud-based property management software to non-franchised hoteliers. 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 June 30, 2021 Three Months Ended June 30, 2020 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 268,092 $ 10,932 $ (680) $ 278,344 $ 147,318 $ 4,512 $ (97) $ 151,733 Operating income (loss) $ 132,600 $ (13,576) $ — $ 119,024 $ 33,325 $ (25,436) $ — $ 7,889 Income (loss) before income taxes $ 134,025 $ (22,171) $ — $ 111,854 $ 29,811 $ (32,689) $ — $ (2,878) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 445,310 $ 16,972 $ (991) $ 461,291 $ 355,365 $ 15,417 $ (874) $ 369,908 Operating income (loss) $ 190,753 $ (27,731) $ — $ 163,022 $ 84,311 $ (29,640) $ — $ 54,671 Income (loss) before income taxes $ 185,936 $ (45,372) $ — $ 140,564 $ 78,390 $ (50,869) $ — $ 27,521

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 $5.7 million, plus unpaid expenses and accrued unpaid interest. As of June 30, 2021 and December 31, 2020, 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 one 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 June 30, 2021: • 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 June 30, 2021, the Company had commitments to extend an additional $271.4 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 $8.3 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. At June 30, 2021, the Company has committed to provide an aggregate of approximately $7.7 million, upon certain conditions being met, and none of these amounts have been disbursed. • 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. In the ordinary course of business, the Company enters into numerous agreements that contain standard indemnities whereby the Company indemnifies another party for breaches of representations and warranties. Such indemnifications are granted under various agreements, including those governing (i) purchases or sales of assets or businesses, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities, (v) issuances of debt or equity securities, and (vi) certain operating agreements. The indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) franchisees in licensing agreements, (iv) financial institutions in credit facility arrangements, (v) underwriters in debt or equity security issuances and (vi) parties under certain operating agreements. In addition, these parties are also generally indemnified against any third party claim resulting from the transaction that is contemplated in the underlying agreement. While some of these indemnities extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these indemnities, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability. With respect to certain of the aforementioned indemnities, such as indemnifications of landlords against third party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates potential liability.

Transactions with Unconsolidate

Transactions with Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and 2020, fees earned and payroll costs reimbursed under this arrangement totaled $0.3 million and $0.1 million, respectively. For both the six months ended June 30, 2021 and 2020, fees earned and payroll costs reimbursed under this arrangement totaled $0.5 million. 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 June 30, 2021 and 2020, the Company recorded royalty, marketing reservation system, and other fees of approximately $4.1 million and $2.2 million, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded royalty, marketing reservation system, and other fees of approximately $7.0 million and $6.8 million, respectively. The Company recorded $2.6 million and $2.4 million as a receivable due from these joint ventures as of June 30, 2021 and December 31, 2020, respectively.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	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 accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). All significant intercompany accounts and transactions between the Company 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. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments that are necessary 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. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2020 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 26, 2021. Interim results are not necessarily indicative of the entire year results. Certain prior year amounts in our consolidated financial statements have been reclassified in order to maintain comparability with current year presentation. Foreign currency transaction gains and losses that were previously presented in selling, general and administrative ("SG&A") expenses are now presented within other gain (loss) in the consolidated statements of income. The reclassification had no effect on the Company’s previously reported results of operations.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards 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 Company adopted ASU 2019-12 on January 1, 2021 and the adoption does not have material impacts on our consolidated financial statements and disclosures.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule Of Contract with Customer, Liability	Significant changes in the contract liabilities balances during the period December 31, 2020 to June 30, 2021 are as follows: (in thousands) Balance as of December 31, 2020 $ 156,227 Increases to the contract liability balance due to cash received 44,940 Revenue recognized in the period (39,461) Balance as of June 30, 2021 $ 161,706
Schedule Of Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 106,242 $ — $ 106,242 $ 50,152 $ — $ 50,152 Initial franchise and relicensing fees 7,328 — 7,328 6,676 — 6,676 Procurement services 11,502 590 12,092 10,161 536 10,697 Marketing and reservation system 121,944 14,044 135,988 54,436 25,241 79,677 Owned hotels 7,550 1,336 8,886 1,639 361 2,000 Other 7,701 — 7,701 2,163 — 2,163 Total Topic 606 revenues $ 262,267 $ 15,970 278,237 $ 125,227 $ 26,138 151,365 Non-Topic 606 revenues 107 368 Total revenues $ 278,344 $ 151,733 Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 172,289 $ — $ 172,289 $ 120,491 $ — $ 120,491 Initial franchise and relicensing fees 12,755 — 12,755 13,960 — 13,960 Procurement services 22,241 1,042 23,283 23,449 1,045 24,494 Marketing and reservation system 200,995 26,514 227,509 153,765 36,297 190,062 Owned hotels 11,068 2,058 13,126 9,660 1,654 11,314 Other 12,108 — 12,108 8,850 — 8,850 Total Topic 606 revenues $ 431,456 $ 29,614 461,070 $ 330,175 $ 38,996 369,171 Non-Topic 606 revenues 221 737 Total revenues $ 461,291 $ 369,908

Notes Receivable and Allowanc_2

Notes Receivable and Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2021
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Schedule Of Notes Receivable	The composition of notes receivable balances based on the level of security credit quality indicator and the allowance for credit losses is as follows: (in thousands) June 30, 2021 December 31, 2020 Senior $ 123,415 $ 104,716 Subordinated 33,968 33,234 Unsecured 1,465 1,367 Total notes receivable 158,848 139,317 Total allowance for notes receivable credit losses 20,039 19,484 Total notes receivable, net of allowance $ 138,809 $ 119,833 Current portion, net of allowance $ 70,887 $ 24,048 Long-term portion, net of allowance $ 67,922 $ 95,785
Schedule Of Financing Receivable Credit Quality Indicators	Amortized cost basis by year of origination and level of security credit quality indicator are as follows: (in thousands) 2021 2020 2019 Prior Total Senior $ — $ — $ 28,964 $ 94,451 $ 123,415 Subordinated — — 2,668 31,300 33,968 Unsecured — — — 1,465 1,465 Total notes receivable $ — $ — $ 31,632 $ 127,216 $ 158,848
Schedule Of 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) June 30, 2021 December 31, 2020 Beginning balance $ 19,484 $ 4,556 Allowances established from adoption of Topic 326 — 8,348 Provision for credit losses 555 7,634 Write-offs — (1,054) Ending balance $ 20,039 $ 19,484
Schedule Of Past Due Balances Of Notes Receivable	The past due balances by credit quality indicator of notes receivable are as follows: (in thousands) 1- 30 days 31-89 days > 90 days Total Current Total As of June 30, 2021 Senior $ 17,918 $ — $ 15,200 $ 33,118 $ 90,297 $ 123,415 Subordinated 6,629 — 2,209 8,838 25,130 33,968 Unsecured — — — — 1,465 1,465 $ 24,547 $ — $ 17,409 $ 41,956 $ 116,892 $ 158,848 As of December 31, 2020 Senior $ — $ — $ 15,200 $ 15,200 $ 89,516 $ 104,716 Subordinated — — 2,209 2,209 31,025 33,234 Unsecured — — — — 1,367 1,367 $ — $ — $ 17,409 $ 17,409 $ 121,908 $ 139,317

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule Of Components Of Debt	Debt consists of the following: June 30, 2021 December 31, 2020 (in thousands) $450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $5.8 million and $6.1 million at June 30, 2021 and December 31, 2020, respectively $ 444,165 $ 443,860 $400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $5.1 million and $5.4 million at June 30, 2021 and December 31, 2020, respectively 394,936 394,635 $400 million senior unsecured notes due 2022 ("2012 Senior Notes") with an effective interest rate of 6.00%, less deferred issuance costs of $0.5 million and $0.7 million at June 30, 2021 and December 31, 2020, respectively 216,085 215,827 $600 million senior unsecured revolving credit facility (1) — — Economic development loans with an effective interest rate of 3.00% at June 30, 2021 and December 31, 2020, respectively 4,416 4,416 Long-term debt $ 1,059,602 $ 1,058,738 (1) During the third quarter of 2020, the Company utilized excess cash on hand to pay down its senior unsecured revolving credit facility balance in full and the facility remains undrawn as of June 30, 2021 and December 31, 2020. As there are no outstanding borrowings at June 30, 2021 or December 31, 2020, deferred issuance costs for the senior unsecured revolving credit facility of $2.2 million and $2.4 million, respectively, are presented in non-current Other Assets in the Consolidated Balance Sheets.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2021 and 2020 are as follows: (in thousands) Balance as of December 31, 2020 $ (4,646) Other comprehensive income (loss) before reclassification 123 Net current period other comprehensive income (loss) 123 Balance as of June 30, 2021 $ (4,523) (in thousands) Balance as of December 31, 2019 $ (4,550) Other comprehensive income (loss) before reclassification (477) Net current period other comprehensive income (loss) (477) Balance as of June 30, 2020 $ (5,027)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets	As of June 30, 2021 and December 31, 2020, 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 June 30, 2021 Mutual funds (1) $ 31,251 $ 31,251 $ — $ — Money market funds (1) 2,543 — 2,543 — Total $ 33,794 $ 31,251 $ 2,543 $ — As of December 31, 2020 Mutual funds (1) $ 28,520 $ 28,520 $ — $ — Money market funds (1) 2,836 — 2,836 — Total $ 31,356 $ 28,520 $ 2,836 $ — (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)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of 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 benefit (expense) are as follows for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Stock options $ 932 $ 490 $ 1,548 $ 981 Restricted stock awards 2,323 2,099 4,842 4,043 Performance vested restricted stock units 3,144 (324) 4,810 (5,511) Total share-based compensation expense (benefit) $ 6,399 $ 2,265 $ 11,200 $ (487) Income tax benefit (expense) $ 1,556 $ (539) $ 2,723 $ 116
Summary of Change In Stock-Based Award Activity	A summary of share-based award activity as of and changes during the six months ended June 30, 2021 are presented below: Stock Options Restricted Stock Performance Vested Options Weighted Weighted Shares Weighted Shares Weighted Outstanding at January 1, 2021 819,610 $ 70.48 304,439 $ 84.48 321,752 $ 109.25 Granted 280,811 104.87 52,112 106.89 96,447 108.52 Performance-Based Leveraging (1) — — — — 75,911 107.51 Exercised/Vested (153,266) 59.47 (98,938) 81.54 (3,986) 81.55 Expired — — — — (72,955) 81.55 Forfeited — — (9,051) 87.09 (1,357) 101.85 Outstanding at June 30, 2021 947,155 $ 82.46 5.9 years 248,562 $ 90.25 415,812 $ 113.91 Options exercisable at June 30, 2021 451,256 $ 66.30 3.2 years
Schedule of 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: 2021 Grants Risk-free interest rate 0.94 % Expected volatility 29.23 % Expected life of stock option 5.9 years Dividend yield (1) 0.82 % Requisite service period 4 years Contractual life 10 years Weighted average fair value of options granted (per option) $ 28.00 (1)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation Of Basic And Diluted Earnings Per Common Share	The computation of basic and diluted earnings per share of common stock is as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net income (loss) $ 85,882 $ (2,441) $ 108,219 $ 53,022 (Income) loss allocated to participating securities (324) 14 (463) (301) Net income (loss) available to common shareholders $ 85,558 $ (2,427) $ 107,756 $ 52,721 Denominator: Weighted average shares of common stock outstanding – basic 55,389 55,054 55,326 55,199 Basic earnings (losses) per share $ 1.54 $ (0.04) $ 1.95 $ 0.96 Numerator: Net income (loss) $ 85,882 $ (2,441) $ 108,219 $ 53,022 (Income) loss allocated to participating securities (324) 14 (463) (300) Net income (loss) available to common shareholders $ 85,558 $ (2,427) $ 107,756 $ 52,722 Denominator: Weighted average shares of common stock outstanding – basic 55,389 55,054 55,326 55,199 Dilutive effect of stock options and PVRSUs 411 — 405 258 Weighted average shares of common stock outstanding – diluted 55,800 55,054 55,731 55,457 Diluted earnings (losses) per share $ 1.53 $ (0.04) $ 1.93 $ 0.95
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following securities have been excluded from the calculation of diluted weighted average shares of common stock outstanding as the inclusion of these securities would have an anti-dilutive effect or the performance or market conditions have not been met: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Stock options — 402 — 155 PVRSUs 157 246 157 246

Reportable Segment Information

Reportable Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 Three Months Ended June 30, 2020 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 268,092 $ 10,932 $ (680) $ 278,344 $ 147,318 $ 4,512 $ (97) $ 151,733 Operating income (loss) $ 132,600 $ (13,576) $ — $ 119,024 $ 33,325 $ (25,436) $ — $ 7,889 Income (loss) before income taxes $ 134,025 $ (22,171) $ — $ 111,854 $ 29,811 $ (32,689) $ — $ (2,878) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 445,310 $ 16,972 $ (991) $ 461,291 $ 355,365 $ 15,417 $ (874) $ 369,908 Operating income (loss) $ 190,753 $ (27,731) $ — $ 163,022 $ 84,311 $ (29,640) $ — $ 54,671 Income (loss) before income taxes $ 185,936 $ (45,372) $ — $ 140,564 $ 78,390 $ (50,869) $ — $ 27,521

Revenue - Textual (Details)

Revenue - Textual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation	$ 161,700		$ 161,700
Revenues	278,237	$ 151,365	461,070	$ 369,171
Revenues	278,344	151,733	$ 461,291	369,908
Royalty fees
Disaggregation of Revenue [Line Items]
Redemption of loyalty points period			3 years
Revenues	106,242	50,152	$ 172,289	120,491
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenues	10,900	4,500	17,000	15,400
Revenues	10,932	4,512	16,972	15,417
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(680)	(97)	(991)	(874)
Intersegment Eliminations | Royalty fees
Disaggregation of Revenue [Line Items]
Revenues	$ (700)	$ (100)	$ (1,000)	$ (900)
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	6 Months Ended
	Jun. 30, 2021USD ($)
Changes in Contract Liability [Roll Forward]
Balance as of December 31, 2020	$ 156,227
Increases to the contract liability balance due to cash received	44,940
Revenue recognized in the period	(39,461)
Balance as of June 30, 2021	$ 161,706

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 278,237	$ 151,365	$ 461,070	$ 369,171
Non-Topic 606 revenues	107	368	221	737
Total revenues	278,344	151,733	461,291	369,908
Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	262,267	125,227	431,456	330,175
Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	15,970	26,138	29,614	38,996
Royalty fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	106,242	50,152	172,289	120,491
Royalty fees | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	106,242	50,152	172,289	120,491
Royalty fees | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	0	0	0	0
Initial franchise and relicensing fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	7,328	6,676	12,755	13,960
Initial franchise and relicensing fees | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	7,328	6,676	12,755	13,960
Initial franchise and relicensing fees | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	0	0	0	0
Procurement services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	12,092	10,697	23,283	24,494
Procurement services | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	11,502	10,161	22,241	23,449
Procurement services | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	590	536	1,042	1,045
Marketing and reservation system
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	135,988	79,677	227,509	190,062
Marketing and reservation system | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	121,944	54,436	200,995	153,765
Marketing and reservation system | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	14,044	25,241	26,514	36,297
Owned hotels
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	8,886	2,000	13,126	11,314
Total revenues	8,993	2,108	13,347	11,530
Owned hotels | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	7,550	1,639	11,068	9,660
Owned hotels | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	1,336	361	2,058	1,654
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	7,701	2,163	12,108	8,850
Total revenues	7,701	2,423	12,108	9,371
Other | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	7,701	2,163	12,108	8,850
Other | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

Notes Receivable and Allowanc_3

Notes Receivable and Allowance for Credit Losses - Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 158,848	$ 139,317
Total allowance for notes receivable credit losses	20,039	19,484	$ 4,556
Total notes receivable, net of allowance	138,809	119,833
Current portion, net of allowance	70,887	24,048
Long-term portion, net of allowance	67,922	95,785
Senior Notes
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	123,415	104,716
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	33,968	33,234
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 1,465	$ 1,367

Notes Receivable and Allowanc_4

Notes Receivable and Allowance for Credit Losses - Credit Quality Indicator (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Notes Receivable and Allowance for Losses [Line Items]
2021	$ 0
2020	0
2019	31,632
Prior	127,216
Total	158,848	$ 139,317
Senior Notes
Notes Receivable and Allowance for Losses [Line Items]
2021	0
2020	0
2019	28,964
Prior	94,451
Total	123,415	104,716
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
2021	0
2020	0
2019	2,668
Prior	31,300
Total	33,968	33,234
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
2021	0
2020	0
2019	0
Prior	1,465
Total	$ 1,465	$ 1,367

Notes Receivable and Allowanc_5

Notes Receivable and Allowance for Credit Losses - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 19,484	$ 4,556
Provision for credit losses	555	7,634
Write-offs	0	(1,054)
Ending balance	20,039	19,484
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	8,348
Ending balance		$ 0

Notes Receivable and Allowanc_6

Notes Receivable and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves	$ 20,039	$ 20,039	$ 19,484	$ 4,556
Loans and financing receivable	67,922	67,922	95,785
Variable Interest Entity, Not Primary Beneficiary
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable	138,100	138,100	119,300
Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Average notes receivable, nonaccrual status		68,700	28,900
Collateral-Dependent Loans
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves	9,100	9,100	7,800
Senior Notes
Notes Receivable and Allowance for Losses [Line Items]
Acquired a senior note with collateral	(17,900)
Interest Rate Below Market Reduction | Variable Interest Entity, Not Primary Beneficiary
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable	13,100	13,100	13,100
Receivable with Imputed Interest, discount	$ 500	$ 500	$ 800

Notes Receivable and Allowanc_7

Notes Receivable and Allowance for Credit Losses - Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Notes receivable	$ 158,848	$ 139,317
Senior Notes
Financing Receivable, Past Due [Line Items]
Notes receivable	123,415	104,716
Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	33,968	33,234
Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	1,465	1,367
1- 30 days Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	24,547	0
1- 30 days Past Due | Senior Notes
Financing Receivable, Past Due [Line Items]
Notes receivable	17,918	0
1- 30 days Past Due | Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	6,629	0
1- 30 days Past Due | Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
31-89 days Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
31-89 days Past Due | Senior Notes
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
31-89 days Past Due | Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
31-89 days Past Due | Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
> 90 days Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	17,409	17,409
> 90 days Past Due | Senior Notes
Financing Receivable, Past Due [Line Items]
Notes receivable	15,200	15,200
> 90 days Past Due | Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	2,209	2,209
> 90 days Past Due | Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
Total Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	41,956	17,409
Total Past Due | Senior Notes
Financing Receivable, Past Due [Line Items]
Notes receivable	33,118	15,200
Total Past Due | Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	8,838	2,209
Total Past Due | Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
Current
Financing Receivable, Past Due [Line Items]
Notes receivable	116,892	121,908
Current | Senior Notes
Financing Receivable, Past Due [Line Items]
Notes receivable	90,297	89,516
Current | Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	25,130	31,025
Current | Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	$ 1,465	$ 1,367

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)investment	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	$ 1,728,794			$ 1,728,794		$ 1,587,333
Number of securities sold | investment	3
Equity method investment, realized gain on disposal	$ 2,600
Hotel Franchising
Variable Interest Entity [Line Items]
Equity method investment impairment		$ 4,800
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	41,100			41,100		$ 56,900
Loss attributable to variable interest entities	$ (900)		$ 2,600	$ 5,500	$ 4,600

Debt - Schedule Of Components O

Debt - Schedule Of Components Of Debt (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt [Line Items]
Long-term debt	$ 1,059,602,000	$ 1,058,738,000
Economic Development Loans
Debt [Line Items]
Debt instrument effective interest rate	3.00%	3.00%
Long-term debt	$ 4,416,000	$ 4,416,000
$450 Million Senior Unsecured Notes Due 2031 | Senior Notes
Debt [Line Items]
Debt instrument face amount	$ 450,000,000	$ 450,000,000
Debt instrument effective interest rate	3.86%	3.86%
Deferred issuance costs	$ 5,800,000	$ 6,100,000
Long-term debt	444,165,000	443,860,000
$400 Million Senior Unsecured Notes Due 2029 | Senior Notes
Debt [Line Items]
Debt instrument face amount	$ 400,000,000	$ 400,000,000
Debt instrument effective interest rate	3.88%	3.88%
Deferred issuance costs	$ 5,100,000	$ 5,400,000
Long-term debt	394,936,000	394,635,000
$400 Million Senior Notes Due 2022 | Senior Notes
Debt [Line Items]
Debt instrument face amount	$ 400,000,000	$ 400,000,000
Debt instrument effective interest rate	6.00%	6.00%
Deferred issuance costs	$ 500,000	$ 700,000
Long-term debt	216,085,000	215,827,000
$600 Million Unsecured Revolving Credit Facility | Senior Notes
Debt [Line Items]
Deferred issuance costs	2,400,000	2,200,000
Total capacity		600,000,000
Long-term debt	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 19,235	$ (5,752)	$ (43,854)	$ (23,511)	$ (5,752)	$ (23,511)
Other comprehensive income (loss) before reclassification					123	(477)
Other comprehensive income (loss), net of tax	71	52	187	(664)	123	(477)
Ending balance	104,933	19,235	(42,752)	(43,854)	104,933	(42,752)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,594)	(4,646)	(5,214)	(4,550)	(4,646)	(4,550)
Other comprehensive income (loss), net of tax	71	52	187	(664)
Ending balance	$ (4,523)	$ (4,594)	$ (5,027)	$ (5,214)	$ (4,523)	$ (5,027)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurements [Line Items]
Assets measured at fair value	$ 33,794	$ 31,356
Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	31,251	28,520
Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	2,543	2,836
Level 1
Fair Value Measurements [Line Items]
Assets measured at fair value	31,251	28,520
Level 1 | Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	31,251	28,520
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	2,543	2,836
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	2,543	2,836
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 ($)	Jun. 30, 2021	Dec. 31, 2020
$400 Million Senior Notes Due 2022
Fair Value Measurements [Line Items]
Debt instrument face amount	$ 400,000,000	$ 400,000,000
Long-term debt	216,600,000	216,600,000
$400 Million Senior Notes Due 2022 | Level 2
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000
Debt instrument fair value	227,100,000	232,400,000
$400 Million Senior Unsecured Notes Due 2029
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000	400,000,000
$400 Million Senior Unsecured Notes Due 2029 | Level 2
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000	400,000,000
Debt instrument fair value	433,700,000	438,100,000
$450 Million Senior Unsecured Notes Due 2031
Fair Value Measurements [Line Items]
Debt instrument face amount	450,000,000	450,000,000
Debt instrument fair value	487,900,000	498,300,000
$450 Million Senior Unsecured Notes Due 2031 | Level 2
Fair Value Measurements [Line Items]
Debt instrument face amount	$ 450,000,000	$ 450,000,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Loss Carryforwards [Line Items]
Effective income tax rate (percent)		23.20%	11.80%	23.00%	(92.30%)
Share-based compensation, excess tax benefit, amount		$ 1,200		$ (2,000)
Income tax benefit		$ (25,972)	$ 437	$ (32,345)	$ 25,501
Share based compensation and impact of foreign operations					$ (2,700)
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense (benefit)	$ 6,399	$ 2,265	$ 11,200	$ (487)
Income tax benefit (expense)	1,556	(539)	2,723	116
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense (benefit)	932	490	1,548	981
Restricted stock awards
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense (benefit)	2,323	2,099	4,842	4,043
Performance vested restricted stock units
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense (benefit)	$ 3,144	$ (324)	$ 4,810	$ (5,511)

Share-Based Compensation and _4

Share-Based Compensation and Capital Stock - Summary of Change in Stock-Based Award Activity (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Stock Options
Options
Outstanding, beginning balance (in shares) | shares	819,610
Granted (in shares) | shares	280,811
Exercised/vested (in shares) | shares	(153,266)
Expired (in shares) | shares	0
Forfeited (in shares) | shares	0
Outstanding, ending balance (in shares) | shares	947,155
Options exercisable, ending balance (in shares) | shares	451,256
Weighted Average Exercise Price
Beginning balance - weighted average exercise price (in dollars per share) | $ / shares	$ 70.48
Granted - weighted average exercise price (in dollars per share) | $ / shares	104.87
Exercised/vested - weighted average exercise price (in dollars per share) | $ / shares	59.47
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	82.46
Options exercisable, ending balance - weighted average exercise price (in dollars per share) | $ / shares	$ 66.30
Weighted Average Remaining Contractual Term
Weighted average remaining contractual term - outstanding, ending balance	5 years 10 months 24 days
Weighted average remaining contractual term - options exercisable, ending balance	3 years 2 months 12 days
Restricted Stock
Restricted Stock, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in shares) | shares	304,439
Granted (in shares) | shares	52,112
Exercised/vested (in shares) | shares	(98,938)
Forfeited (in shares) | shares	(9,051)
Outstanding, ending balance (in shares) | shares	248,562
Restricted Stock and Performance vested Restricted Stock Units
Beginning balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 84.48
Granted - weighted average grant date fair value (in dollars per share) | $ / shares	106.89
Exercised/vested - weighted average grant date fair value (in dollars per share) | $ / shares	81.54
Forfeited - weighted average grant date fair value (in dollars per share) | $ / shares	87.09
Ending balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 90.25
Performance Vested Restricted Stock Units
Restricted Stock, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in shares) | shares	321,752
Granted (in shares) | shares	96,447
Performance-based leveraging (in shares) | shares	75,911
Exercised/vested (in shares) | shares	(3,986)
Expired (in shares) | shares	(72,955)
Forfeited (in shares) | shares	(1,357)
Outstanding, ending balance (in shares) | shares	415,812
Restricted Stock and Performance vested Restricted Stock Units
Beginning balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 109.25
Granted - weighted average grant date fair value (in dollars per share) | $ / shares	108.52
Performance-based leveraging - weighted average grant date fair value (in dollars per share) | $ / shares	107.51
Exercised/vested - weighted average grant date fair value (in dollars per share) | $ / shares	81.55
Expired - weighted average grant date fair value (in dollars per share) | $ / shares	81.55
Forfeited - weighted average grant date fair value (in dollars per share) | $ / shares	101.85
Ending balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 113.91

Share-Based Compensation and _5

Share-Based Compensation and Capital Stock - Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - $ / shares	May 07, 2021	Feb. 28, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Jun. 30, 2020
Share-Based Compensation and Capital Stock [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.225	$ 0.225	$ 0.225	$ 0	$ 0.225	$ 0.215	$ 0.225	$ 0.225
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate							0.94%
Expected volatility							29.23%
Expected life of stock option							5 years 10 months 24 days
Dividend yield							0.82%
Requisite service period							4 years
Contractual life							10 years
Weighted average fair value of options granted (in dollars per share)							$ 28

Share-Based Compensation and _6

Share-Based Compensation and Capital Stock - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)shares	Jun. 30, 2021USD ($)awardTypeshares
Share-Based Compensation and Capital Stock [Line Items]
Stock repurchased during period (in shares)	1,582	1,582
Cost of shares repurchased | $	$ 0.2	$ 0.2
Stock redeemed during period (in shares)	1,156	47,655
Stock redeemed during period | $	$ 0.1	$ 5.4
Restricted stock awards
Share-Based Compensation and Capital Stock [Line Items]
Types of awards granted | awardType		2
Unvested shares expected to vest (in shares)		239,437
Leveraging factor		0.00%
Restricted stock awards | Minimum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration		9 months
Restricted stock awards | Maximum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration		48 months
Performance vested restricted stock units
Share-Based Compensation and Capital Stock [Line Items]
Types of awards granted | awardType		3
Performance vested restricted stock units | Minimum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration		9 months
Performance period, percent		0.00%
Performance vested restricted stock units | Maximum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration		60 months
Performance period, percent		300.00%

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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (loss)	$ 85,882	$ 22,337	$ (2,441)	$ 55,463	$ 108,219	$ 53,022
(Income) loss allocated to participating securities	(324)		14		(463)	(301)
Net income (loss) available to common shareholders	$ 85,558		$ (2,427)		$ 107,756	$ 52,721
Denominator:
Weighted average shares of common stock outstanding – basic (in shares)	55,389		55,054		55,326	55,199
Basic earnings (losses) per share (in dollars per share)	$ 1.54		$ (0.04)		$ 1.95	$ 0.96
Numerator:
Net income (loss)	$ 85,882	$ 22,337	$ (2,441)	$ 55,463	$ 108,219	$ 53,022
(Income) loss allocated to participating securities	(324)		14		(463)	(300)
Net income (loss) available to common shareholders	$ 85,558		$ (2,427)		$ 107,756	$ 52,722
Denominator:
Weighted average shares of common stock outstanding – basic (in shares)	55,389		55,054		55,326	55,199
Diluted effect of stock options and PVRSUs (in shares)	411		0		405	258
Weighted average shares of common stock outstanding – diluted (in shares)	55,800		55,054		55,731	55,457
Diluted earning (losses) per share (in dollars per share)	$ 1.53		$ (0.04)		$ 1.93	$ 0.95

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	0	402	0	155
Performance vested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
PVRSUs (in shares)	157	246	157	246

Reportable Segment Informatio_2

Reportable Segment Information - Narrative (Details)	Jun. 30, 2021brand
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reportable Segment Information [Line Items]
Revenues	$ 278,344	$ 151,733	$ 461,291	$ 369,908
Operating income (loss)	119,024	7,889	163,022	54,671
Income (loss) before income taxes	111,854	(2,878)	140,564	27,521
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	10,932	4,512	16,972	15,417
Operating income (loss)	(13,576)	(25,436)	(27,731)	(29,640)
Income (loss) before income taxes	(22,171)	(32,689)	(45,372)	(50,869)
Intersegment Eliminations
Reportable Segment Information [Line Items]
Revenues	(680)	(97)	(991)	(874)
Operating income (loss)	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Hotel Franchising | Operating Segments
Reportable Segment Information [Line Items]
Revenues	268,092	147,318	445,310	355,365
Operating income (loss)	132,600	33,325	190,753	84,311
Income (loss) before income taxes	$ 134,025	$ 29,811	$ 185,936	$ 78,390

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2021USD ($)
Commitments and Contingencies [Line Items]
Limited payment guaranties	$ 5,700,000
Other commitment	7,700,000
Other commitment, payment	0
Forgivable Notes Receivable
Commitments and Contingencies [Line Items]
Other commitment	271,400,000
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment	$ 8,300,000

Transactions with Unconsolida_2

Transactions with Unconsolidated Joint Ventures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Joint Venture Partner
Related Party Transaction [Line Items]
Fees earned and payroll costs reimbursed from marketing services arrangement	$ 0.3	$ 0.1	$ 0.5	$ 0.5
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	4.1	$ 2.2	7	$ 6.8
Receivables	$ 2.6		$ 2.6		$ 2.4