Choice Hotels International (CHH) 10-Q8 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-13393
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1209792
Entity Address, Address Line One	915 Meeting Street
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	North Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20852
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		48,162,146
Entity Central Index Key	0001046311
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
REVENUES
REVENUES	$ 331,949	$ 332,792
OPERATING EXPENSES
Selling, general and administrative	48,625	48,921
Business combination, diligence and transition costs	15,844	10,362
Depreciation and amortization	10,935	10,023
Total operating expenses	271,800	254,941
Operating income	60,149	77,851
OTHER EXPENSES AND INCOME, NET
Interest expense	20,181	14,084
Interest income	(1,731)	(1,883)
Other loss (gain)	1,336	(1,908)
Equity in net loss of affiliates	155	63
Total other expenses and income, net	19,941	10,356
Income before income taxes	40,208	67,495
Income tax expense	9,199	14,675
Net income	$ 31,009	$ 52,820
Basic earnings per share (in usd per share)	$ 0.63	$ 1.02
Diluted earnings per share (in usd per share)	0.62	1.02
Cash dividends declared per share (in usd per share)	$ 0.2875	$ 0.2875
Royalty, licensing and management fees
REVENUES
REVENUES	$ 105,467	$ 107,492
Initial franchise fees
REVENUES
REVENUES	6,705	7,882
Platform and procurement services fees
REVENUES
REVENUES	13,756	13,843
Owned hotels
REVENUES
REVENUES	24,991	22,332
OPERATING EXPENSES
Operating expenses	19,323	17,146
Other
REVENUES
REVENUES	16,357	10,627
Other revenues from franchised and managed properties
REVENUES
REVENUES	164,673	170,616
OPERATING EXPENSES
Operating expenses	$ 177,073	$ 168,489

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 31,009	$ 52,820
Other comprehensive income, net of tax:
Foreign currency translation adjustment	454	394
Other comprehensive income, net of tax	454	394
Comprehensive income	$ 31,463	$ 53,214

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 42,111	$ 26,754
Accounts receivable (net of allowance for credit losses of $40,547 and $39,265, respectively)	225,173	195,896
Income taxes receivable	8,559	14,283
Notes receivable (net of allowance for credit losses of $2,643 and $3,035, respectively)	22,012	20,766
Prepaid expenses and other current assets	40,646	38,831
Total current assets	338,501	296,530
Property and equipment (net of accumulated depreciation and amortization of $292,791 and $280,499, respectively)	517,903	493,478
Operating lease right-of-use assets	84,869	85,101
Goodwill	220,187	220,187
Intangible assets (net of accumulated amortization of $267,311 and $252,342, respectively)	821,029	811,075
Notes receivable (net of allowance for credit losses of $6,013 and $5,581, respectively)	77,336	78,900
Investments in equity securities, at fair value	109,861	116,374
Investments for employee benefit plans, at fair value	43,747	39,751
Investments in affiliates	78,782	70,579
Deferred income taxes	90,167	89,535
Other assets	92,696	93,289
Total assets	2,475,078	2,394,799
Current liabilities
Accounts payable	135,297	131,284
Accrued expenses and other current liabilities	70,164	109,248
Deferred revenue	116,003	108,316
Current portion of long-term debt	499,471	499,268
Liability for guest loyalty programs	98,577	94,574
Total current liabilities	919,512	942,690
Long-term debt	1,195,730	1,068,751
Long-term deferred revenue	132,274	133,501
Deferred compensation and retirement plan obligations	49,021	45,657
Income taxes payable	8,601	8,601
Operating lease liabilities	110,529	109,483
Liability for guest loyalty programs	45,292	43,266
Other liabilities	7,392	7,252
Total liabilities	2,468,351	2,359,201
Commitments and contingencies (Note 12)
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at March 31, 2024 and December 31, 2023; 49,284,204 and 49,526,245 shares outstanding at March 31, 2024 and December 31, 2023, respectively	951	951
Additional paid-in-capital	335,612	330,750
Accumulated other comprehensive loss	(5,217)	(5,671)
Treasury stock, at cost; 45,781,434 and 45,539,393 shares at March 31, 2024 and December 31, 2023, respectively	(2,097,840)	(2,046,791)
Retained earnings	1,773,221	1,756,359
Total shareholders’ equity	6,727	35,598
Total liabilities and shareholders’ equity	$ 2,475,078	$ 2,394,799

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 40,547	$ 39,265
Allowance for credit losses, current	2,643	3,035
Accumulated depreciation and amortization, property, plant and equipment	292,791	280,499
Intangible assets, accumulated amortization	267,311	252,342
Allowance for credit losses, noncurrent	$ 6,013	$ 5,581
Common stock, par value (in usd 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)	49,284,204	49,526,245
Treasury stock, shares (in shares)	45,781,434	45,539,393

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 31,009	$ 52,820
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,935	10,023
Depreciation and amortization – other expenses from franchised and managed properties	7,028	9,276
Franchise agreement acquisition cost amortization	6,185	4,637
Non-cash share-based compensation and other charges	10,597	10,630
Non-cash interest, investments, and affiliate loss (income), net	2,510	(1,442)
Deferred income taxes	(736)	7,566
Equity in net loss of affiliates, less distributions received	1,200	421
Franchise agreement acquisition costs, net of reimbursements	(33,486)	(28,092)
Change in working capital and other	(33,501)	(53,806)
Net cash provided by operating activities	1,741	12,033
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in property and equipment	(32,777)	(19,566)
Investments in intangible assets	(1,439)	(1,097)
Contributions to investments in affiliates	(9,317)	(3,620)
Proceeds from the sale of affiliates	0	868
Purchases of investments for employee benefit plans	(1,633)	(2,670)
Proceeds from sales of investments for employee benefit plans	1,591	716
Proceeds from sales of equity securities	1,230	0
Issuances of notes receivable	(1,042)	(3,660)
Collections of notes receivable	884	337
Other items, net	(233)	(771)
Net cash used in investing activities	(42,736)	(29,463)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings pursuant to revolving credit facilities	126,500	176,000
Debt issuance costs	0	(755)
Purchases of treasury stock	(59,459)	(160,488)
Dividends paid	(14,728)	(12,821)
Proceeds from the exercise of stock options	4,160	5,504
Net cash provided by financing activities	56,473	7,440
Net change in cash and cash equivalents	15,478	(9,990)
Effect of foreign exchange rate changes on cash and cash equivalents	(121)	103
Cash and cash equivalents, beginning of period	26,754	41,566
Cash and cash equivalents, end of period	42,111	31,679
Cash payments during the period for
Income taxes, net of refunds	2,327	1,603
Interest, net of capitalized interest	19,596	13,396
Non-cash investing and financing activities
Dividends declared but not paid	14,147	14,985
Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities	$ 14,020	$ 6,704

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in- Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022			52,200,903
Beginning balance at Dec. 31, 2022		$ 154,660	$ 951	$ 298,053	$ (5,211)	$ (1,694,857)	$ 1,555,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		52,820					52,820
Other comprehensive income, net of tax		394			394
Share-based payment activity (in shares)	[1]		315,049
Share-based payment activity	[1]	15,396		1,899		13,497	0
Dividends declared		(14,709)					(14,709)
Treasury purchases (in shares)	[2]		(1,341,520)
Treasury purchases	[2]	(161,553)				(161,553)
Ending balance (in shares) at Mar. 31, 2023			51,174,432
Ending balance at Mar. 31, 2023		$ 47,008	$ 951	299,952	(4,817)	(1,842,913)	1,593,835
Beginning balance (in shares) at Dec. 31, 2023		49,526,245	49,526,245
Beginning balance at Dec. 31, 2023		$ 35,598	$ 951	330,750	(5,671)	(2,046,791)	1,756,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		31,009					31,009
Other comprehensive income, net of tax		454			454
Share-based payment activity (in shares)	[1]		252,869
Share-based payment activity	[1]	11,185		4,862		6,323
Dividends declared		(14,147)					(14,147)
Treasury purchases (in shares)	[2]		(494,910)
Treasury purchases	[2]	$ (57,372)				(57,372)
Ending balance (in shares) at Mar. 31, 2024		49,284,204	49,284,204
Ending balance at Mar. 31, 2024		$ 6,727	$ 951	$ 335,612	$ (5,217)	$ (2,097,840)	$ 1,773,221

[1] During certain periods presented, accumulated dividends were paid to certain shareholders upon vesting of their performance vested restricted stock units ("PVRSU"), which are presented in Share-based payment activity.

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.2875	$ 0.2875

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2024
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 subsidiaries (collectively, "Choice" or 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 the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of 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 prior year amounts in our consolidated financial statements have been reclassified in order to maintain comparability with the current year presentation. Business combination, diligence and transition costs, which were previously presented in selling, general and administrative expenses, are now presented within a standalone financial statement line item in the consolidated statements of income. The reclassification had no effect on the Company’s previously reported operating income or net income. Certain information and footnote disclosures normally included in the consolidated financial statements presented in accordance with GAAP have been omitted. Although the Company believes the disclosures made are adequate to prevent the information presented from being misleading, these consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023 and the notes thereto included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 20, 2024. The interim results are not necessarily indicative of the entire year's results. Summary of Significant Accounting Policies The Company’s significant accounting policies are included in the “Significant Accounting Policies” section of Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2023. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires public entities to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss on both an annual and an interim basis. ASU 2023-07 is effective for the annual reporting period beginning after December 15, 2023 and the interim periods within the annual reporting period beginning after December 15, 2024. The Company is currently evaluating the potential impact that ASU 2023-07 will have on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is designed to provide additional information to financial statement users in regards to how an entity's operations, risks, and planning affect its tax rate, opportunities, and future cash flows. ASU 2023-09 is effective for the annual reporting period beginning after December 15, 2024. Based on the Company's assessment, the adoption of this standard is not expected to have an impact on the Company's consolidated financial statements, but it will require enhanced income tax disclosures in the notes to the consolidated financial statements.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Liabilities Contract liabilities relate to (i) advance consideration received related to services considered to be a part of the brand intellectual property performance obligation, such as initial franchise fees that are paid when a franchise agreement is executed and system implementation fees that are paid at the time of installation, and (ii) amounts received when loyalty points are issued but the associated revenue has not yet been recognized because the related loyalty points have not been redeemed. Deferred revenues from initial franchise fees and system implementation fees are typically recognized over a ten-year period, unless the franchise agreement is terminated and the hotel exits the franchise system whereby the remaining deferred revenue amounts are recognized to revenue in the period of termination. Loyalty points are typically redeemed within three years of issuance. The following table summarizes the significant changes in the contract liabilities balances during the period from December 31, 2023 to March 31, 2024: (in thousands) Balance as of December 31, 2023 $ 209,895 Increases to the contract liability balance due to cash received 26,183 Revenue recognized in the period (26,273) Balance as of March 31, 2024 $ 209,805 Remaining Performance Obligations The aggregate amount of the transaction price that is allocated to unsatisfied, or partially unsatisfied, performance obligations was $209.8 million as of March 31, 2024. This amount represents the fixed transaction price that will be recognized as revenue in future periods, which is presented as current and non-current deferred revenue in the consolidated balance sheets. Based on the 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 the Company recognizes revenue at the amount to which it has the right to invoice for the services performed, or (iii) contracts with an expected original duration of one year or less. Disaggregation of Revenue The following table presents the Company's revenues by over time and point in time recognition: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Over time Point in time Total Over time Point in time Total Royalty, licensing and management fees $ 103,107 $ 2,360 $ 105,467 $ 107,492 $ — $ 107,492 Initial franchise fees 6,705 — 6,705 7,882 — 7,882 Platform and procurement services fees 13,177 579 13,756 13,239 604 13,843 Owned hotels 18,081 6,910 24,991 16,893 5,439 22,332 Other 16,357 — 16,357 10,627 — 10,627 Other revenues from franchised and managed properties 148,082 16,591 164,673 155,438 15,178 170,616 Total revenues $ 305,509 $ 26,440 $ 331,949 $ 311,571 $ 21,221 $ 332,792 The owned hotels revenues that are recognized at a point in time represent the goods and services that are purchased independently of the hotel stay, such as food and beverage, incidentals, and parking fees. The remaining revenues that are recognized at a point in time represent the loyalty points that are redeemed by members for benefits (with both franchisees and third-party partners), net of the cost of redemptions. For the three months ended March 31, 2024 and 2023, the loyalty net revenues, inclusive of adjustments to the estimated redemption rates, were $19.5 million and $15.8 million, respectively. As presented in Note 11, the Corporate & Other segment revenue amounts were $35.1 million and $26.1 million for the three months ended March 31, 2024 and 2023, respectively, which are presented in other revenues and owned hotels revenues in the consolidated statements of income. The remaining revenues relate to the Hotel Franchising & Management reportable segment. Royalty, licensing and management fees and other revenues from franchised and managed properties are presented net of intersegment revenues of $2.5 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively.

Receivables and Allowance for C

Receivables and Allowance for Credit Losses	3 Months Ended
Receivables and Allowance for Credit Losses	Mar. 31, 2024
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivables and Allowance for Credit Losses	Receivables and Allowance for Credit Losses Notes Receivable The Company has provided financing in the form of notes receivable loans to franchisees in order to support the development of hotel properties in strategic markets. The Company's credit quality indicator is the level of security in the note receivable. The following table summarizes the composition of the notes receivable balances by credit quality indicator and the allowance for credit losses: (in thousands) March 31, 2024 December 31, 2023 Senior $ 87,055 $ 85,919 Subordinated 16,339 17,004 Unsecured 4,610 5,359 Total notes receivable $ 108,004 $ 108,282 Less: allowance for credit losses 8,656 8,616 Total notes receivable, net of allowance for credit losses $ 99,348 $ 99,666 Current portion, net of allowance for credit losses $ 22,012 $ 20,766 Long-term portion, net of allowance for credit losses $ 77,336 $ 78,900 The following table summarizes the amortized cost basis of the notes receivable by the year of origination and credit quality indicator: (in thousands) 2024 2023 2022 2021 2020 Prior Total Senior $ 945 $ — $ — $ — $ — $ 86,110 $ 87,055 Subordinated — 3,497 — — — 12,842 16,339 Unsecured — — 194 1,291 856 2,269 4,610 Total notes receivable $ 945 $ 3,497 $ 194 $ 1,291 $ 856 $ 101,221 $ 108,004 The following table summarizes the activity related to the Company’s notes receivable allowance for credit losses: (in thousands) March 31, 2024 December 31, 2023 Beginning balance $ 8,616 $ 10,172 Provision for credit losses 690 763 Recoveries (650) (2,319) Ending balance $ 8,656 $ 8,616 As of March 31, 2024 and December 31, 2023, two and one note receivable loans, respectively, with senior credit quality indicators met the definition of collateral-dependent and are collateralized by the membership interests in the borrowing entities and either the associated land parcel or the operating hotel. The Company used a discounted cash flow income approach or a market approach using quoted market prices to value the underlying collateral. The Company reviewed the borrower's financial statements, economic trends, industry projections for the market, and comparable sales capitalization rates, which represent significant inputs to the cash flow projections. These nonrecurring fair value measurements are classified as Level 3 in the fair value measurement hierarchy because they are unobservable inputs which are significant to the overall fair value. Based on the Company's analysis, the fair value of the collateral secures substantially all of the carrying value of the respective note receivable loan. The allowance for credit losses attributable to the collateral-dependent note receivable loans was $3.2 million and $2.2 million as of March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and during the year ended December 31, 2023, the recoveries were primarily associated with cash collections pursuant to a settlement agreement with a borrower. The following table summarizes the past due balances by credit quality indicator of the notes receivable: (in thousands) 1- 30 days 31-89 days > 90 days Total Current Total As of March 31, 2024 Senior $ — $ — $ 15,200 $ 15,200 $ 71,855 $ 87,055 Subordinated — — 2,936 2,936 13,403 16,339 Unsecured — — 400 400 4,210 4,610 $ — $ — $ 18,536 $ 18,536 $ 89,468 $ 108,004 As of December 31, 2023 Senior $ — $ — $ 15,200 $ 15,200 $ 70,719 $ 85,919 Subordinated — 2,936 — 2,936 14,068 17,004 Unsecured — — 400 400 4,959 5,359 $ — $ 2,936 $ 15,600 $ 18,536 $ 89,746 $ 108,282 The amortized cost basis of the notes receivable in a non-accrual status was $31.1 million and $15.9 million as of March 31, 2024 and December 31, 2023, respectively. Variable Interest through Notes Receivable The Company has issued notes receivable loans to certain entities that have created variable interests in the associated borrowers totaling $94.8 million and $95.1 million as of March 31, 2024 and December 31, 2023, respectively. The Company has determined that it is not the primary beneficiary of these variable interest entities ("VIEs"). For collateral-dependent loans, the Company has no exposure to the borrowing VIE beyond the respective note receivable and the limited commitments which are addressed in Note 12. Accounts Receivable Accounts receivable consists primarily of franchise and related fees due from the hotel franchisees and are recorded at the invoiced amount. During the three months ended March 31, 2024, the Company recognized provisions for credit losses on accounts receivable of $1.1 million in selling, general and administrative expenses, and $1.6 million in other expenses from franchised and managed properties, in the consolidated statements of income. During the three months ended March 31, 2023, the Company recognized provisions for credit losses on accounts receivable of $1.8 million in selling, general and administrative expenses, and $2.1 million in other expenses from franchised and managed properties, in the consolidated statements of income. During the three months ended March 31, 2024 and 2023, the Company recorded write-offs, net of recoveries, through the accounts receivable allowance for credit losses of $1.5 million and $2.8 million, respectively.

Investments in Affiliates

Investments in Affiliates	3 Months Ended
Investments in Affiliates	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Affiliates	Investments in Affiliates The Company has equity method investments in affiliates primarily related to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria Hotels and Everhome Suites in strategic markets. As of March 31, 2024 and December 31, 2023, the Company had total investments in affiliates in the consolidated balance sheets of $78.8 million and $70.6 million, respectively, which included investments in affiliates that represent VIEs of $67.8 million and $59.4 million, respectively. The Company has determined that it is not the primary beneficiary of any of these VIEs, however the Company does exercise significant influence through its equity ownership and as a result, the investments in these affiliates are accounted for under the equity method of accounting. During the three months ended March 31, 2024 and 2023, the Company recognized losses totaling $1.2 million and $1.4 million, respectively, from these investments that represent VIEs. The Company's maximum exposure to losses related to its investments in the VIEs is limited to the total of its respective equity investment as well as certain limited payment guaranties, which are described in Note 12 to these consolidated financial statements.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: March 31, 2024 December 31, 2023 (in thousands) $500 million unsecured term loan due 2024 ("2023 Term Loan") with an effective interest rate of 6.79%, less a discount and deferred issuance costs of $0.5 million and $0.7 million at March 31, 2024 and December 31, 2023, respectively (1) $ 499,471 $ 499,268 $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 $4.2 million and $4.3 million at March 31, 2024 and December 31, 2023, respectively 445,842 445,690 $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 $3.4 million and $3.6 million at March 31, 2024 and December 31, 2023, respectively 396,590 396,440 $850 million senior unsecured revolving credit facility with an effective interest rate of 6.48%, less deferred issuance costs of $1.7 million and $1.9 million at March 31, 2024 and December 31, 2023, respectively 353,298 226,621 Total debt $ 1,695,201 $ 1,568,019 Less: current portion (1) 499,471 499,268 Long-term debt $ 1,195,730 $ 1,068,751 (1) The 2023 Term Loan has a maturity date of December 16, 2024. The maturity date may be extended for a one-year term at the Company's option, subject to the consent of the lenders and certain customary conditions. Refer to Note 12 and the Liquidity and Capital Resources section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" for more information.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 were as follows: (in thousands) Balance as of December 31, 2023 $ (5,671) Other comprehensive income before reclassification 454 Balance as of March 31, 2024 $ (5,217) (in thousands) Balance as of December 31, 2022 $ (5,211) Other comprehensive income before reclassification 394 Balance as of March 31, 2023 $ (4,817) Other comprehensive income, net of tax, for both the three months ended March 31, 2024 and 2023 relates entirely to foreign currency items, and there were no amounts reclassified from accumulated other comprehensive loss during either period.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
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 equity securities and mutual funds held in the Company's 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 on a recurring basis whose fair value was determined using Level 3 inputs and there were no transfers of Level 3 assets during the three months ended March 31, 2024 and during the year ended December 31, 2023. The Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets: Fair Value Measurements at Reporting Date Using (in thousands) Total Level 1 Level 2 Level 3 As of March 31, 2024 Equity securities $ 109,861 $ 109,861 $ — $ — Mutual funds (1) 40,413 40,413 — — Money market funds (1) 4,653 — 4,653 — Total $ 154,927 $ 150,274 $ 4,653 $ — As of December 31, 2023 Equity securities $ 116,374 $ 116,374 $ — $ — Mutual funds (1) 36,810 36,810 — — Money market funds (1) 4,767 — 4,767 — Total $ 157,951 $ 153,184 $ 4,767 $ — (1) The current assets at fair value noted above are presented in prepaid expenses and other current assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets. Investments in Equity Securities The following table is a summary of the unrealized gains and losses of the investments in equity securities: As of March 31, 2024 As of December 31, 2023 (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Equity securities $ 111,190 $ — $ (1,329) $ 109,861 $ 112,420 $ 3,954 $ — $ 116,374 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 rate on the senior unsecured revolving credit facility and the 2023 Term Loan adjusts frequently based on current market interest rates; therefore, the Company believes the carrying amount approximates the fair value. The fair values of the Company's senior unsecured notes are classified as Level 2 because the significant inputs are observable in an active market. Refer to Note 5 for additional information on debt. As of March 31, 2024 and December 31, 2023, the carrying amounts and the fair values were as follows: March 31, 2024 December 31, 2023 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ 445,842 $ 395,127 $ 445,690 $ 389,241 2019 Senior Notes $ 396,590 $ 358,660 $ 396,440 $ 355,068 The fair value estimates are made at a specific point in time, are subjective in nature, and involve uncertainties and matters of significant judgment. The settlement of such fair value amounts may not be possible or a prudent management decision.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective income tax rates were 22.9% and 21.7% for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rates were higher than the U.S. federal income tax rate of 21% primarily due to the impact of state income taxes.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The components of the Company’s share-based compensation expense were as follows: Three Months Ended March 31, (in thousands) 2024 2023 Stock options $ 1,346 $ 1,388 Restricted stock 3,477 3,699 Performance vested restricted stock units 4,271 4,684 Total share-based compensation expense $ 9,094 $ 9,771 A summary of the share-based award activity during the three months ended March 31, 2024 is presented below: Stock Options Restricted Stock Performance Vested Options Weighted Weighted Shares Weighted Shares Weighted Outstanding as of January 1, 2024 943,641 $ 102.90 361,668 $ 136.05 458,495 $ 136.14 Granted 78,988 111.94 49,333 111.94 143,312 111.94 Performance-based leveraging (1) — — — — — — Exercised/vested (87,240) 71.74 (37,307) 105.52 (146,675) 107.54 Expired — — — — — — Forfeited (440) 123.71 (2,433) 119.50 (10,940) 115.62 Outstanding as of March 31, 2024 934,949 $ 106.56 6.2 years 371,261 $ 135.99 444,192 $ 138.29 Options exercisable as of March 31, 2024 639,175 $ 99.47 5.2 years (1) During the three months ended March 31, 2024, there were no revisions to the outstanding PVRSUs as a result of a change in the Company's targeted performance conditions. The fair value of the restricted stock and the PVRSUs with performance conditions that were granted during the three months ended March 31, 2024 was equal to the market price of the Company’s common stock on the date of the grant. The fair value of the PVRSUs with market conditions that are based on the Company’s total shareholder return relative to a predetermined peer group was estimated using a Monte Carlo simulation method as of the date of the grant. The requisite service periods for the restricted stock and the PVRSUs was between 9 months and 48 months. The PVRSUs have vesting ranges generally between 0% and 230% of the initial units granted. The stock options granted by the Company had an exercise price that is equal to the market price of the Company's common stock on the date of grant. The fair value of the stock options granted during the three months ended March 31, 2024 was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 4.27 % Expected volatility 31.34 % Expected life of the stock option 6 years Dividend yield 1.03 % Requisite service period 4 years Contractual life 10 years Weighted average fair value of the stock options granted (per stock option) $ 38.85

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
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 that require the computation of basic earnings per share using the two-class method. The shares of restricted stock are both potential shares of common stock and participating securities so the Company calculates diluted earnings per share by using the more dilutive of the treasury stock method or the two-class method. The calculation of earnings per share for the net income available to common shareholders excludes the distribution of dividends and the undistributed earnings attributable to the participating securities from the numerator. The diluted earnings per share includes stock options, PVRSUs, and RSUs in the calculation of the weighted average shares of common stock outstanding. The computation of basic and diluted earnings per share was as follows: Three Months Ended March 31, (in thousands, except per share amounts) 2024 2023 Numerator: Net income $ 31,009 $ 52,820 Income allocated to participating securities (158) (272) Net income available to common shareholders $ 30,851 $ 52,548 Denominator: Weighted average shares of common stock outstanding – basic 49,302 51,269 Basic earnings per share $ 0.63 $ 1.02 Numerator: Net income $ 31,009 $ 52,820 Income allocated to participating securities (158) (272) Net income available to common shareholders $ 30,851 $ 52,548 Denominator: Weighted average shares of common stock outstanding – basic 49,302 51,269 Dilutive effect of stock options, PVRSUs, and RSUs 338 445 Weighted average shares of common stock outstanding – diluted 49,640 51,714 Diluted earnings per share $ 0.62 $ 1.02 The following securities have been excluded from the calculation of diluted weighted average shares of common stock outstanding because the inclusion of these securities would have an anti-dilutive effect: Three Months Ended March 31, (in thousands) 2024 2023 Stock options 231 240 PVRSUs 49 —

Reportable Segments

Reportable Segments	3 Months Ended
Reportable Segments	Mar. 31, 2024
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments The Hotel Franchising & Management reportable segment includes the Company's hotel franchising operations, which consists of its 22 brands and brand extensions and the hotel management operations of 13 hotels (inclusive of four owned hotels). The 22 brands and brand extensions and hotel management operations are aggregated together within this reportable segment because they have similar economic characteristics, types of customers, distribution channels, and regulatory business environments. The revenues from the hotel franchising and management business include royalty fees, initial franchise fees and relicensing fees, cost reimbursement revenues, platform and procurement services fees revenue, base and incentive management fees, and other hotel franchising and management-related revenue. The Company provides certain services under its franchise and management agreements which result in direct and indirect reimbursements. The cost reimbursement revenues received from the franchisees are included in Hotel Franchising & Management revenues and are offset by the related expenses in order to calculate Hotel Franchising & Management operating income. The equity in the earnings or losses from the hotel franchising-related investment in affiliates is allocated to the Hotel Franchising & Management reportable segment. The Company evaluates its Hotel Franchising & Management reportable segment based primarily on the results of the segment without allocating corporate expenses, indirect general and administrative expenses, interest expense, interest income, and other gains and losses, all of which are included in the Corporate & Other column in the tables presented below. The Corporate & Other column also reflects the operations of the Company's owned hotels. Intersegment Eliminations to revenues is the elimination of Hotel Franchising & Management revenue which includes royalty fees, management and cost reimbursement fees charged to our owned hotels against the franchise and management fee expense that is 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 the performance or when making operating segment resource allocation decisions and therefore, assets by segment are not disclosed below. The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 299,359 $ 35,137 $ (2,547) $ 331,949 $ 309,047 $ 26,064 $ (2,319) $ 332,792 Operating income (loss) $ 94,848 $ (34,699) $ — $ 60,149 $ 105,491 $ (27,640) $ — $ 77,851 Income (loss) before income taxes $ 94,693 $ (54,485) $ — $ 40,208 $ 105,428 $ (37,933) $ — $ 67,495

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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 current legal proceedings, individually or in the aggregate, 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 in order to support their efforts to develop and own hotels that are 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. As of March 31, 2024, the maximum unrecorded exposure of the principal associated with these limited payment guaranties is $8.8 million, plus unpaid expenses and accrued but unpaid interest. The Company believes the likelihood of having to perform under these guaranties is remote. In the event of performance, the Company has recourse for certain of the guaranties in the form of partial guaranties from third parties. Commitments The Company has the following outstanding commitments as of March 31, 2024: • As part of the acquisition of Radisson Hotels Americas in August 2022, the Company entered into a long-term management arrangement, with an expiration date of July 31, 2031, to manage eight hotels owned by a third-party. As of March 31, 2024, the Company managed seven hotels pursuant to the long-term management arrangement. In conjunction with the management arrangement, the Company entered into a guarantee with the third-party to fund any shortfalls in the payment of the third-party owner’s priority that is stipulated in the management agreement. The maximum guarantee under the agreement is $22 million. The Company believes the future performance of the hotels is expected to be sufficient on both an annual basis and over the duration of the agreement. Accordingly, no liability was recognized as of March 31, 2024 in the consolidated balance sheets. • The Company strategically deploys capital in the form of franchise agreement acquisition cost payments across our brands to incentivize franchise development. These payments are typically made at the commencement of construction or the hotel's opening, in accordance with agreed upon provisions in the individual franchise agreements. The timing and the amount of the franchise agreement acquisition cost payments are dependent on various factors, including the implementation of various development and brand incentive programs, the level of franchise sales, and the ability of our franchisees to complete construction or convert their hotels to one of the Company’s brands. • The Company committed to provide financing in the form of loans or credit facilities to franchisees for Choice brand development efforts. As of March 31, 2024, the Company had remaining commitments of up to $9.0 million, if certain conditions are met. • The Company’s franchise agreements require the payment of franchise fees, which include marketing and reservation system fees. In accordance with the terms of our franchise agreements, the Company is obligated to use the marketing and reservation system revenues it collects from the current franchisees to provide marketing and reservation services that are appropriate to support the operation of the overall system. To the extent the revenues collected exceed the expenditures incurred, the Company has a commitment to the franchisee system to make expenditures in future years. Conversely, to the extent the expenditures incurred exceed the revenues collected, the Company has the contractual enforceable right to assess and collect such amounts from the franchisees. 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 the 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 the future payments that could be made under these indemnifications as the triggering events are not subject to predictability. With respect to certain of the aforementioned indemnities, such as the indemnifications of the landlords against third-party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates any potential liability.

Transactions with Unconsolidate

Transactions with Unconsolidated Affiliates	3 Months Ended
Transactions with Unconsolidated Affiliates	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Transactions with Unconsolidated Affiliates	Transactions with Unconsolidated Affiliates The Company has extended loans to various unconsolidated affiliates or members of our unconsolidated affiliates. The Company has a total principal balance on these loans of $66.8 million and $64.5 million as of March 31, 2024 and December 31, 2023, respectively. These loans mature at various dates and bear interest at fixed and variable rates. The Company has management fee arrangements with certain of its unconsolidated affiliates. The fees earned and the payroll costs reimbursed under these arrangements totaled $1.6 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively. The Company has entered into franchise agreements with certain of its unconsolidated affiliates. Pursuant to these franchise agreements, the Company recognized royalty fees and marketing and reservation system fees of approximately $6.3 million and $5.8 million for the three months ended March 31, 2024 and 2023, respectively. The Company has $6.7 million and $4.9 million of gross accounts receivables in the consolidated balance sheets from these unconsolidated affiliates as of March 31, 2024 and December 31, 2023, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 31,009	$ 52,820

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	The following table describes, for the first quarter of 2024, each trading arrangement for the sale or purchase of Company securities adopted or terminated by our directors and officers that is either (i) a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement), or (ii) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K): Name ( Title ) Action Taken (Date of Action) Type of Trading Arrangement Nature of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Securities Covered Patrick Pacious (President and Chief Executive Officer) Adopted (March 14, 2024) Rule 10b5-1 trading arrangement Sale (1) (1) Simone Wu (Senior Vice President, General Counsel, Corporate Secretary & External Affairs) Adopted (March 14, 2024) Rule 10b5-1 trading arrangement Sale (2) (2) Dominic Dragisich (Executive Vice President, Operations and Chief Global Brand Officer) Adopted (March 14, 2024) Rule 10b5-1 trading arrangement Sale (3) (3) Patrick Cimerola (Chief Human Resources Officer) Adopted (March 14, 2024) Rule 10b5-1 trading arrangement Sale (4) (4) (1) This trading plan relates to 54,993 shares of the Company's common stock and has a scheduled expiration date of December 20, 2024. (2) This trading plan relates to 7,840 shares of the Company's common stock and has a scheduled expiration date of March 1, 2025. (3) This trading plan relates to 27,835 shares of the Company's common stock and has a scheduled expiration date of February 28, 2026. (4) This trading plan relates to 39,781 shares of the Company's common stock and has a scheduled expiration date of June 17, 2025.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Patrick Pacious [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	281 days
Aggregate Available	54,993
Simone Wu [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	352 days
Aggregate Available	7,840
Dominic Dragisich [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	716 days
Aggregate Available	27,835
Patrick Cimerola [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	460 days
Aggregate Available	39,781
Director And Officer Trading Arrangement [Member] \| Patrick Pacious [Member]
Trading Arrangements, by Individual
Name	Patrick Pacious
Title	President and Chief Executive Officer
Adoption Date	March 14, 2024
Director And Officer Trading Arrangement [Member] \| Simone Wu [Member]
Trading Arrangements, by Individual
Name	Simone Wu
Title	Senior Vice President, General Counsel, Corporate Secretary & External Affairs
Adoption Date	March 14, 2024
Director And Officer Trading Arrangement [Member] \| Dominic Dragisich [Member]
Trading Arrangements, by Individual
Name	Dominic Dragisich
Title	Executive Vice President, Operations and Chief Global Brand Officer
Adoption Date	March 14, 2024
Director And Officer Trading Arrangement [Member] \| Patrick Cimerola [Member]
Trading Arrangements, by Individual
Name	Patrick Cimerola
Title	Chief Human Resources Officer
Adoption Date	March 14, 2024

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (collectively, "Choice" or 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 the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of 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.
Reclassification	Certain prior year amounts in our consolidated financial statements have been reclassified in order to maintain comparability with the current year presentation. Business combination, diligence and transition costs, which were previously presented in selling, general and administrative expenses, are now presented within a standalone financial statement line item in the consolidated statements of income. The reclassification had no effect on the Company’s previously reported operating income or net income.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires public entities to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss on both an annual and an interim basis. ASU 2023-07 is effective for the annual reporting period beginning after December 15, 2023 and the interim periods within the annual reporting period beginning after December 15, 2024. The Company is currently evaluating the potential impact that ASU 2023-07 will have on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is designed to provide additional information to financial statement users in regards to how an entity's operations, risks, and planning affect its tax rate, opportunities, and future cash flows. ASU 2023-09 is effective for the annual reporting period beginning after December 15, 2024. Based on the Company's assessment, the adoption of this standard is not expected to have an impact on the Company's consolidated financial statements, but it will require enhanced income tax disclosures in the notes to the consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer, Liability	The following table summarizes the significant changes in the contract liabilities balances during the period from December 31, 2023 to March 31, 2024: (in thousands) Balance as of December 31, 2023 $ 209,895 Increases to the contract liability balance due to cash received 26,183 Revenue recognized in the period (26,273) Balance as of March 31, 2024 $ 209,805
Schedule of Disaggregation of Revenue	The following table presents the Company's revenues by over time and point in time recognition: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Over time Point in time Total Over time Point in time Total Royalty, licensing and management fees $ 103,107 $ 2,360 $ 105,467 $ 107,492 $ — $ 107,492 Initial franchise fees 6,705 — 6,705 7,882 — 7,882 Platform and procurement services fees 13,177 579 13,756 13,239 604 13,843 Owned hotels 18,081 6,910 24,991 16,893 5,439 22,332 Other 16,357 — 16,357 10,627 — 10,627 Other revenues from franchised and managed properties 148,082 16,591 164,673 155,438 15,178 170,616 Total revenues $ 305,509 $ 26,440 $ 331,949 $ 311,571 $ 21,221 $ 332,792

Receivables and Allowance for_2

Receivables and Allowance for Credit Losses (Tables)	3 Months Ended
Receivables and Allowance for Credit Losses (Tables)	Mar. 31, 2024
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Notes Receivable	The following table summarizes the composition of the notes receivable balances by credit quality indicator and the allowance for credit losses: (in thousands) March 31, 2024 December 31, 2023 Senior $ 87,055 $ 85,919 Subordinated 16,339 17,004 Unsecured 4,610 5,359 Total notes receivable $ 108,004 $ 108,282 Less: allowance for credit losses 8,656 8,616 Total notes receivable, net of allowance for credit losses $ 99,348 $ 99,666 Current portion, net of allowance for credit losses $ 22,012 $ 20,766 Long-term portion, net of allowance for credit losses $ 77,336 $ 78,900
Schedule of Financing Receivable Credit Quality Indicators	The following table summarizes the amortized cost basis of the notes receivable by the year of origination and credit quality indicator: (in thousands) 2024 2023 2022 2021 2020 Prior Total Senior $ 945 $ — $ — $ — $ — $ 86,110 $ 87,055 Subordinated — 3,497 — — — 12,842 16,339 Unsecured — — 194 1,291 856 2,269 4,610 Total notes receivable $ 945 $ 3,497 $ 194 $ 1,291 $ 856 $ 101,221 $ 108,004
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: (in thousands) March 31, 2024 December 31, 2023 Beginning balance $ 8,616 $ 10,172 Provision for credit losses 690 763 Recoveries (650) (2,319) Ending balance $ 8,656 $ 8,616
Schedule of Past Due Balances of Notes Receivable	The following table summarizes the past due balances by credit quality indicator of the notes receivable: (in thousands) 1- 30 days 31-89 days > 90 days Total Current Total As of March 31, 2024 Senior $ — $ — $ 15,200 $ 15,200 $ 71,855 $ 87,055 Subordinated — — 2,936 2,936 13,403 16,339 Unsecured — — 400 400 4,210 4,610 $ — $ — $ 18,536 $ 18,536 $ 89,468 $ 108,004 As of December 31, 2023 Senior $ — $ — $ 15,200 $ 15,200 $ 70,719 $ 85,919 Subordinated — 2,936 — 2,936 14,068 17,004 Unsecured — — 400 400 4,959 5,359 $ — $ 2,936 $ 15,600 $ 18,536 $ 89,746 $ 108,282

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Components of Debt	Debt consisted of the following: March 31, 2024 December 31, 2023 (in thousands) $500 million unsecured term loan due 2024 ("2023 Term Loan") with an effective interest rate of 6.79%, less a discount and deferred issuance costs of $0.5 million and $0.7 million at March 31, 2024 and December 31, 2023, respectively (1) $ 499,471 $ 499,268 $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 $4.2 million and $4.3 million at March 31, 2024 and December 31, 2023, respectively 445,842 445,690 $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 $3.4 million and $3.6 million at March 31, 2024 and December 31, 2023, respectively 396,590 396,440 $850 million senior unsecured revolving credit facility with an effective interest rate of 6.48%, less deferred issuance costs of $1.7 million and $1.9 million at March 31, 2024 and December 31, 2023, respectively 353,298 226,621 Total debt $ 1,695,201 $ 1,568,019 Less: current portion (1) 499,471 499,268 Long-term debt $ 1,195,730 $ 1,068,751 (1)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 were as follows: (in thousands) Balance as of December 31, 2023 $ (5,671) Other comprehensive income before reclassification 454 Balance as of March 31, 2024 $ (5,217) (in thousands) Balance as of December 31, 2022 $ (5,211) Other comprehensive income before reclassification 394 Balance as of March 31, 2023 $ (4,817)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets	he Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets: Fair Value Measurements at Reporting Date Using (in thousands) Total Level 1 Level 2 Level 3 As of March 31, 2024 Equity securities $ 109,861 $ 109,861 $ — $ — Mutual funds (1) 40,413 40,413 — — Money market funds (1) 4,653 — 4,653 — Total $ 154,927 $ 150,274 $ 4,653 $ — As of December 31, 2023 Equity securities $ 116,374 $ 116,374 $ — $ — Mutual funds (1) 36,810 36,810 — — Money market funds (1) 4,767 — 4,767 — Total $ 157,951 $ 153,184 $ 4,767 $ — (1) The current assets at fair value noted above are presented in prepaid expenses and other current assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets.
Schedule of Investments in Equity Securities	The following table is a summary of the unrealized gains and losses of the investments in equity securities: As of March 31, 2024 As of December 31, 2023 (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Equity securities $ 111,190 $ — $ (1,329) $ 109,861 $ 112,420 $ 3,954 $ — $ 116,374
Schedule of Carrying Amounts and Fair Values	As of March 31, 2024 and December 31, 2023, the carrying amounts and the fair values were as follows: March 31, 2024 December 31, 2023 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ 445,842 $ 395,127 $ 445,690 $ 389,241 2019 Senior Notes $ 396,590 $ 358,660 $ 396,440 $ 355,068

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
Share-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expenses	The components of the Company’s share-based compensation expense were as follows: Three Months Ended March 31, (in thousands) 2024 2023 Stock options $ 1,346 $ 1,388 Restricted stock 3,477 3,699 Performance vested restricted stock units 4,271 4,684 Total share-based compensation expense $ 9,094 $ 9,771
Schedule of Stock-Based Award Activity	A summary of the share-based award activity during the three months ended March 31, 2024 is presented below: Stock Options Restricted Stock Performance Vested Options Weighted Weighted Shares Weighted Shares Weighted Outstanding as of January 1, 2024 943,641 $ 102.90 361,668 $ 136.05 458,495 $ 136.14 Granted 78,988 111.94 49,333 111.94 143,312 111.94 Performance-based leveraging (1) — — — — — — Exercised/vested (87,240) 71.74 (37,307) 105.52 (146,675) 107.54 Expired — — — — — — Forfeited (440) 123.71 (2,433) 119.50 (10,940) 115.62 Outstanding as of March 31, 2024 934,949 $ 106.56 6.2 years 371,261 $ 135.99 444,192 $ 138.29 Options exercisable as of March 31, 2024 639,175 $ 99.47 5.2 years (1)
Schedule of Weighted Average Assumptions of Black-Scholes Option-Pricing Model	The fair value of the stock options granted during the three months ended March 31, 2024 was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 4.27 % Expected volatility 31.34 % Expected life of the stock option 6 years Dividend yield 1.03 % Requisite service period 4 years Contractual life 10 years Weighted average fair value of the stock options granted (per stock option) $ 38.85

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted earnings per share was as follows: Three Months Ended March 31, (in thousands, except per share amounts) 2024 2023 Numerator: Net income $ 31,009 $ 52,820 Income allocated to participating securities (158) (272) Net income available to common shareholders $ 30,851 $ 52,548 Denominator: Weighted average shares of common stock outstanding – basic 49,302 51,269 Basic earnings per share $ 0.63 $ 1.02 Numerator: Net income $ 31,009 $ 52,820 Income allocated to participating securities (158) (272) Net income available to common shareholders $ 30,851 $ 52,548 Denominator: Weighted average shares of common stock outstanding – basic 49,302 51,269 Dilutive effect of stock options, PVRSUs, and RSUs 338 445 Weighted average shares of common stock outstanding – diluted 49,640 51,714 Diluted earnings per share $ 0.62 $ 1.02
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 because the inclusion of these securities would have an anti-dilutive effect: Three Months Ended March 31, (in thousands) 2024 2023 Stock options 231 240 PVRSUs 49 —

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
Reportable Segments (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Financial Information for Company's Franchising Segment	The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 299,359 $ 35,137 $ (2,547) $ 331,949 $ 309,047 $ 26,064 $ (2,319) $ 332,792 Operating income (loss) $ 94,848 $ (34,699) $ — $ 60,149 $ 105,491 $ (27,640) $ — $ 77,851 Income (loss) before income taxes $ 94,693 $ (54,485) $ — $ 40,208 $ 105,428 $ (37,933) $ — $ 67,495

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue, recognition period	10 years
Revenue, remaining performance obligation	$ 209,800
Revenue	331,949	$ 332,792
Over time
Disaggregation of Revenue [Line Items]
Revenue	305,509	311,571
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue	35,137	26,064
Corporate & Other \| Over time
Disaggregation of Revenue [Line Items]
Revenues	35,100	26,100
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	$ (2,547)	(2,319)
Royalty, licensing and management fees
Disaggregation of Revenue [Line Items]
Redemption of loyalty points period	3 years
Revenue	$ 105,467	107,492
Royalty, licensing and management fees \| Over time
Disaggregation of Revenue [Line Items]
Revenue	103,107	107,492
Royalty, licensing and management fees \| Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenues	2,500	2,300
Owned hotels
Disaggregation of Revenue [Line Items]
Revenue	24,991	22,332
Owned hotels \| Over time
Disaggregation of Revenue [Line Items]
Revenue	18,081	16,893
Owned hotels \| Transferred At Other Point In Time
Disaggregation of Revenue [Line Items]
Revenue	$ 19,500	$ 15,800

Revenue - Contract Liability (D

Revenue - Contract Liability (Details) - Initial Fees, Sustem Implementation Fees, Franchise Agreements, Loyalty Points $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Changes in Contract Liability [Roll Forward]
Balance as of December 31, 2023	$ 209,895
Increases to the contract liability balance due to cash received	26,183
Revenue recognized in the period	(26,273)
Balance as of March 31, 2024	$ 209,805

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	$ 331,949	$ 332,792
Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	305,509	311,571
Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	26,440	21,221
Royalty, licensing and management fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	105,467	107,492
Royalty, licensing and management fees \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	103,107	107,492
Royalty, licensing and management fees \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	2,360	0
Initial franchise fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	6,705	7,882
Initial franchise fees \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	6,705	7,882
Initial franchise fees \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	0	0
Platform and procurement services fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	13,756	13,843
Platform and procurement services fees \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	13,177	13,239
Platform and procurement services fees \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	579	604
Owned hotels
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	24,991	22,332
Owned hotels \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	18,081	16,893
Owned hotels \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	6,910	5,439
Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	16,357	10,627
Other \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	16,357	10,627
Other \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	0	0
Other revenues from franchised and managed properties
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	164,673	170,616
Other revenues from franchised and managed properties \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	148,082	155,438
Other revenues from franchised and managed properties \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	$ 16,591	$ 15,178

Receivables and Allowance for_3

Receivables and Allowance for Credit Losses - Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 108,004	$ 108,282
Less: allowance for credit losses	8,656	8,616	$ 10,172
Total notes receivable, net of allowance for credit losses	99,348	99,666
Current portion, net of allowance for credit losses	22,012	20,766
Long-term portion, net of allowance for credit losses	77,336	78,900
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	87,055	85,919
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	16,339	17,004
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 4,610	$ 5,359

Receivables and Allowance for_4

Receivables and Allowance for Credit Losses - Credit Quality Indicator (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Notes Receivable and Allowance for Losses [Line Items]
2024	$ 945
2023	3,497
2022	194
2021	1,291
2020	856
Prior	101,221
Total	108,004	$ 108,282
Senior
Notes Receivable and Allowance for Losses [Line Items]
2024	945
2023	0
2022	0
2021	0
2020	0
Prior	86,110
Total	87,055	85,919
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
2024	0
2023	3,497
2022	0
2021	0
2020	0
Prior	12,842
Total	16,339	17,004
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
2024	0
2023	0
2022	194
2021	1,291
2020	856
Prior	2,269
Total	$ 4,610	$ 5,359

Receivables and Allowance for_5

Receivables and Allowance for Credit Losses - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8,616	$ 10,172
Provision for credit losses	690	763
Recoveries	(650)	(2,319)
Ending balance	$ 8,656	$ 8,616

Receivables and Allowance for_6

Receivables and Allowance for Credit Losses - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Notes Receivable and Allowance for Losses [Line Items]
Allowance for credit loss	$ 8,656		$ 8,616	$ 10,172
Notes receivable	77,336		78,900
Write-offs, net of recoveries	1,500	$ 2,800
SG&A expenses
Notes Receivable and Allowance for Losses [Line Items]
Provision for credit losses	1,100	1,800
Marketing And Reservation Fees
Notes Receivable and Allowance for Losses [Line Items]
Provision for credit losses	1,600	$ 2,100
Variable Interest Entity, Not Primary Beneficiary
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 94,800		$ 95,100
Collateral-Dependent Loans
Notes Receivable and Allowance for Losses [Line Items]
Number of loans \| loan	2		1
Allowance for credit loss	$ 3,200		$ 2,200
Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Average notes on nonaccrual status	$ 31,100		$ 15,900

Receivables and Allowance for_7

Receivables and Allowance for Credit Losses - Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Notes receivable	$ 108,004	$ 108,282
Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	87,055	85,919
Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	16,339	17,004
Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	4,610	5,359
Total Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	18,536	18,536
Total Past Due \| Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	15,200	15,200
Total Past Due \| Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	2,936	2,936
Total Past Due \| Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	400	400
1- 30 days Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
1- 30 days Past Due \| Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
1- 30 days Past Due \| Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	0	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	2,936
31-89 days Past Due \| Senior
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	2,936
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	18,536	15,600
> 90 days Past Due \| Senior
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	2,936	0
> 90 days Past Due \| Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	400	400
Current
Financing Receivable, Past Due [Line Items]
Notes receivable	89,468	89,746
Current \| Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	71,855	70,719
Current \| Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	13,403	14,068
Current \| Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	$ 4,210	$ 4,959

Investments in Affiliates (Deta

Investments in Affiliates (Details) - USD ($)	3 Months Ended
Investments in Affiliates (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	$ 2,475,078,000		$ 2,394,799,000
Equity method investment impairment	0	$ 0
Consolidated Entity, Excluding Consolidated VIE
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	78,800,000		70,600,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	67,800,000		$ 59,400,000
Losses attributable to variable interest entities	$ 1,200,000	$ 1,400,000

Debt - Components Of Debt (Deta

Debt - Components Of Debt (Details) - USD ($)	3 Months Ended
Debt - Components Of Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt [Line Items]
Long-term debt	$ 1,695,201,000	$ 1,568,019,000
Less: current portion	499,471,000	499,268,000
Long-term debt	$ 1,195,730,000	1,068,751,000
2023 Term Loan
Debt [Line Items]
Extension term	1 year
2023 Term Loan \| Senior
Debt [Line Items]
Debt instrument face amount	$ 500,000,000
Debt instrument effective interest rate	6.79%
Deferred issuance costs	$ 500,000	700,000
Long-term debt	499,471,000	499,268,000
2020 Senior Notes \| Senior
Debt [Line Items]
Debt instrument face amount	$ 450,000,000
Debt instrument effective interest rate	3.86%
Deferred issuance costs	$ 4,200,000	4,300,000
Long-term debt	445,842,000	445,690,000
2019 Senior Notes \| Senior
Debt [Line Items]
Debt instrument face amount	$ 400,000,000
Debt instrument effective interest rate	3.88%
Deferred issuance costs	$ 3,400,000	3,600,000
Long-term debt	353,298,000	396,440,000
Unsecured Credit Facility \| Senior
Debt [Line Items]
Debt instrument face amount	$ 850,000,000
Debt instrument effective interest rate	6.48%
Deferred issuance costs	$ 1,700,000	1,900,000
Long-term debt	$ 396,590,000	$ 226,621,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 35,598	$ 154,660
Other comprehensive income before reclassification	454	394
Ending balance	6,727	47,008
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,671)	(5,211)
Ending balance	$ (5,217)	$ (4,817)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Of Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurements [Line Items]
Equity securities	$ 109,861	$ 116,374
Fair value, Measurements, Recurring
Fair Value Measurements [Line Items]
Equity securities	109,861	116,374
Total	154,927	157,951
Fair value, Measurements, Recurring \| Mutual Funds \| Investments, Employee Benefit Plans, At Fair Value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	40,413	36,810
Fair value, Measurements, Recurring \| Money Market Funds \| Investments, Employee Benefit Plans, At Fair Value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	4,653	4,767
Fair value, Measurements, Recurring \| Level 1
Fair Value Measurements [Line Items]
Equity securities	109,861	116,374
Total	150,274	153,184
Fair value, Measurements, Recurring \| Level 1 \| Mutual Funds \| Investments, Employee Benefit Plans, At Fair Value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	40,413	36,810
Fair value, Measurements, Recurring \| 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
Fair value, Measurements, Recurring \| Level 2
Fair Value Measurements [Line Items]
Equity securities	0	0
Total	4,653	4,767
Fair value, Measurements, Recurring \| 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
Fair value, Measurements, Recurring \| 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	4,653	4,767
Fair value, Measurements, Recurring \| Level 3
Fair Value Measurements [Line Items]
Equity securities	0	0
Total	0	0
Fair value, Measurements, Recurring \| 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
Fair value, Measurements, Recurring \| 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 - Inves

Fair Value Measurements - Investments in Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Cost	$ 111,190	$ 112,420
Gross Unrealized Gains	0	3,954
Gross Unrealized Losses	(1,329)	0
Estimated Fair Value	$ 109,861	$ 116,374

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurements [Line Items]
Long-term debt	$ 1,695,201	$ 1,568,019
Senior \| 2020 Senior Notes
Fair Value Measurements [Line Items]
Long-term debt	445,842	445,690
Senior \| 2020 Senior Notes \| Level 2 \| Carrying Amount
Fair Value Measurements [Line Items]
Long-term debt	445,842	445,690
Senior \| 2020 Senior Notes \| Level 2 \| Fair Value
Fair Value Measurements [Line Items]
Long-term debt	395,127	389,241
Senior \| 2019 Senior Notes
Fair Value Measurements [Line Items]
Long-term debt	353,298	396,440
Senior \| 2019 Senior Notes \| Level 2 \| Carrying Amount
Fair Value Measurements [Line Items]
Long-term debt	396,590	396,440
Senior \| 2019 Senior Notes \| Level 2 \| Fair Value
Fair Value Measurements [Line Items]
Long-term debt	$ 358,660	$ 355,068

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	22.90%	21.70%

Share-Based Compensation - Stoc

Share-Based Compensation - Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	$ 9,094	$ 9,771
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	1,346	1,388
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	3,477	3,699
Performance vested restricted stock units
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	$ 4,271	$ 4,684

Share-Based Compensation - St_2

Share-Based Compensation - Stock-Based Award Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Stock Options
Options
Outstanding, beginning balance (in shares) \| shares	943,641
Granted (in shares) \| shares	78,988
Performance-based leveraging (in shares) \| shares	0
Exercised/vested (in shares) \| shares	(87,240)
Expired (in shares) \| shares	0
Forfeited (in shares) \| shares	(440)
Outstanding, ending balance (in shares) \| shares	934,949
Stock options exercisable (in shares) \| shares	639,175
Weighted Average Exercise Price
Beginning balance (in usd per share) \| $ / shares	$ 102.90
Granted (in usd per share) \| $ / shares	111.94
Performance-based leveraging (in usd per share) \| $ / shares	0
Exercised/vested (in usd per share) \| $ / shares	71.74
Expired (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	123.71
Ending balance (in usd per share) \| $ / shares	106.56
Stock options exercisable - weighted average exercise price (in usd per share) \| $ / shares	$ 99.47
Weighted Average Remaining Contractual Life
Outstanding	6 years 2 months 12 days
Stock options exercisable	5 years 2 months 12 days
Restricted Stock
Restricted Stock and Performance Vested Restricted Stock Units, Shares
Outstanding, beginning balance (in shares) \| shares	361,668
Granted (in shares) \| shares	49,333
Performance-based leveraging (in shares) \| shares	0
Exercised/vested (in shares) \| shares	(37,307)
Expired (in shares) \| shares	0
Forfeited (in shares) \| shares	(2,433)
Outstanding, ending balance (in shares) \| shares	371,261
Restricted Stock and Performance Vested Restricted Stock Units, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 136.05
Granted (in usd per share) \| $ / shares	111.94
Performance-based leveraging (in usd per share) \| $ / shares	0
Exercised/vested (in usd per share) \| $ / shares	105.52
Expired (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	119.50
Outstanding, ending balance (in usd per share) \| $ / shares	$ 135.99
Performance Vested Restricted Stock Units
Restricted Stock and Performance Vested Restricted Stock Units, Shares
Outstanding, beginning balance (in shares) \| shares	458,495
Granted (in shares) \| shares	143,312
Performance-based leveraging (in shares) \| shares	0
Exercised/vested (in shares) \| shares	(146,675)
Expired (in shares) \| shares	0
Forfeited (in shares) \| shares	(10,940)
Outstanding, ending balance (in shares) \| shares	444,192
Restricted Stock and Performance Vested Restricted Stock Units, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 136.14
Granted (in usd per share) \| $ / shares	111.94
Performance-based leveraging (in usd per share) \| $ / shares	0
Exercised/vested (in usd per share) \| $ / shares	107.54
Expired (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	115.62
Outstanding, ending balance (in usd per share) \| $ / shares	$ 138.29

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - PVRSUs	3 Months Ended
Share-Based Compensation - Narrative (Details) - PVRSUs	Mar. 31, 2024
Minimum
Share-Based Compensation and Capital Stock [Line Items]
Requisite service period	9 months
Vesting Range	0%
Maximum
Share-Based Compensation and Capital Stock [Line Items]
Requisite service period	48 months
Vesting Range	230%

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options	3 Months Ended
	Mar. 31, 2024 $ / shares
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate	4.27%
Expected volatility	31.34%
Expected life of the stock option	6 years
Dividend yield	1.03%
Requisite service period	4 years
Contractual life	10 years
Weighted average fair value of the stock options granted (per stock option) (in usd per share)	$ 38.85

Earnings Per Share - Computatio

Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 31,009	$ 52,820
Income allocated to participating securities	(158)	(272)
Net income available to common shareholders	$ 30,851	$ 52,548
Denominator:
Weighted average shares of common stock outstanding – basic (in shares)	49,302	51,269
Basic earnings per share (in usd per share)	$ 0.63	$ 1.02
Numerator:
Net income	$ 31,009	$ 52,820
Income allocated to participating securities	(158)	(272)
Net income available to common shareholders	$ 30,851	$ 52,548
Denominator:
Weighted average shares of common stock outstanding – basic (in shares)	49,302	51,269
Diluted effect of stock options, PVRSUs and RSUs (in shares)	338	445
Weighted average shares of common stock outstanding – diluted (in shares)	49,640	51,714
Diluted earnings per share (in usd per share)	$ 0.62	$ 1.02

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	231	240
PVRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	49	0

Reportable Segments - Narrative

Reportable Segments - Narrative (Details)	Mar. 31, 2024 brand hotel	Aug. 11, 2022 hotel
Reportable Segment Information [Line Items]
Number of brands \| brand	22
Number of hotels managed	13
Radisson Hotels Americas
Reportable Segment Information [Line Items]
Number of properties acquired		4

Reportable Segments - Financial

Reportable Segments - Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reportable Segment Information [Line Items]
Revenue	$ 331,949	$ 332,792
Operating income (loss)	60,149	77,851
Income (loss) before income taxes	40,208	67,495
Corporate & Other
Reportable Segment Information [Line Items]
Revenue	35,137	26,064
Operating income (loss)	(34,699)	(27,640)
Income (loss) before income taxes	(54,485)	(37,933)
Intersegment Eliminations
Reportable Segment Information [Line Items]
Revenue	(2,547)	(2,319)
Operating income (loss)	0	0
Income (loss) before income taxes	0	0
Hotel Franchising & Management \| Operating Segments
Reportable Segment Information [Line Items]
Revenue	299,359	309,047
Operating income (loss)	94,848	105,491
Income (loss) before income taxes	$ 94,693	$ 105,428

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($) hotel	Aug. 31, 2022 hotel
Commitments and Contingencies [Line Items]
Limited payment guaranties	$ 8.8
Number of hotels managed \| hotel	13
Maximum
Commitments and Contingencies [Line Items]
Other commitment	$ 9
Radisson Hotels Americas \| Affiliated Entity
Commitments and Contingencies [Line Items]
Number of hotels managed \| hotel	7	8
Maximum amount of guarantee	$ 22

Transactions with Unconsolida_2

Transactions with Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	$ 6.3	$ 5.8
Receivables	6.7		$ 4.9
Related Party \| Affiliated Entity
Related Party Transaction [Line Items]
Loans to various unconsolidated joint ventures	66.8		$ 64.5
Revenues	$ 1.6	$ 0.7