Choice Hotels International (CHH) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		47,214,338
Entity Central Index Key	0001046311
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Total revenues	$ 435,156	$ 427,420	$ 767,105	$ 760,212
OPERATING EXPENSES
Selling, general and administrative	64,995	58,424	113,620	107,345
Business combination, diligence and transition costs	895	9,380	16,739	19,742
Depreciation and amortization	10,827	9,812	21,762	19,835
Total operating expenses	302,534	303,031	574,334	557,972
Operating income	132,622	124,389	192,771	202,240
OTHER EXPENSES AND INCOME, NET
Interest expense	23,845	16,270	44,026	30,354
Interest income	(2,415)	(2,056)	(4,146)	(3,939)
Other loss (gain)	2,544	(2,187)	3,880	(4,095)
Equity in net gain of affiliates	(7,933)	(185)	(7,778)	(122)
Total other expenses and income, net	16,041	11,842	35,982	22,198
Income before income taxes	116,581	112,547	156,789	180,042
Income tax expense	29,445	27,837	38,644	42,512
Net income	$ 87,136	$ 84,710	$ 118,145	$ 137,530
Basic earnings per share (in usd per share)	$ 1.82	$ 1.66	$ 2.42	$ 2.68
Diluted earnings per share (in usd per share)	1.80	1.65	2.41	2.66
Cash dividends declared per share (in usd per share)	$ 0.2875	$ 0.2875	$ 0.5750	$ 0.5750
Royalty, licensing and management fees
REVENUES
Total revenues	$ 141,813	$ 140,499	$ 247,280	$ 247,991
Initial franchise fees
REVENUES
Total revenues	6,562	7,164	13,267	15,046
Platform and procurement services fees
REVENUES
Total revenues	28,126	28,801	41,882	42,644
Owned hotels
REVENUES
Total revenues	28,418	25,504	53,409	47,836
OPERATING EXPENSES
Operating expenses	20,704	18,150	40,027	35,296
Other
REVENUES
Total revenues	15,037	11,148	31,394	21,775
Other revenues from franchised and managed properties
REVENUES
Total revenues	215,200	214,304	379,873	384,920
OPERATING EXPENSES
Operating expenses	$ 205,113	$ 207,265	$ 382,186	$ 375,754

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 87,136	$ 84,710	$ 118,145	$ 137,530
Other comprehensive income, net of tax:
Foreign currency translation adjustment	(694)	295	(240)	689
Other comprehensive (loss) income, net of tax	(694)	295	(240)	689
Comprehensive income	$ 86,442	$ 85,005	$ 117,905	$ 138,219

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 60,409	$ 26,754
Accounts receivable (net of allowance for credit losses of $45,350 and $39,265, respectively)	235,384	195,896
Investments in equity securities, at fair value	90,446	0
Income taxes receivable	9,695	14,283
Notes receivable (net of allowance for credit losses of $2,644 and $3,035, respectively)	21,686	20,766
Prepaid expenses and other current assets	30,537	38,831
Total current assets	448,157	296,530
Property and equipment (net of accumulated depreciation and amortization of $304,685 and $280,499, respectively)	541,194	493,478
Operating lease right-of-use assets	83,359	85,101
Goodwill	220,187	220,187
Intangible assets (net of accumulated amortization of $283,087 and $252,342, respectively)	833,016	811,075
Notes receivable (net of allowance for credit losses of $5,357 and $5,581, respectively)	77,871	78,900
Investments in equity securities, at fair value	0	116,374
Investments for employee benefit plans, at fair value	45,270	39,751
Investments in affiliates	80,555	70,579
Deferred income taxes	92,159	89,535
Other assets	97,139	93,289
Total assets	2,518,907	2,394,799
Current liabilities
Accounts payable	151,086	131,284
Accrued expenses and other current liabilities	96,583	109,248
Deferred revenue	105,928	108,316
Current portion of long-term debt	0	499,268
Liability for guest loyalty program	98,493	94,574
Total current liabilities	452,090	942,690
Long-term debt	1,868,425	1,068,751
Long-term deferred revenue	132,170	133,501
Deferred compensation and retirement plan obligations	50,676	45,657
Income taxes payable	0	8,601
Operating lease liabilities	110,266	109,483
Liability for guest loyalty program	44,394	43,266
Other liabilities	7,665	7,252
Total liabilities	2,665,686	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 June 30, 2024 and December 31, 2023; 47,350,867 and 49,526,245 shares outstanding at June 30, 2024 and December 31, 2023, respectively	951	951
Additional paid-in-capital	344,173	330,750
Accumulated other comprehensive loss	(5,911)	(5,671)
Treasury stock, at cost; 47,714,771 and 45,539,393 shares at June 30, 2024 and December 31, 2023, respectively	(2,332,736)	(2,046,791)
Retained earnings	1,846,744	1,756,359
Total shareholders’ (deficit) equity	(146,779)	35,598
Total liabilities and shareholders’ (deficit) equity	$ 2,518,907	$ 2,394,799

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 45,350	$ 39,265
Allowance for credit losses, current	2,644	3,035
Accumulated depreciation and amortization, property, plant and equipment	304,685	280,499
Intangible assets, accumulated amortization	283,087	252,342
Allowance for credit losses, noncurrent	$ 5,357	$ 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)	47,350,867	49,526,245
Treasury stock, shares (in shares)	47,714,771	45,539,393

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 118,145	$ 137,530
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,762	19,835
Depreciation and amortization – other expenses from franchised and managed properties	13,797	18,581
Franchise agreement acquisition cost amortization	13,993	9,380
Non-cash share-based compensation and other charges	19,253	23,689
Non-cash interest, investments, and affiliate income, net	(1,791)	(3,098)
Deferred income taxes	(2,689)	2,157
Equity in net loss of affiliates, less distributions received	1,160	637
Franchise agreement acquisition costs, net of reimbursements	(52,025)	(46,150)
Change in working capital and other	(18,010)	(36,822)
Net cash provided by operating activities	113,595	125,739
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in property and equipment	(73,539)	(45,684)
Investments in intangible assets	(1,702)	(1,385)
Contributions to investments in affiliates	(19,486)	(15,328)
Distributions from sales of affiliates	15,850	868
Purchases of investments for employee benefit plans	(2,110)	(3,206)
Proceeds from sales of investments for employee benefit plans	2,142	1,099
Proceeds from sales of equity securities	16,815	0
Issuances of notes receivable	(1,479)	(4,284)
Collections of notes receivable	1,743	9,296
Other items, net	(266)	(526)
Net cash used in investing activities	(62,032)	(59,150)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings pursuant to revolving credit facilities	301,500	185,000
Debt issuance costs	(2,760)	(755)
Purchases of treasury stock	(292,711)	(234,455)
Dividends paid	(28,854)	(27,534)
Proceeds from the exercise of stock options	4,261	5,616
Net cash used in financing activities	(18,564)	(72,128)
Net change in cash and cash equivalents	32,999	(5,539)
Effect of foreign exchange rate changes on cash and cash equivalents	656	140
Cash and cash equivalents, beginning of period	26,754	41,566
Cash and cash equivalents, end of period	60,409	36,167
Cash payments during the period for
Income taxes, net of refunds	28,961	32,204
Interest, net of capitalized interest	42,863	28,841
Non-cash investing and financing activities
Dividends declared but not paid	13,613	15,136
Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities	$ 10,955	$ 8,716

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
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, 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		137,530
Other comprehensive income, net of tax		689
Ending balance (in shares) at Jun. 30, 2023			50,565,881
Ending balance at Jun. 30, 2023		54,691	$ 951	311,288	(4,522)	(1,917,031)	1,664,005
Beginning balance (in shares) at Mar. 31, 2023			51,174,432
Beginning balance at Mar. 31, 2023		47,008	$ 951	299,952	(4,817)	(1,842,913)	1,593,835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		84,710					84,710
Other comprehensive income, net of tax		295			295
Share-based payment activity (in shares)	[1]		10,508
Share-based payment activity	[1]	11,915		11,336		579
Dividends declared		(14,540)					(14,540)
Treasury purchases (in shares)	[1]		(619,059)
Treasury purchases	[1]	(74,697)				(74,697)
Ending balance (in shares) at Jun. 30, 2023			50,565,881
Ending balance at Jun. 30, 2023		$ 54,691	$ 951	311,288	(4,522)	(1,917,031)	1,664,005
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
Ending balance at Mar. 31, 2024		$ 6,727	$ 951	335,612	(5,217)	(2,097,840)	1,773,221
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		118,145
Other comprehensive income, net of tax		$ (240)
Ending balance (in shares) at Jun. 30, 2024		47,350,867	47,350,867
Ending balance at Jun. 30, 2024		$ (146,779)	$ 951	344,173	(5,911)	(2,332,736)	1,846,744
Beginning balance (in shares) at Mar. 31, 2024			49,284,204
Beginning balance at Mar. 31, 2024		6,727	$ 951	335,612	(5,217)	(2,097,840)	1,773,221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		87,136					87,136
Other comprehensive income, net of tax		(694)			(694)
Share-based payment activity (in shares)	[1]		17,095
Share-based payment activity	[1]	9,246		8,561		685
Dividends declared		(13,613)					(13,613)
Treasury purchases (in shares)	[2]		(1,950,432)
Treasury purchases	[2]	$ (235,581)				(235,581)
Ending balance (in shares) at Jun. 30, 2024		47,350,867	47,350,867
Ending balance at Jun. 30, 2024		$ (146,779)	$ 951	$ 344,173	$ (5,911)	$ (2,332,736)	$ 1,846,744
[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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.2875	$ 0.2875	$ 0.2875	$ 0.2875	$ 0.5750	$ 0.5750

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 chief operating decision maker 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. 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 segment disclosures in the notes to the 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 regard 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	6 Months Ended
	Jun. 30, 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 June 30, 2024: (in thousands) Balance as of December 31, 2023 $ 209,895 Increases to the contract liability balance due to cash received 60,223 Revenue recognized in the period (58,624) Balance as of June 30, 2024 $ 211,494 Remaining Performance Obligations The aggregate amount of the transaction price that is allocated to unsatisfied, or partially unsatisfied, performance obligations was $211.5 million as of June 30, 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 June 30, 2024 June 30, 2023 (in thousands) Over time Point in time Total Over time Point in time Total Royalty, licensing and management fees $ 138,459 $ 3,354 $ 141,813 $ 136,654 $ 3,845 $ 140,499 Initial franchise fees 6,562 — 6,562 7,164 — 7,164 Platform and procurement services fees 27,381 745 28,126 27,997 804 28,801 Owned hotels 21,170 7,248 28,418 19,155 6,349 25,504 Other 15,037 — 15,037 11,148 — 11,148 Other revenues from franchised and managed properties 183,001 32,199 215,200 189,853 24,451 214,304 Total revenues $ 391,610 $ 43,546 $ 435,156 $ 391,971 $ 35,449 $ 427,420 Six Months Ended Six Months Ended June 30, 2024 June 30, 2023 (in thousands) Over time Point in time Total Over time Point in time Total Royalty, licensing and management fees $ 241,566 $ 5,714 $ 247,280 $ 243,502 $ 4,489 $ 247,991 Initial franchise fees 13,267 — 13,267 15,046 — 15,046 Platform and procurement services fees 40,558 1,324 41,882 41,237 1,407 42,644 Owned hotels 39,251 14,158 53,409 36,047 11,789 47,836 Other 31,394 — 31,394 21,775 — 21,775 Other revenues from franchised and managed properties 331,083 48,790 379,873 345,934 38,986 384,920 Total revenues $ 697,119 $ 69,986 $ 767,105 $ 703,541 $ 56,671 $ 760,212 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. The loyalty net revenues, inclusive of adjustments to the estimated redemption rates, were $36.3 million and $29.1 million for the three months ended June 30, 2024 and 2023, respectively, and $55.8 million and $44.9 million for the six months ended June 30, 2024 and 2023, respectively. As presented in Note 11, the Corporate & Other segment revenue amounts were $24.2 million and $26.6 million for the three months ended June 30, 2024 and 2023, respectively, and $59.3 million and $52.6 million for the six months ended June 30, 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.

Receivables and Allowance for C

Receivables and Allowance for Credit Losses	6 Months Ended
	Jun. 30, 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) June 30, 2024 December 31, 2023 Senior $ 87,199 $ 85,919 Subordinated 15,792 17,004 Unsecured 4,567 5,359 Total notes receivable $ 107,558 $ 108,282 Less: allowance for credit losses 8,001 8,616 Total notes receivable, net of allowance for credit losses $ 99,557 $ 99,666 Current portion, net of allowance for credit losses $ 21,686 $ 20,766 Long-term portion, net of allowance for credit losses $ 77,871 $ 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 $ 1,417 $ — $ — $ — $ — $ 85,782 $ 87,199 Subordinated — 3,498 — — — 12,294 15,792 Unsecured — — 152 1,288 832 2,295 4,567 Total notes receivable $ 1,417 $ 3,498 $ 152 $ 1,288 $ 832 $ 100,371 $ 107,558 The following table summarizes the activity related to the Company’s notes receivable allowance for credit losses: (in thousands) June 30, 2024 December 31, 2023 Beginning balance $ 8,616 $ 10,172 Provision for credit losses 61 763 Recoveries (676) (2,319) Ending balance $ 8,001 $ 8,616 As of June 30, 2024 and December 31, 2023, one note receivable loan with a senior credit quality indicator met the definition of collateral-dependent and is collateralized by the membership interests in the borrowing entities and the associated land parcel. The Company used a market approach that uses 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 loan was $2.2 million as of June 30, 2024 and December 31, 2023. During the six months ended June 30, 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 June 30, 2024 Senior $ — $ — $ 15,200 $ 15,200 $ 71,999 $ 87,199 Subordinated — — — — 15,792 15,792 Unsecured — — 400 400 4,167 4,567 $ — $ — $ 15,600 $ 15,600 $ 91,958 $ 107,558 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 $15.2 million and $15.9 million as of June 30, 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 $95.1 million as of June 30, 2024 and December 31, 2023. 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 six months ended June 30, 2024, the Company recognized provisions for credit losses on accounts receivable of $6.9 million in selling, general and administrative expenses, and $6.4 million in other expenses from franchised and managed properties, in the consolidated statements of income. During the six months ended June 30, 2023, the Company recognized provisions for credit losses on accounts receivable of $2.9 million in selling, general and administrative expenses, and $3.4 million in other expenses from franchised and managed properties, in the consolidated statements of income. During the six months ended June 30, 2024 and 2023, the Company recorded write-offs, net of recoveries, through the accounts receivable allowance for credit losses of $7.2 million and $5.3 million, respectively.

Investments in Affiliates

Investments in Affiliates	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, the Company had total investments in affiliates in the consolidated balance sheets of $80.6 million and $70.6 million, respectively, which included investments in affiliates that represent VIEs of $69.1 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 June 30, 2024 and 2023, the Company recognized gains totaling $6.8 million and losses totaling $0.9 million, respectively, from these investments that represent VIEs. During the six months ended June 30, 2024 and 2023, the Company recognized gains totaling $5.6 million and losses totaling $2.3 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. On May 24, 2024, one of the Company's unconsolidated affiliates sold its underlying assets. The Company received a distribution from the unconsolidated affiliate and recognized a gain of $7.2 million, which was recognized in equity in net gain of affiliates in the consolidated statements of income for the period. During the three and six months ended June 30, 2024 and 2023, the Company recognized no impairment charges related to its equity method investments.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: June 30, 2024 December 31, 2023 (in thousands) $500 million unsecured term loan due 2024 ("2023 Term Loan") with an effective interest rate of 6.82%, less a discount and deferred issuance costs of $0.3 million and $0.7 million at June 30, 2024 and December 31, 2023, respectively (1) $ 499,669 $ 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 $4.0 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively 445,995 445,690 $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 $3.3 million and $3.6 million at June 30, 2024 and December 31, 2023, respectively 396,741 396,440 $1 billion senior unsecured revolving credit facility with an effective interest rate of 6.71%, less deferred issuance costs of $4.0 million and $1.9 million at June 30, 2024 and December 31, 2023, respectively 526,020 226,621 Total debt $ 1,868,425 $ 1,568,019 Less: current portion (1) — 499,268 Long-term debt $ 1,868,425 $ 1,068,751 (1) The 2023 Term Loan had a maturity date of December 16, 2024. As discussed in Note 14, the Company used the proceeds from the issuance of the 2024 Senior Notes (as defined below) to repay the 2023 Term Loan on July 2, 2024. Based on the 2023 Term Loan being repaid from the proceeds of the 2024 Senior Notes shortly after the end of the period, the 2023 Term Loan has been classified as a long-term liability at June 30, 2024. Senior Unsecured Revolving Credit Facility On June 28, 2024, the Company entered into a Second Amended and Restated Senior Unsecured Credit Agreement (the "Restated Credit Agreement"), which amended and restated the Company's existing amended and restated senior unsecured credit agreement dated August 20, 2018 (the "Former Credit Agreement"). The Former Credit Agreement provided for an $850 million unsecured revolving credit facility (the "Revolver") with a final maturity date of August 20, 2026. The Restated Credit Agreement increased the commitments under the Revolver to $1 billion and extended the final maturity date of the Revolver to June 28, 2029, subject to optional one-year extensions that can be requested by the Company prior to each of the third, fourth, and fifth anniversaries of the closing date of the Restated Credit Agreement. The effectiveness of such extension is subject to the consent of the lenders under the Restated Credit Agreement and certain customary conditions. The Restated Credit Agreement also provides that up to $50 million of borrowings under the Revolver may be used for alternative currency loans, up to $10 million of capacity under the Revolver may be used for the issuance of letters of credit, and up to $25 million of borrowings under the Revolver may be used for swingline loans. The Company may from time to time designate one or more wholly-owned subsidiaries of the Company as additional borrowers under the Restated Credit Agreement, subject to the consent of the lenders and certain customary conditions. At any time prior to the final maturity date, the Company may increase the amount of the Revolver or add one or more term loan facilities under the Restated Credit Agreement by up to an additional $500 million in the aggregate to the extent that any one or more lenders commit to being a lender for the additional amount of such increase or the term loan facility and certain other customary conditions are met. 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024 and 2023 were as follows: (in thousands) Balance as of December 31, 2023 $ (5,671) Other comprehensive income before reclassification (240) Balance as of June 30, 2024 $ (5,911) (in thousands) Balance as of December 31, 2022 $ (5,211) Other comprehensive income before reclassification 689 Balance as of June 30, 2023 $ (4,522) Other comprehensive income, net of tax, for both the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 2024 Equity securities $ 90,446 $ 90,446 $ — $ — Mutual funds (1) 41,493 41,493 — — Money market funds (1) 4,440 — 4,440 — Total $ 136,379 $ 131,939 $ 4,440 $ — 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 June 30, 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 $ 94,940 $ — $ (4,494) $ 90,446 $ 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 June 30, 2024 and December 31, 2023, the carrying amounts and the fair values were as follows: June 30, 2024 December 31, 2023 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ 445,995 $ 397,323 $ 445,690 $ 389,241 2019 Senior Notes $ 396,741 $ 359,560 $ 396,440 $ 355,068 The fair value estimates are determined 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	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective income tax rates were 25.3% and 24.7% for the three months ended June 30, 2024 and 2023, respectively. The Company's effective income tax rates were 24.6% and 23.6% for the six months ended June 30, 2024 and 2023, respectively. The effective income tax rates for the three and six months ended June 30, 2024 and 2023 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Stock options $ 1,292 $ 1,752 $ 2,638 $ 3,140 Restricted stock 3,236 3,358 6,713 7,057 Performance vested restricted stock units 4,749 7,096 9,020 11,780 Total share-based compensation expense $ 9,277 $ 12,206 $ 18,371 $ 21,977 A summary of the share-based award activity during the six months ended June 30, 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 61,974 113.74 145,228 112.15 Performance-based leveraging (1) — — — — (3,772) 129.01 Exercised/vested (88,483) 71.87 (52,538) 108.91 (146,675) 107.54 Expired — — — — (8,028) 108.79 Forfeited (440) 123.71 (5,494) 120.32 (6,721) 130.04 Outstanding as of June 30, 2024 933,706 $ 106.60 6.0 years 365,610 $ 136.37 438,527 $ 138.42 Options exercisable as of June 30, 2024 637,932 $ 99.51 4.9 years (1) Any revisions to the outstanding PVRSUs during the six months ended June 30, 2024 is based on the Company's performance relative to the targeted performance conditions in the respective PVRSUs. The fair value of the restricted stock and the PVRSUs with performance conditions that were granted during the six months ended June 30, 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 was 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net income $ 87,136 $ 84,710 $ 118,145 $ 137,530 Income allocated to participating securities (437) (437) (597) (750) Net income available to common shareholders $ 86,699 $ 84,273 $ 117,548 $ 136,780 Denominator: Weighted average shares of common stock outstanding – basic 47,741 50,626 48,522 50,946 Basic earnings per share $ 1.82 $ 1.66 $ 2.42 $ 2.68 Numerator: Net income $ 87,136 $ 84,710 $ 118,145 $ 137,530 Income allocated to participating securities (437) (437) (597) (750) Net income available to common shareholders $ 86,699 $ 84,273 $ 117,548 $ 136,780 Denominator: Weighted average shares of common stock outstanding – basic 47,741 50,626 48,522 50,946 Dilutive effect of stock options, PVRSUs, and RSUs 297 365 317 405 Weighted average shares of common stock outstanding – diluted 48,038 50,991 48,839 51,351 Diluted earnings per share $ 1.80 $ 1.65 $ 2.41 $ 2.66 The following securities have been excluded from the calculation of the diluted weighted average shares of common stock outstanding because the inclusion of these securities would have an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2024 2023 2024 2023 Stock options 248 235 231 235 PVRSUs 49 — 49 —

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 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 tables present the financial information for the Company's segments: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 414,019 $ 24,198 $ (3,061) $ 435,156 $ 401,854 $ 26,568 $ (1,002) $ 427,420 Operating income (loss) $ 165,243 $ (32,621) $ — $ 132,622 $ 149,931 $ (25,542) $ — $ 124,389 Income (loss) before income taxes $ 173,177 $ (56,596) $ — $ 116,581 $ 150,116 $ (37,569) $ — $ 112,547 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 713,378 $ 59,335 $ (5,608) $ 767,105 $ 710,901 $ 52,632 $ (3,321) $ 760,212 Operating income (loss) $ 260,091 $ (67,320) $ — $ 192,771 $ 255,422 $ (53,182) $ — $ 202,240 Income (loss) before income taxes $ 267,870 $ (111,081) $ — $ 156,789 $ 255,544 $ (75,502) $ — $ 180,042

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2024, the maximum unrecorded exposure of the principal associated with these limited payment guaranties is $12.3 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 June 30, 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 hotels owned by a third-party. As of June 30, 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 June 30, 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 has committed to provide financing in the form of loans or credit facilities to franchisees for brand development efforts. As of June 30, 2024, the Company had remaining commitments of up to $8.5 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, respectively. These loans mature at various dates and bear interest at fixed or 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 $2.1 million and $1.9 million for the three months ended June 30, 2024 and 2023, respectively, and $3.8 million and $3.7 million for the six months ended June 30, 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 $10.0 million and $7.8 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company recognized royalty fees and marketing and reservation system fees of approximately $16.3 million and $13.6 million, respectively. The Company has recognized $7.5 million and $4.9 million of gross accounts receivables in the consolidated balance sheets from these unconsolidated affiliates as of June 30, 2024 and December 31, 2023, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 2, 2024, the Company closed its sale of an aggregate principal amount of $600 million of senior notes (the "2024 Senior Notes"). The 2024 Senior Notes bear interest at a fixed rate of 5.850% per year and mature on August 1, 2034. Interest on the 2024 Senior Notes is payable semi-annually on February 1 st and August 1 st of each year, commencing February 1, 2025. The Company used the net proceeds from the 2024 Senior Notes, after deducting underwriting discounts, commissions, and offering expenses, to repay in full the $500 million unsecured term loan and to repay $88.2 million of the outstanding borrowings under the senior unsecured revolving credit facility.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 87,136	$ 31,009	$ 84,710	$ 52,820	$ 118,145	$ 137,530

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The following table describes, for the second 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 Scott E. Oaksmith (Chief Financial Officer) Adopted (June 7, 2024) Rule 10b5-1 trading arrangement Sale (1) (1) Robert J. McDowell (Chief Commercial Officer) Adopted (May 28, 2024) Rule 10b5-1 trading arrangement Sale (2) (2) (1) This trading plan relates to up to 3,961 shares of the Company's common stock and has a scheduled expiration date of March 31, 2025. The actual number of shares that may be sold will (i) depend on the vesting of the underlying performance vested restricted stock units ("PVRSUs"), which are subject to the achievement of certain performance criteria, and (ii) the number of shares that may be withheld to satisfy the minimum tax-withholding requirements related to the vesting of such PVRSUs. (2) This trading plan relates to 8,712 shares of the Company's common stock and has a scheduled expiration date of February 22, 2026.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Scott E. Oaksmith [Member]
Trading Arrangements, by Individual
Name	Scott E. Oaksmith
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 7, 2024
Expiration Date	March 31, 2025
Arrangement Duration		297 days
Aggregate Available	3,961	3,961
Robert J. McDowell [Member]
Trading Arrangements, by Individual
Name	Robert J. McDowell
Title	Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 28, 2024
Expiration Date	February 22, 2026
Arrangement Duration		635 days
Aggregate Available	8,712	8,712

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 chief operating decision maker 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. 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 segment disclosures in the notes to the 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 regard 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024: (in thousands) Balance as of December 31, 2023 $ 209,895 Increases to the contract liability balance due to cash received 60,223 Revenue recognized in the period (58,624) Balance as of June 30, 2024 $ 211,494
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 June 30, 2024 June 30, 2023 (in thousands) Over time Point in time Total Over time Point in time Total Royalty, licensing and management fees $ 138,459 $ 3,354 $ 141,813 $ 136,654 $ 3,845 $ 140,499 Initial franchise fees 6,562 — 6,562 7,164 — 7,164 Platform and procurement services fees 27,381 745 28,126 27,997 804 28,801 Owned hotels 21,170 7,248 28,418 19,155 6,349 25,504 Other 15,037 — 15,037 11,148 — 11,148 Other revenues from franchised and managed properties 183,001 32,199 215,200 189,853 24,451 214,304 Total revenues $ 391,610 $ 43,546 $ 435,156 $ 391,971 $ 35,449 $ 427,420 Six Months Ended Six Months Ended June 30, 2024 June 30, 2023 (in thousands) Over time Point in time Total Over time Point in time Total Royalty, licensing and management fees $ 241,566 $ 5,714 $ 247,280 $ 243,502 $ 4,489 $ 247,991 Initial franchise fees 13,267 — 13,267 15,046 — 15,046 Platform and procurement services fees 40,558 1,324 41,882 41,237 1,407 42,644 Owned hotels 39,251 14,158 53,409 36,047 11,789 47,836 Other 31,394 — 31,394 21,775 — 21,775 Other revenues from franchised and managed properties 331,083 48,790 379,873 345,934 38,986 384,920 Total revenues $ 697,119 $ 69,986 $ 767,105 $ 703,541 $ 56,671 $ 760,212

Receivables and Allowance for_2

Receivables and Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2024 December 31, 2023 Senior $ 87,199 $ 85,919 Subordinated 15,792 17,004 Unsecured 4,567 5,359 Total notes receivable $ 107,558 $ 108,282 Less: allowance for credit losses 8,001 8,616 Total notes receivable, net of allowance for credit losses $ 99,557 $ 99,666 Current portion, net of allowance for credit losses $ 21,686 $ 20,766 Long-term portion, net of allowance for credit losses $ 77,871 $ 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 $ 1,417 $ — $ — $ — $ — $ 85,782 $ 87,199 Subordinated — 3,498 — — — 12,294 15,792 Unsecured — — 152 1,288 832 2,295 4,567 Total notes receivable $ 1,417 $ 3,498 $ 152 $ 1,288 $ 832 $ 100,371 $ 107,558
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) June 30, 2024 December 31, 2023 Beginning balance $ 8,616 $ 10,172 Provision for credit losses 61 763 Recoveries (676) (2,319) Ending balance $ 8,001 $ 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 June 30, 2024 Senior $ — $ — $ 15,200 $ 15,200 $ 71,999 $ 87,199 Subordinated — — — — 15,792 15,792 Unsecured — — 400 400 4,167 4,567 $ — $ — $ 15,600 $ 15,600 $ 91,958 $ 107,558 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)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Components of Debt	Debt consisted of the following: June 30, 2024 December 31, 2023 (in thousands) $500 million unsecured term loan due 2024 ("2023 Term Loan") with an effective interest rate of 6.82%, less a discount and deferred issuance costs of $0.3 million and $0.7 million at June 30, 2024 and December 31, 2023, respectively (1) $ 499,669 $ 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 $4.0 million and $4.3 million at June 30, 2024 and December 31, 2023, respectively 445,995 445,690 $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 $3.3 million and $3.6 million at June 30, 2024 and December 31, 2023, respectively 396,741 396,440 $1 billion senior unsecured revolving credit facility with an effective interest rate of 6.71%, less deferred issuance costs of $4.0 million and $1.9 million at June 30, 2024 and December 31, 2023, respectively 526,020 226,621 Total debt $ 1,868,425 $ 1,568,019 Less: current portion (1) — 499,268 Long-term debt $ 1,868,425 $ 1,068,751 (1) The 2023 Term Loan had a maturity date of December 16, 2024. As discussed in Note 14, the Company used the proceeds from the issuance of the 2024 Senior Notes (as defined below) to repay the 2023 Term Loan on July 2, 2024. Based on the 2023 Term Loan being repaid from the proceeds of the 2024 Senior Notes shortly after the end of the period, the 2023 Term Loan has been classified as a long-term liability at June 30, 2024.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024 and 2023 were as follows: (in thousands) Balance as of December 31, 2023 $ (5,671) Other comprehensive income before reclassification (240) Balance as of June 30, 2024 $ (5,911) (in thousands) Balance as of December 31, 2022 $ (5,211) Other comprehensive income before reclassification 689 Balance as of June 30, 2023 $ (4,522)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets	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 June 30, 2024 Equity securities $ 90,446 $ 90,446 $ — $ — Mutual funds (1) 41,493 41,493 — — Money market funds (1) 4,440 — 4,440 — Total $ 136,379 $ 131,939 $ 4,440 $ — 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 June 30, 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 $ 94,940 $ — $ (4,494) $ 90,446 $ 112,420 $ 3,954 $ — $ 116,374
Schedule of Carrying Amounts and Fair Values	As of June 30, 2024 and December 31, 2023, the carrying amounts and the fair values were as follows: June 30, 2024 December 31, 2023 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ 445,995 $ 397,323 $ 445,690 $ 389,241 2019 Senior Notes $ 396,741 $ 359,560 $ 396,440 $ 355,068

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Stock options $ 1,292 $ 1,752 $ 2,638 $ 3,140 Restricted stock 3,236 3,358 6,713 7,057 Performance vested restricted stock units 4,749 7,096 9,020 11,780 Total share-based compensation expense $ 9,277 $ 12,206 $ 18,371 $ 21,977
Schedule of Stock-Based Award Activity	A summary of the share-based award activity during the six months ended June 30, 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 61,974 113.74 145,228 112.15 Performance-based leveraging (1) — — — — (3,772) 129.01 Exercised/vested (88,483) 71.87 (52,538) 108.91 (146,675) 107.54 Expired — — — — (8,028) 108.79 Forfeited (440) 123.71 (5,494) 120.32 (6,721) 130.04 Outstanding as of June 30, 2024 933,706 $ 106.60 6.0 years 365,610 $ 136.37 438,527 $ 138.42 Options exercisable as of June 30, 2024 637,932 $ 99.51 4.9 years (1) Any revisions to the outstanding PVRSUs during the six months ended June 30, 2024 is based on the Company's performance relative to the targeted performance conditions in the respective PVRSUs.
Schedule of Weighted Average Assumptions of Black-Scholes Option-Pricing Model	The fair value of the stock options granted during the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net income $ 87,136 $ 84,710 $ 118,145 $ 137,530 Income allocated to participating securities (437) (437) (597) (750) Net income available to common shareholders $ 86,699 $ 84,273 $ 117,548 $ 136,780 Denominator: Weighted average shares of common stock outstanding – basic 47,741 50,626 48,522 50,946 Basic earnings per share $ 1.82 $ 1.66 $ 2.42 $ 2.68 Numerator: Net income $ 87,136 $ 84,710 $ 118,145 $ 137,530 Income allocated to participating securities (437) (437) (597) (750) Net income available to common shareholders $ 86,699 $ 84,273 $ 117,548 $ 136,780 Denominator: Weighted average shares of common stock outstanding – basic 47,741 50,626 48,522 50,946 Dilutive effect of stock options, PVRSUs, and RSUs 297 365 317 405 Weighted average shares of common stock outstanding – diluted 48,038 50,991 48,839 51,351 Diluted earnings per share $ 1.80 $ 1.65 $ 2.41 $ 2.66
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following securities have been excluded from the calculation of the diluted weighted average shares of common stock outstanding because the inclusion of these securities would have an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2024 2023 2024 2023 Stock options 248 235 231 235 PVRSUs 49 — 49 —

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Information for Company's Franchising Segment	The following tables present the financial information for the Company's segments: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 414,019 $ 24,198 $ (3,061) $ 435,156 $ 401,854 $ 26,568 $ (1,002) $ 427,420 Operating income (loss) $ 165,243 $ (32,621) $ — $ 132,622 $ 149,931 $ (25,542) $ — $ 124,389 Income (loss) before income taxes $ 173,177 $ (56,596) $ — $ 116,581 $ 150,116 $ (37,569) $ — $ 112,547 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 713,378 $ 59,335 $ (5,608) $ 767,105 $ 710,901 $ 52,632 $ (3,321) $ 760,212 Operating income (loss) $ 260,091 $ (67,320) $ — $ 192,771 $ 255,422 $ (53,182) $ — $ 202,240 Income (loss) before income taxes $ 267,870 $ (111,081) $ — $ 156,789 $ 255,544 $ (75,502) $ — $ 180,042

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue, recognition period			10 years
Revenue, remaining performance obligation	$ 211,500		$ 211,500
Revenue	435,156	$ 427,420	767,105	$ 760,212
Over time
Disaggregation of Revenue [Line Items]
Revenue	391,610	391,971	697,119	703,541
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue	24,198	26,568	59,335	52,632
Corporate & Other | Over time
Disaggregation of Revenue [Line Items]
Segment revenue amounts	24,200	26,600	59,300	52,600
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(3,061)	(1,002)	$ (5,608)	(3,321)
Royalty, licensing and management fees
Disaggregation of Revenue [Line Items]
Redemption of loyalty points period			3 years
Revenue	141,813	140,499	$ 247,280	247,991
Royalty, licensing and management fees | Over time
Disaggregation of Revenue [Line Items]
Revenue	138,459	136,654	241,566	243,502
Royalty, licensing and management fees | Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Segment revenue amounts	3,100	1,000	5,600	3,300
Owned hotels
Disaggregation of Revenue [Line Items]
Revenue	28,418	25,504	53,409	47,836
Owned hotels | Transferred At Other Point In Time
Disaggregation of Revenue [Line Items]
Revenue	36,300	29,100	55,800	44,900
Owned hotels | Over time
Disaggregation of Revenue [Line Items]
Revenue	$ 21,170	$ 19,155	$ 39,251	$ 36,047

Revenue - Contract Liability (D

Revenue - Contract Liability (Details) - Initial Fees, Sustem Implementation Fees, Franchise Agreements, Loyalty Points $ in Thousands	6 Months Ended
	Jun. 30, 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	60,223
Revenue recognized in the period	(58,624)
Balance as of June 30, 2024	$ 211,494

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	$ 435,156	$ 427,420	$ 767,105	$ 760,212
Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	391,610	391,971	697,119	703,541
Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	43,546	35,449	69,986	56,671
Royalty, licensing and management fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	141,813	140,499	247,280	247,991
Royalty, licensing and management fees | Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	138,459	136,654	241,566	243,502
Royalty, licensing and management fees | Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	3,354	3,845	5,714	4,489
Initial franchise fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	6,562	7,164	13,267	15,046
Initial franchise fees | Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	6,562	7,164	13,267	15,046
Initial franchise fees | Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	0	0	0	0
Platform and procurement services fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	28,126	28,801	41,882	42,644
Platform and procurement services fees | Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	27,381	27,997	40,558	41,237
Platform and procurement services fees | Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	745	804	1,324	1,407
Owned hotels
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	28,418	25,504	53,409	47,836
Owned hotels | Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	21,170	19,155	39,251	36,047
Owned hotels | Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	7,248	6,349	14,158	11,789
Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	15,037	11,148	31,394	21,775
Other | Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	15,037	11,148	31,394	21,775
Other | Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	0	0	0	0
Other revenues from franchised and managed properties
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	215,200	214,304	379,873	384,920
Other revenues from franchised and managed properties | Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	183,001	189,853	331,083	345,934
Other revenues from franchised and managed properties | Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	$ 32,199	$ 24,451	$ 48,790	$ 38,986

Receivables and Allowance for_3

Receivables and Allowance for Credit Losses - Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Notes Receivable and Allowance for Losses [Line Items]
Total notes receivable	$ 107,558	$ 108,282
Less: allowance for credit losses	8,001	8,616	$ 10,172
Total notes receivable, net of allowance for credit losses	99,557	99,666
Current portion, net of allowance for credit losses	21,686	20,766
Long-term portion, net of allowance for credit losses	77,871	78,900
Senior
Notes Receivable and Allowance for Losses [Line Items]
Total notes receivable	87,199	85,919
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total notes receivable	15,792	17,004
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total notes receivable	$ 4,567	$ 5,359

Receivables and Allowance for_4

Receivables and Allowance for Credit Losses - Credit Quality Indicator (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Notes Receivable and Allowance for Losses [Line Items]
2024	$ 1,417
2023	3,498
2022	152
2021	1,288
2020	832
Prior	100,371
Total	107,558	$ 108,282
Senior
Notes Receivable and Allowance for Losses [Line Items]
2024	1,417
2023	0
2022	0
2021	0
2020	0
Prior	85,782
Total	87,199	85,919
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
2024	0
2023	3,498
2022	0
2021	0
2020	0
Prior	12,294
Total	15,792	17,004
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
2024	0
2023	0
2022	152
2021	1,288
2020	832
Prior	2,295
Total	$ 4,567	$ 5,359

Receivables and Allowance for_5

Receivables and Allowance for Credit Losses - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8,616	$ 10,172
Provision for credit losses	61	763
Recoveries	(676)	(2,319)
Ending balance	$ 8,001	$ 8,616

Receivables and Allowance for_6

Receivables and Allowance for Credit Losses - Narrative (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Notes Receivable and Allowance for Losses [Line Items]
Allowance for credit loss	$ 8,001		$ 8,616	$ 10,172
Notes receivable	77,871		78,900
Write-offs, net of recoveries	7,200	$ 5,300
SG&A expenses
Notes Receivable and Allowance for Losses [Line Items]
Provision for credit losses	6,900	2,900
Marketing And Reservation Fees
Notes Receivable and Allowance for Losses [Line Items]
Provision for credit losses	6,400	$ 3,400
Variable Interest Entity, Not Primary Beneficiary
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 95,100		$ 95,100
Collateral-Dependent Loans
Notes Receivable and Allowance for Losses [Line Items]
Number of loans | loan	1		1
Allowance for credit loss	$ 2,200		$ 2,200
Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Average notes on nonaccrual status	$ 15,200		$ 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	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Notes receivable	$ 107,558	$ 108,282
Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	87,199	85,919
Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	15,792	17,004
Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	4,567	5,359
Total Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	15,600	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	0	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	15,600	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	0	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	91,958	89,746
Current | Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	71,999	70,719
Current | Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	15,792	14,068
Current | Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	$ 4,167	$ 4,959

Investments in Affiliates (Deta

Investments in Affiliates (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 24, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities		$ 2,518,907,000		$ 2,518,907,000		$ 2,394,799,000
Equity method investment impairment		0	$ 0	0	$ 0
Consolidated Entity, Excluding Consolidated VIE
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities		80,600,000		80,600,000		70,600,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities		69,100,000		69,100,000		$ 59,400,000
Losses attributable to variable interest entities		$ (6,800,000)	$ 900,000	$ (5,600,000)	$ 2,300,000
Gain from sale of Company's unconsolidated affiliates' underlying assets	$ 7,200,000

Debt - Components Of Debt (Deta

Debt - Components Of Debt (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt [Line Items]
Total debt	$ 1,868,425,000	$ 1,568,019,000
Less: current portion	0	499,268,000
Long-term debt	1,868,425,000	1,068,751,000
2023 Term Loan | Senior
Debt [Line Items]
Debt instrument face amount	$ 500,000,000
Debt instrument effective interest rate	6.82%
Deferred issuance costs	$ 300,000	700,000
Total debt	499,669,000	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	$ 4,000,000	4,300,000
Total debt	445,995,000	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	$ 3,300,000	3,600,000
Total debt	396,741,000	396,440,000
Unsecured Credit Facility | Senior
Debt [Line Items]
Debt instrument face amount	$ 1,000,000,000
Debt instrument effective interest rate	6.71%
Deferred issuance costs	$ 4,000,000	1,900,000
Total debt	$ 526,020,000	$ 226,621,000

Debt - Narrative (Details)

Debt - Narrative (Details) - Revolving Credit Facility - USD ($) $ in Millions	Jun. 28, 2024	Aug. 20, 2018
Line of Credit
Debt [Line Items]
Line of credit maximum borrowing capacity	$ 1,000	$ 850
Extension term	1 year
Additional amount	$ 500
Alternative Currency Loans
Debt [Line Items]
Line of credit maximum borrowing capacity	50
Letter of Credit
Debt [Line Items]
Line of credit maximum borrowing capacity	10
Swingline Loans
Debt [Line Items]
Line of credit maximum borrowing capacity	$ 25

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 35,598	$ 154,660
Other comprehensive income before reclassification	(240)	689
Ending balance	(146,779)	54,691
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,671)	(5,211)
Ending balance	$ (5,911)	$ (4,522)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Of Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurements [Line Items]
Equity securities	$ 90,446	$ 116,374
Fair value, Measurements, Recurring
Fair Value Measurements [Line Items]
Equity securities	90,446	116,374
Total	136,379	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	41,493	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	4,440	4,767
Fair value, Measurements, Recurring | Level 1
Fair Value Measurements [Line Items]
Equity securities	90,446	116,374
Total	131,939	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	41,493	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	4,440	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	4,440	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	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Cost	$ 94,940	$ 112,420
Gross Unrealized Gains	0	3,954
Gross Unrealized Losses	(4,494)	0
Estimated Fair Value	$ 90,446	$ 116,374

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurements [Line Items]
Long-term debt	$ 1,868,425	$ 1,568,019
Senior | 2020 Senior Notes
Fair Value Measurements [Line Items]
Long-term debt	445,995	445,690
Senior | 2020 Senior Notes | Level 2 | Carrying Amount
Fair Value Measurements [Line Items]
Long-term debt	445,995	445,690
Senior | 2020 Senior Notes | Level 2 | Fair Value
Fair Value Measurements [Line Items]
Long-term debt	397,323	389,241
Senior | 2019 Senior Notes
Fair Value Measurements [Line Items]
Long-term debt	396,741	396,440
Senior | 2019 Senior Notes | Level 2 | Carrying Amount
Fair Value Measurements [Line Items]
Long-term debt	396,741	396,440
Senior | 2019 Senior Notes | Level 2 | Fair Value
Fair Value Measurements [Line Items]
Long-term debt	$ 359,560	$ 355,068

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	25.30%	24.70%	24.60%	23.60%

Share-Based Compensation - Stoc

Share-Based Compensation - Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	$ 9,277	$ 12,206	$ 18,371	$ 21,977
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	1,292	1,752	2,638	3,140
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	3,236	3,358	6,713	7,057
Performance vested restricted stock units
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	$ 4,749	$ 7,096	$ 9,020	$ 11,780

Share-Based Compensation - St_2

Share-Based Compensation - Stock-Based Award Activity (Details)	6 Months Ended
	Jun. 30, 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	(88,483)
Expired (in shares) | shares	0
Forfeited (in shares) | shares	(440)
Outstanding, ending balance (in shares) | shares	933,706
Stock options exercisable (in shares) | shares	637,932
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	71.87
Expired (in usd per share) | $ / shares	0
Forfeited (in usd per share) | $ / shares	123.71
Ending balance (in usd per share) | $ / shares	106.60
Stock options exercisable - weighted average exercise price (in usd per share) | $ / shares	$ 99.51
Weighted Average Remaining Contractual Life
Outstanding	6 years
Stock options exercisable	4 years 10 months 24 days
Restricted Stock
Restricted Stock and Performance Vested Restricted Stock Units, Shares
Outstanding, beginning balance (in shares) | shares	361,668
Granted (in shares) | shares	61,974
Performance-based leveraging (in shares) | shares	0
Exercised/vested (in shares) | shares	(52,538)
Expired (in shares) | shares	0
Forfeited (in shares) | shares	(5,494)
Outstanding, ending balance (in shares) | shares	365,610
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	113.74
Performance-based leveraging (in usd per share) | $ / shares	0
Exercised/vested (in usd per share) | $ / shares	108.91
Expired (in usd per share) | $ / shares	0
Forfeited (in usd per share) | $ / shares	120.32
Outstanding, ending balance (in usd per share) | $ / shares	$ 136.37
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	145,228
Performance-based leveraging (in shares) | shares	(3,772)
Exercised/vested (in shares) | shares	(146,675)
Expired (in shares) | shares	(8,028)
Forfeited (in shares) | shares	(6,721)
Outstanding, ending balance (in shares) | shares	438,527
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	112.15
Performance-based leveraging (in usd per share) | $ / shares	129.01
Exercised/vested (in usd per share) | $ / shares	107.54
Expired (in usd per share) | $ / shares	108.79
Forfeited (in usd per share) | $ / shares	130.04
Outstanding, ending balance (in usd per share) | $ / shares	$ 138.42

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - PVRSUs	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 87,136	$ 31,009	$ 84,710	$ 52,820	$ 118,145	$ 137,530
Income allocated to participating securities	(437)		(437)		(597)	(750)
Net income available to common shareholders	$ 86,699		$ 84,273		$ 117,548	$ 136,780
Denominator:
Weighted average shares of common stock outstanding – basic (in shares)	47,741		50,626		48,522	50,946
Basic earnings per share (in usd per share)	$ 1.82		$ 1.66		$ 2.42	$ 2.68
Numerator:
Net income	$ 87,136	$ 31,009	$ 84,710	$ 52,820	$ 118,145	$ 137,530
Income allocated to participating securities	(437)		(437)		(597)	(750)
Net income available to common shareholders	$ 86,699		$ 84,273		$ 117,548	$ 136,780
Denominator:
Weighted average shares of common stock outstanding – basic (in shares)	47,741		50,626		48,522	50,946
Diluted effect of stock options, PVRSUs and RSUs (in shares)	297		365		317	405
Weighted average shares of common stock outstanding – diluted (in shares)	48,038		50,991		48,839	51,351
Diluted earnings per share (in usd per share)	$ 1.80		$ 1.65		$ 2.41	$ 2.66

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	248	235	231	235
PVRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	49	0	49	0

Reportable Segments - Narrative

Reportable Segments - Narrative (Details)	Jun. 30, 2024 brand 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reportable Segment Information [Line Items]
Revenues	$ 435,156	$ 427,420	$ 767,105	$ 760,212
Operating income (loss)	132,622	124,389	192,771	202,240
Income (loss) before income taxes	116,581	112,547	156,789	180,042
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	24,198	26,568	59,335	52,632
Operating income (loss)	(32,621)	(25,542)	(67,320)	(53,182)
Income (loss) before income taxes	(56,596)	(37,569)	(111,081)	(75,502)
Intersegment Eliminations
Reportable Segment Information [Line Items]
Revenues	(3,061)	(1,002)	(5,608)	(3,321)
Operating income (loss)	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Hotel Franchising & Management | Operating Segments
Reportable Segment Information [Line Items]
Revenues	414,019	401,854	713,378	710,901
Operating income (loss)	165,243	149,931	260,091	255,422
Income (loss) before income taxes	$ 173,177	$ 150,116	$ 267,870	$ 255,544

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($) hotel
Commitments and Contingencies [Line Items]
Limited payment guaranties	$ 12.3
Number of hotels managed | hotel	13
Maximum
Commitments and Contingencies [Line Items]
Other commitment	$ 8.5
Radisson Hotels Americas | Affiliated Entity
Commitments and Contingencies [Line Items]
Number of hotels managed | hotel	7
Maximum amount of guarantee	$ 22

Transactions with Unconsolida_2

Transactions with Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	$ 10	$ 7.8	$ 16.3	$ 13.6
Receivables	7.5		7.5		$ 4.9
Related Party | Affiliated Entity
Related Party Transaction [Line Items]
Loans to various unconsolidated joint ventures	66.8		66.8		$ 64.5
Revenues	$ 2.1	$ 1.9	$ 3.8	$ 3.7

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)		1 Months Ended
	Jul. 02, 2024	Aug. 08, 2024	Jun. 30, 2024
Subsequent Event
Subsequent Event [Line Items]
Dispositions of shares (in shares)		1,222,227
Equity securities		$ 91,300,000
Equity securities in realized loss		$ 3,600,000
Senior | $600 Million Senior Unsecured Notes Due 2034 | Subsequent Event
Subsequent Event [Line Items]
Debt instrument face amount	$ 600,000,000
Stated interest rate	5.85%
Senior | $500 Million Term Loan 2024
Subsequent Event [Line Items]
Debt instrument face amount			$ 500,000,000
Senior | $500 Million Term Loan 2024 | Subsequent Event
Subsequent Event [Line Items]
Repayments of line of credit	$ 500,000,000
Line of Credit | Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Repayments of line of credit	$ 88,200,000