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Marriott International, Inc. (MAR) - free report >>
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Choice Hotels' Cambria Brand Continues to Expand Presence
Choice Hotels International, Inc.’s (CHH - Free Report) Cambria Hotels — an upscale brand — continues to expand presence. Cambria Hotels has opened more than 50 hotels since the beginning of 2020. Following the news, the company’s shares gained 1.7% yesterday. Moreover, shares of the company have gained 56.7% in the past three months, compared with the industry’s rally of 51.6%.
In 2020, the company has signed several franchise agreements adding to its strong pipeline in markets like Jacksonville and Tampa, FL; Nashville, TN; and Atlanta, GA. New hotels in Austin, TX; downtown Minneapolis; and Somerville, MA, join 26 other Cambria hotels, which are currently under construction.
Mark Shalala, senior vice president of development, upscale brands, Choice Hotels said "Downturns can present opportunity, and Cambria's dedicated development team has been working around the clock to identify and create opportunities for our development partners during these unprecedented times.”
Expansion to Drive Growth
Choice Hotels relies heavily on expansion in domestic and international markets. Despite the coronavirus pandemic, the company awarded nearly 60 new agreements in first-quarter 2020. Notably, the company opened Cambria Hotel Bloomington Mall of America on Jan 27 — marking the first property opening in 2020. This was followed by the opening of Cambria Hotel Anaheim Resort Area on Feb 2.
Apart from domestic growth, the company continues to expand its international footprint. The key international operating markets include Spain, Colombia, Panama, the Caribbean and Canada.
Choice Hotels, which shares space with Marriott (MAR - Free Report) , Hilton (HLT - Free Report) and Hyatt (H - Free Report) , carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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