【Jefferies-2025研报】精选国际酒店（CHH）：在低能见度环境下总体喜忧参半.pdfVIP

USA|Lodging

EquityResearch

ChoiceHotelsIntlMay15,2025

GenerallyMixedAmidtheLow-Visibility

ESTIMATE

CHANGE

LandscapeRATINGHOLD

PRICE$126.23^

Thequarterwasgenerallymixed.Momentumforinternationaldevelopment

PRICETARGET|%TOPT$133.00|+5%

activitiescontractswasoffsetbythedecelerationindomesticunitand

52WHIGH-LOW$157.86-$109.22

pipelinegrowth,althoughtheexecutionindrivingroyaltyratereflectsthe

FLOAT(%)|ADVMM(USD)54.5%|59.78

resultsofsystemimprovements,whichispositiveforlong-termgrowth.Given

MARKETCAP$6.1B

thepressureontransientdemandandselectservicesegments,weremain