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  "documentTitle": "2023 12 Investor Presentation",
  "authorId": "Choice-Hotels",
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  "notes": "Includes a mix of bulleted strategic points, a growth table, and two bar charts comparing Choice to Lodging C-Corps.",
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      "text": "With the exception of COVID-impacted 2020, Choice has delivered double-digit profitability growth every year since 2017; profitability in 2023 is expected to be 43% higher than 2019 levels and over 80% higher than 2017 levels",
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      "text": "EBITDA CAGR and EBITDA Growth comparison between Choice and Lodging C-Corps",
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      "text": "Adjusted EBITDA growth from 2017 to 2024",
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      "kind": "list",
      "text": "Dedicated to attracting and retaining higher revenue-generating hotels vs. maximizing number of units at all cost; Generated revenue for hotels entering the Choice portfolio at 2x higher versus hotels leaving the portfolio; Drove revenue 20% higher for hotels added within each brand versus hotels exiting the same brand; Premium services drive premium fees: in 2022, Choice's average royalty rate was 5.05% versus 4.6% for Wyndham",
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      "text": "EBITDA: 43%",
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      "text": "With the exception of COVID-impacted 2020, Choice has delivered double-digit profitability growth every year since 2017; profitability in 2023 is expected to be 43% higher than 2019 levels and over 80% higher than 2017 levels",
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      "text": "Source: Capital IQ. Market data as of December 4, 2023. Note: Adj. EBITDA Growth based on Choice guidance and consensus estimates for peers. Lodging C-Corps includes Accor SA, Hilton Worldwide Holdings, Hyatt Hotels Corporation, IHG Hotels & Resorts, and Marriott International, Inc.",
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