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    Dan Wasiolek • Morningstar, Inc.

    Dan Wasiolek's questions to Choice Hotels International Inc (CHH) leadership

    Dan Wasiolek's questions to Choice Hotels International Inc (CHH) leadership • Q1 2025

    Question

    Dan Wasiolek asked for details on the normalized April RevPAR decline of 1%, seeking a performance breakdown by leisure, group, and business segments. He also requested clarification on whether the '40% business' mix metric was based on revenue or room nights and if it included group travel.

    Answer

    CEO Patrick Pacious explained that the April data was difficult to analyze due to distortions from the prior year's eclipse and the Easter calendar shift. He reiterated that their optimism is based on fundamentals like high employment and low gas prices. He then clarified that the 40% business mix figure is a revenue-based metric, and that group travel, which is a mix of business and leisure, accounts for about 10% of total delivery.

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    Dan Wasiolek's questions to Choice Hotels International Inc (CHH) leadership • Q3 2024

    Question

    Dan Wasiolek inquired about the tangible impact of the Infrastructure Act, asking if the company has seen an incremental room night benefit in areas with active projects and which hotel segments are the primary beneficiaries.

    Answer

    CFO Scott Oaksmith confirmed they are seeing benefits, noting that 38% of their hotels are in the top 10 states receiving infrastructure funds, with a particular impact on the extended-stay product. CEO Patrick Pacious added that the benefit is broader, as project managers and engineers also drive demand for transient-oriented hotels.

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    Dan Wasiolek's questions to Wyndham Hotels & Resorts Inc (WH) leadership

    Dan Wasiolek's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q1 2025

    Question

    Dan Wasiolek of Morningstar asked about the innovative technology solutions Wyndham is providing to owners to help them lower costs and increase top-line growth in the current environment.

    Answer

    CEO Geoffrey Ballotti highlighted the company's $300 million investment in a cloud-based tech stack with partners like Oracle, Sabre, and Canary. He emphasized an opt-in approach for franchisees, citing high adoption for services like a centralized reservation service that improves conversion and ADR, and revenue management services that lift occupancy. He also mentioned free services like OTA reconciliation and new monetization tools through Wyndham Connect for early check-ins and late check-outs, all of which are key parts of their value proposition.

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    Dan Wasiolek's questions to Wyndham Hotels & Resorts Inc (WH) leadership • Q4 2024

    Question

    Dan Wasiolek asked for an update on the long-term revenue opportunity from infrastructure spending and inquired about how AI might influence the company's direct versus indirect distribution mix.

    Answer

    CEO Geoffrey Ballotti reiterated the significant, multi-year revenue opportunity from infrastructure projects, noting only a fraction of disbursed funds have been spent. Regarding AI, he explained that Wyndham's modern tech stack enables innovations like Wyndham Connect, which uses AI to automate tasks for franchisees, enhance customer service, and create new monetization opportunities like selling upgrades and amenities, thereby strengthening the direct channel.

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    Dan Wasiolek's questions to Sabre Corp (SABR) leadership

    Dan Wasiolek's questions to Sabre Corp (SABR) leadership • Q4 2024

    Question

    Dan Wasiolek inquired whether the forecast for slightly lower gross margins in 2025 was a result of the mix of new business or a change in the competitive environment regarding incentives.

    Answer

    CEO Kurt Ekert clarified that the margin change is not due to a shift in the competitive landscape but is driven by the mix of new business, which includes a higher proportion of NDC and LCC content. He stressed that while these have a lower average booking fee, they are highly accretive from a gross profit dollar perspective and contribute to significant overall EBITDA margin expansion.

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