same time last year , driven by a 2.8 % increase in average daily rate . Second quarter occupancy levels exceeded 60 %.
Like revenue , EBITDA for second quarter 2023 reached a quarterly record level of $ 153.1 million , an 18 % increase compared to the same period in 2022 . The strong quarter gave Choice the impetus to raise its full-year EBITDA guidance to between $ 530 million and $ 540 million .
RAD RADISSON For Radisson Americas , it was all about the speed of integration , Pacious said , having achieved $ 80 million in recurring synergies . In the second quarter , Radisson Americas RevPAR was up 3.8 % YOY , with its upscale hotels growing 13 % YOY .
Is there more M & A on the horizon ? In May , The Wall Street Journal reported that Choice Hotels was potentially pursuing a deal to acquire Wyndham Hotels & Resorts , the largest hotel franchisor in the world , a marriage that has not come to fruition yet and , perhaps , never was truly close to happening . M & A rumor aside , a tie up of the two on face makes sense due to their relatively similar portfolio of brands within the economy and midscale space , along with new competition from giants Marriott International and Hilton , which have recently pivoted into lower-echelon chain scales where they had never been before .
Speculation resurfaced on Choice ’ s Q2 call , but executives did not bite .
Radisson Panama City Beach – Oceanfront
SOME CONVERSIONS NEVER EVEN APPEARED IN OUR PIPELINE NUMBERS BECAUSE THEY OPENED SO QUICKLY
– PAT PACIOUS , PRESIDENT & CEO , CHOICE HOTELS INTERNATIONAL
Instead , they highlighted their prior acquisition of Radisson Americas while simultaneously pointing to current gaps in their brand architecture that could be filled .
“ Radisson was underinvested in ,” Pacious said , noting that terminations were expected , but were baked into the underwriting . “ We wanted to bring value and opportunity to owners quickly .” He said the deal has already paid dividends for owners and Choice , citing
increased traffic to the hotels and an increase in look-tobook ratios . “ We are now selling reality , not just future potential ,” Pacious said .
On future M & A opportunities — whatever they may or could be — Pacious said they are always on the lookout and that there is still some white space out there . He emphasized that Choice does an agile job of integrating new brands or companies . He called , for example , the WoodSpring Suites brand , which it acquired in 2018 “ a home run ,” and Radisson as a high RevPAR move and revenue accretive , and allowing Choice to tap into a younger demographic .
“ We ’ ve developed a capability to integrate brands rapidly ,” Pacious said . “ WoodSpring needed a growth engine and development capabilities and Radisson needed better business delivery , better loyalty and a better distribution platform .”
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