Choice Hotels International (CHH) 10-Q4 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-13393
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1209792
Entity Address, Address Line One	1 Choice Hotels Circle
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	592-5000
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	CHH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,779,959
Entity Central Index Key	0001046311
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES
Total revenues	$ 367,974	$ 278,344	$ 625,701	$ 461,291
OPERATING EXPENSES
Selling, general and administrative	43,888	34,470	74,212	64,737
Depreciation and amortization	5,479	6,232	11,710	12,594
Marketing and reservation system	153,846	113,285	267,496	211,458
Owned hotels	10,692	5,333	18,846	9,480
Total operating expenses	213,905	159,320	372,264	298,269
Gain on sale of business and assets, net	3,280	0	3,309	0
Operating income	157,349	119,024	256,746	163,022
OTHER INCOME AND EXPENSES, NET
Interest expense	11,252	11,691	22,722	23,468
Interest income	(1,628)	(1,234)	(2,908)	(2,515)
Other loss (gain)	5,559	(2,108)	7,275	(3,313)
Equity in net loss (gain) of affiliates	40	(1,179)	(204)	4,818
Total other income and expenses, net	15,223	7,170	26,885	22,458
Income before income taxes	142,126	111,854	229,861	140,564
Income tax expense	35,958	25,972	56,302	32,345
Net income	$ 106,168	$ 85,882	$ 173,559	$ 108,219
Basic earnings per share (in usd per share)	$ 1.90	$ 1.54	$ 3.11	$ 1.95
Diluted earnings per share (in usd per share)	1.89	1.53	3.08	1.93
Cash dividends declared per share (in usd per share)	$ 0.2375	$ 0.225	$ 0.4750	$ 0.225
Royalty fees
REVENUES
Total revenues	$ 121,449	$ 106,242	$ 212,188	$ 172,289
Initial franchise and relicensing fees
REVENUES
Total revenues	6,222	7,328	14,624	12,755
Procurement services
REVENUES
Total revenues	21,803	12,092	33,486	23,283
Marketing and reservation system
REVENUES
Total revenues	189,382	135,988	316,019	227,509
Owned hotels
REVENUES
Total revenues	17,191	8,993	29,228	13,347
Other
REVENUES
Total revenues	$ 11,927	$ 7,701	$ 20,156	$ 12,108

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 106,168	$ 85,882	$ 173,559	$ 108,219
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	(103)	71	(237)	123
Other comprehensive income (loss), net of tax	(103)	71	(237)	123
Comprehensive income	$ 106,065	$ 85,953	$ 173,322	$ 108,342

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 607,185	$ 511,605
Accounts receivable (net of allowance for credit losses of $21,822 and $34,149, respectively)	203,890	153,147
Income taxes receivable	3,123	12,511
Notes receivable (net of allowance for credit losses of $4,483 and $4,318, respectively)	53,760	54,453
Prepaid expenses and other current assets	115,651	29,945
Total current assets	983,609	761,661
Property and equipment, at cost (net of accumulated depreciation and amortization of $236,191 and $232,492, respectively)	319,161	377,367
Operating lease right-of-use assets	29,669	34,183
Goodwill	159,196	159,196
Intangible assets (net of accumulated amortization of $213,000 and $195,909, respectively)	319,922	312,389
Notes receivable (net of allowance for credit losses of $7,048 and $12,461, respectively)	48,649	66,451
Investments, employee benefit plans, at fair value	29,821	33,946
Investments in affiliates	27,789	27,967
Deferred income taxes	74,049	68,643
Other assets	84,976	90,021
Total assets	2,076,841	1,931,824
Current liabilities
Accounts payable	106,427	81,169
Accrued expenses and other current liabilities	100,631	104,472
Deferred revenue	79,767	81,538
Current portion of long-term debt	216,571	216,351
Liability for guest loyalty program	78,955	86,765
Total current liabilities	582,351	570,295
Long-term debt	844,729	844,123
Long-term deferred revenue	107,690	105,785
Deferred compensation and retirement plan obligations	34,468	38,690
Income taxes payable	15,482	20,642
Operating lease liabilities	30,355	35,492
Liability for guest loyalty program	37,684	41,785
Other liabilities	7,357	9,130
Total liabilities	1,660,116	1,665,942
Commitments and Contingencies
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at June 30, 2022 and December 31, 2021; 55,780,322 and 55,609,226 shares outstanding at June 30, 2022 and December 31, 2021, respectively	951	951
Additional paid-in-capital	274,384	259,317
Accumulated other comprehensive loss	(4,811)	(4,574)
Treasury stock, at cost; 39,285,316 and 39,456,412 shares at June 30, 2022 and December 31, 2021, respectively	(1,276,090)	(1,265,032)
Retained earnings	1,422,291	1,275,220
Total shareholders’ equity	416,725	265,882
Total liabilities and shareholders’ equity	$ 2,076,841	$ 1,931,824

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 21,822	$ 34,149
Allowance for credit losses, current	4,483	4,318
Accumulated depreciation and amortization, property, plant and equipment	236,191	232,492
Intangible assets, accumulated amortization	213,000	195,909
Allowance for credit losses, noncurrent	$ 7,048	$ 12,461
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	95,065,638	95,065,638
Common stock, shares outstanding (in shares)	55,780,322	55,609,226
Treasury stock, shares (in shares)	39,285,316	39,456,412

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 173,559	$ 108,219
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,710	12,594
Depreciation and amortization – marketing and reservation system	14,608	12,076
Gain on sale and disposal of business and assets, net	(3,309)	0
Franchise agreement acquisition cost amortization	7,623	6,294
Stock compensation and other charges	17,770	16,295
Interest and investment loss (income)	7,459	(6,824)
Deferred income taxes	(5,493)	(3,465)
Equity in net loss of affiliates, less distributions received	745	7,398
Franchise agreement acquisition costs, net of reimbursements	(27,016)	(18,078)
Change in working capital and other	(38,307)	(32,102)
Net cash provided by operating activities	159,349	102,407
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in property and equipment	(49,866)	(23,393)
Investment in intangible assets	(1,824)	(2,976)
Asset acquisitions, net of cash paid	(856)	0
Proceeds from sale of business and assets	32,893	0
Contributions to investments in affiliates	(669)	(1,136)
Proceeds from sale of equity method investments	0	11,830
Purchases of investments, employee benefit plans	(3,294)	(931)
Proceeds from sales of investments, employee benefit plans	1,854	1,994
Issuance of notes receivable	(1,987)	(17,918)
Collections of notes receivable	63	63
Other items, net	(305)	(486)
Net cash used in investing activities	(23,991)	(32,953)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt issuance costs	(24)	0
Purchase of treasury stock	(15,140)	(5,362)
Dividends paid	(26,453)	0
Proceeds from exercise of stock options	2,359	9,115
Net cash (used in) provided by financing activities	(39,258)	3,753
Net change in cash and cash equivalents	96,100	73,207
Effect of foreign exchange rate changes on cash and cash equivalents	(520)	(11)
Cash and cash equivalents at beginning of period	511,605	234,779
Cash and cash equivalents at end of period	607,185	307,975
Cash payments during the period for
Income taxes, net of refunds	40,144	17,108
Interest, net of capitalized interest	21,614	21,885
Non-cash investing and financing activities
Dividends declared but not paid	13,249	12,521
Investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities	5,715	$ 4,085
Asset acquisition from extinguishment of note receivable	$ 20,446

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in- Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020			55,535,554
Beginning balance at Dec. 31, 2020		$ (5,752)	$ 951	$ 233,921	$ (4,646)	$ (1,260,478)	$ 1,024,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		22,337					22,337
Other comprehensive income (loss), net of tax		52			52
Share-based payment activity (in shares)	[1]		48,781
Share-based payment activity	[1]	7,644		3,617		4,030	(3)
Dividends declared	[1]	0
Treasury purchases (in shares)			(46,499)
Treasury purchases		(5,046)				(5,046)
Ending balance (in shares) at Mar. 31, 2021			55,537,836
Ending balance at Mar. 31, 2021		19,235	$ 951	237,538	(4,594)	(1,261,494)	1,046,834
Beginning balance (in shares) at Dec. 31, 2020			55,535,554
Beginning balance at Dec. 31, 2020		(5,752)	$ 951	233,921	(4,646)	(1,260,478)	1,024,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		108,219
Other comprehensive income (loss), net of tax		123
Ending balance (in shares) at Jun. 30, 2021			55,646,993
Ending balance at Jun. 30, 2021		104,933	$ 951	246,604	(4,523)	(1,258,295)	1,120,196
Beginning balance (in shares) at Mar. 31, 2021			55,537,836
Beginning balance at Mar. 31, 2021		19,235	$ 951	237,538	(4,594)	(1,261,494)	1,046,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		85,882					85,882
Other comprehensive income (loss), net of tax		71			71
Share-based payment activity (in shares)			111,895
Share-based payment activity		12,583		9,066		3,516	1
Dividends declared		(12,521)					(12,521)
Treasury purchases (in shares)			(2,738)
Treasury purchases		(317)				(317)
Ending balance (in shares) at Jun. 30, 2021			55,646,993
Ending balance at Jun. 30, 2021		$ 104,933	$ 951	246,604	(4,523)	(1,258,295)	1,120,196
Beginning balance (in shares) at Dec. 31, 2021		55,609,226	55,609,226
Beginning balance at Dec. 31, 2021		$ 265,882	$ 951	259,317	(4,574)	(1,265,032)	1,275,220
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		67,391					67,391
Other comprehensive income (loss), net of tax		(134)			(134)
Share-based payment activity (in shares)	[1]		262,008
Share-based payment activity	[1]	9,558		6,068		3,486	4
Dividends declared	[1]	(13,250)					(13,250)
Treasury purchases (in shares)			(100,912)
Treasury purchases		(14,802)				(14,802)
Ending balance (in shares) at Mar. 31, 2022			55,770,322
Ending balance at Mar. 31, 2022		$ 314,645	$ 951	265,385	(4,708)	(1,276,348)	1,329,365
Beginning balance (in shares) at Dec. 31, 2021		55,609,226	55,609,226
Beginning balance at Dec. 31, 2021		$ 265,882	$ 951	259,317	(4,574)	(1,265,032)	1,275,220
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		173,559
Other comprehensive income (loss), net of tax		$ (237)
Ending balance (in shares) at Jun. 30, 2022		55,780,322	55,780,322
Ending balance at Jun. 30, 2022		$ 416,725	$ 951	274,384	(4,811)	(1,276,090)	1,422,291
Beginning balance (in shares) at Mar. 31, 2022			55,770,322
Beginning balance at Mar. 31, 2022		314,645	$ 951	265,385	(4,708)	(1,276,348)	1,329,365
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		106,168					106,168
Other comprehensive income (loss), net of tax		(103)			(103)
Share-based payment activity (in shares)			12,422
Share-based payment activity		9,595		8,999		596
Dividends declared		(13,242)					(13,242)
Treasury purchases (in shares)			(2,422)
Treasury purchases		$ (338)				(338)
Ending balance (in shares) at Jun. 30, 2022		55,780,322	55,780,322
Ending balance at Jun. 30, 2022		$ 416,725	$ 951	$ 274,384	$ (4,811)	$ (1,276,090)	$ 1,422,291

[1] In April 2020, in light of uncertainty resulting from the COVID-19 pandemic, we suspended future, undeclared dividends. In May 2021, the Company resumed the payment of quarterly dividends, subject to future declarations by our board of directors, and declared a quarterly cash dividend of $0.225 per share of common stock. On December 6, 2021, the Company's board of directors approved a 6% increase in the quarterly cash dividend and declared a quarterly cash dividend of $0.2375 per share of common stock. During certain periods presented, accumulated dividends were paid to certain shareholders upon vesting of performance vested restricted stock units ("PVRSU") which are captured in Share-based payment activity.

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares		1 Months Ended
	Dec. 06, 2021	May 31, 2021
Common Stock
Dividends declared (in dollars per share)	$ 0.2375	$ 0.225
Common stock dividends, percentage increase (as a percent)	6%

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
Basis of Presentation and Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and its subsidiaries (together the "Company") have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments that are necessary to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2021 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 24, 2022. Interim results are not necessarily indicative of the entire year results. Summary of Significant Accounting Policies The Company’s significant accounting policies are detailed in the “Summary of Significant Accounting Policies” section of Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2021. Recently Adopted Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Topic 606, as opposed to at fair value. ASU 2021-08 is effective for annual reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company has elected to early adopt ASU 2021-08 in the second quarter of 2022. The adoption has no present impact on the Company's consolidated financial statements, but will impact the accounting for contract assets and contract liabilities acquired in future business combinations. Recently Issued Accounting Standards In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses ("ASU 2022-02"). ASU 2022-02 eliminates the recognition and measurement guidance on troubled debt restructuring for creditors that have adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) ("Topic 326"), requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty, and includes new guidance on current-period gross write-offs presentation. ASU 2022-02 is effective for annual reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU 2022-02 will have on the consolidated financial statements and disclosures.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Liabilities Contract liabilities relate to (i) advance consideration received, such as initial franchise and relicensing fees paid when a franchise agreement is executed and system implementation fees paid at time of installation, for services considered to be part of the brand intellectual property performance obligation and (ii) amounts received when Choice Privileges points are issued, but for which revenue is not yet recognized since the related points have not been redeemed. Deferred revenues from initial and relicensing fees and system implementation fees are typically recognized over a five Significant changes in the contract liabilities balances during the period December 31, 2021 to June 30, 2022 are as follows: (in thousands) Balance as of December 31, 2021 $ 175,425 Increases to the contract liability balance due to cash received 56,392 Revenue recognized in the period (57,127) Balance as of June 30, 2022 $ 174,690 Remaining Performance Obligations The aggregate amount of transaction price allocated to unsatisfied or partially unsatisfied performance obligations is $174.7 million as of June 30, 2022. This amount represents fixed transaction price that will be recognized as revenue in future periods, which is captured in the consolidated balance sheet as current and non-current deferred revenue. Based on practical expedient elections permitted by ASU 2014-09, Revenue From Contracts with Customers (Topic 606) and subsequent amendments ("Topic 606"), the Company does not disclose the value of unsatisfied performance obligations for (i) variable consideration subject to the sales or usage-based royalty constraint or comprising a component of a series (including franchise, partnership, qualified vendor, and software as a service ("SaaS") agreements), (ii) variable consideration for which we recognize revenue at the amount to which we have the right to invoice for services performed, or (iii) contracts with an expected original duration of one year or less. Disaggregation of Revenue Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 121,449 $ — $ 121,449 $ 106,242 $ — $ 106,242 Initial franchise and relicensing fees 6,222 — 6,222 7,328 — 7,328 Procurement services 20,744 1,059 21,803 11,502 590 12,092 Marketing and reservation system 148,126 41,256 189,382 121,944 14,044 135,988 Owned hotels 14,694 2,388 17,082 7,550 1,336 8,886 Other 11,927 — 11,927 7,701 — 7,701 Total Topic 606 revenues $ 323,162 $ 44,703 367,865 $ 262,267 $ 15,970 278,237 Non-Topic 606 revenues 109 107 Total revenues $ 367,974 $ 278,344 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 212,188 $ — $ 212,188 $ 172,289 $ — $ 172,289 Initial franchise and relicensing fees 14,624 — 14,624 12,755 — 12,755 Procurement services 31,876 1,610 33,486 22,241 1,042 23,283 Marketing and reservation system 260,382 55,637 316,019 200,995 26,514 227,509 Owned hotels 24,635 4,385 29,020 11,068 2,058 13,126 Other 20,156 — 20,156 12,108 — 12,108 Total Topic 606 revenues $ 563,861 $ 61,632 625,493 $ 431,456 $ 29,614 461,070 Non-Topic 606 revenues 208 221 Total revenues $ 625,701 $ 461,291 Marketing and reservation system and Procurement services point in time revenues represent loyalty points redeemed by members for benefits (with both franchisees and third-party partners), net of the cost of redemptions. As presented in Note 11, the Corporate & Other segment amounts represent $19.4 million and $10.9 million for the three months ended June 30, 2022 and 2021, respectively, and $33.7 million and $17.0 million for the six months ended June 30, 2022 and 2021, respectively, and are included in the Over time column of Other revenues and the Owned hotels and Non-Topic 606 revenues rows. The remaining revenues relate to the Hotel Franchising segment. Royalty fees and Marketing and reservation system revenues are presented net of intersegment revenues of $1.3 million and $0.7 million for the three months ended June 30, 2022 and 2021, respectively, and $2.2 million and $1.0 million for the six months ended June 30, 2022 and 2021, respectively.

Receivables and Allowance for C

Receivables and Allowance for Credit Losses	6 Months Ended
Receivables and Allowance for Credit Losses	Jun. 30, 2022
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivables and Allowance for Credit Losses	90 days Total Current Total As of June 30, 2022 Senior $ — $ — $ 15,200 $ 15,200 $ 76,781 $ 91,981 Subordinated — — 2,209 2,209 18,297 20,506 Unsecured — — — — 1,453 1,453 $ — $ — $ 17,409 $ 17,409 $ 96,531 $ 113,940 As of December 31, 2021 Senior $ — $ — $ — $ — $ 108,370 $ 108,370 Subordinated — — 2,209 2,209 25,592 27,801 Unsecured — — — — 1,512 1,512 $ — $ — $ 2,209 $ 2,209 $ 135,474 $ 137,683 The Company evaluated its off-balance-sheet credit exposure for loan commitments and determined the likelihood of having to perform is remote as of June 30, 2022. Refer to Note 12. Variable Interest through Notes Issued The Company has issued notes receivables to certain entities that have created variable interests in these borrowers totaling $101.7 million and $120.2 million as of June 30, 2022 and December 31, 2021, respectively. The Company has determined that it is not the primary beneficiary of these variable interest entities ("VIEs"). These loans have stated fixed and/or variable interest amounts. Accounts Receivable Accounts receivable consist primarily of franchise and related fees due from hotel franchisees and are recorded at the invoiced amount. During six months ended June 30, 2022, the Company recorded reversals of provisions for credit losses on accounts receivable of $1.1 million in SG&A expenses and $0.3 million in marketing and reservation system expenses. During the six months ended June 30, 2021, the Company recorded reversal of provisions for credit losses on accounts receivable of $0.1 million in SG&A expenses and provisions of $0.2 million in marketing and reservation system expenses. During the six months ended June 30, 2022 and 2021, the Company recorded write-offs, net of recoveries, through the accounts receivable allowance for credit losses of $11.2 million and $2.4 million, respectively." id="sjs-B4">Receivables and Allowance for Credit Losses Notes Receivable The Company has provided financing in the form of notes receivable loans to franchisees to support the development of properties in strategic markets. The Company's credit quality indicator is the level of security in the note receivable. The composition of notes receivable balances by credit quality indicator and the allowance for credit losses is as follows: (in thousands) June 30, 2022 December 31, 2021 Senior $ 91,981 $ 108,370 Subordinated 20,506 27,801 Unsecured 1,453 1,512 Total notes receivable 113,940 137,683 Total allowance for notes receivable credit losses 11,531 16,779 Total notes receivable, net of allowance $ 102,409 $ 120,904 Current portion, net of allowance $ 53,760 $ 54,453 Long-term portion, net of allowance $ 48,649 $ 66,451 Amortized cost basis by year of origination and credit quality indicator are as follows: (in thousands) 2022 2021 2020 Prior Total Senior $ — $ 4,211 $ — $ 87,770 $ 91,981 Subordinated — — — 20,506 20,506 Unsecured — — — 1,453 1,453 Total notes receivable $ — $ 4,211 $ — $ 109,729 $ 113,940 The following table summarizes the activity related to the Company’s notes receivable allowance for credit losses: (in thousands) June 30, 2022 December 31, 2021 Beginning balance $ 16,779 $ 19,484 Provision for credit losses 230 709 Write-offs (5,478) (3,414) Ending balance $ 11,531 $ 16,779 As of June 30, 2022 and December 31, 2021, one loan and two loans, respectively, with senior and/or subordinated tranches met the definition of collateral-dependent and are collateralized by membership interests in the borrowing entities and either the associated land parcels or an operating hotel. The Company used a discounted cash flow ("DCF") technique to project cash flows or a market approach via quoted market prices to value the underlying collateral. The Company reviewed the borrower's financial statements, economic trends, industry projections for the market, and comparable sales capitalization rates, which represent significant inputs to the cash flow projections. These nonrecurring fair value measurements are classified as level three of the fair value measurement hierarchy, as there are unobservable inputs which are significant to the overall fair value. Based on these analyses, the fair value of collateral secures the carrying value of each loan to a significant extent. Allowances for credit losses attributable to collateral-dependent loans are $0.9 million and $6.3 million as of June 30, 2022 and December 31, 2021, respectively. The write-offs for the year ended June 30, 2022 and December 31, 2021 are associated with loans previously classified as collateral-dependent that were settled in exchange for an operating hotel on April 14, 2022 and October 1, 2021, respectively. Refer to Note 15 regarding the second quarter 2022 asset acquisition accounting. As a result of the COVID-19 pandemic, the Company extended interest deferral terms on certain notes receivable. The Company considers loans past due and in default when payments are not made when due in accordance with then current loan provisions or terms extended to borrowers, including loans with concessions or interest deferral. The Company suspends the accrual of interest when payments on loans are more than 30 days past due or upon a loan being classified as collateral-dependent. The Company applies payments received for loans on non-accrual status first to interest and then to principal. The Company does not resume interest accrual until all delinquent payments are received based on then current loan provisions. The amortized cost basis of notes receivable on non-accrual status was $18.2 million and $44.1 million at June 30, 2022 and December 31, 2021, respectively. The Company has identified loans totaling approximately $7.5 million as of both June 30, 2022 and December 31, 2021, respectively, with stated interest rates that are less than market rate, representing a total unamortized discount of $0.2 million and $0.3 million as of June 30, 2022 and December 31, 2021, respectively. These discounts are reflected as a reduction of the outstanding loan amounts and are amortized over the life of the related loan. The past due balances by credit quality indicator of notes receivable are as follows: (in thousands) 1- 30 days 31-89 days > 90 days Total Current Total As of June 30, 2022 Senior $ — $ — $ 15,200 $ 15,200 $ 76,781 $ 91,981 Subordinated — — 2,209 2,209 18,297 20,506 Unsecured — — — — 1,453 1,453 $ — $ — $ 17,409 $ 17,409 $ 96,531 $ 113,940 As of December 31, 2021 Senior $ — $ — $ — $ — $ 108,370 $ 108,370 Subordinated — — 2,209 2,209 25,592 27,801 Unsecured — — — — 1,512 1,512 $ — $ — $ 2,209 $ 2,209 $ 135,474 $ 137,683 The Company evaluated its off-balance-sheet credit exposure for loan commitments and determined the likelihood of having to perform is remote as of June 30, 2022. Refer to Note 12. Variable Interest through Notes Issued The Company has issued notes receivables to certain entities that have created variable interests in these borrowers totaling $101.7 million and $120.2 million as of June 30, 2022 and December 31, 2021, respectively. The Company has determined that it is not the primary beneficiary of these variable interest entities ("VIEs"). These loans have stated fixed and/or variable interest amounts. Accounts Receivable Accounts receivable consist primarily of franchise and related fees due from hotel franchisees and are recorded at the invoiced amount. During six months ended June 30, 2022, the Company recorded reversals of provisions for credit losses on accounts receivable of $1.1 million in SG&A expenses and $0.3 million in marketing and reservation system expenses. During the six months ended June 30, 2021, the Company recorded reversal of provisions for credit losses on accounts receivable of $0.1 million in SG&A expenses and provisions of $0.2 million in marketing and reservation system expenses. During the six months ended June 30, 2022 and 2021, the Company recorded write-offs, net of recoveries, through the accounts receivable allowance for credit losses of $11.2 million and $2.4 million, respectively.

Investments in Affiliates

Investments in Affiliates	6 Months Ended
Investments in Affiliates	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in Affiliates	Investments in Affiliates The Company maintains equity method investments in affiliates related to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria Hotels in strategic markets. The Company has investments in affiliates that represent VIEs totaling $24.1 million and $25.2 million on the consolidated balance sheets at June 30, 2022 and December 31, 2021, respectively. The Company has determined that it is not the primary beneficiary of any of these VIEs, however it does exercise significant influence through its equity ownership and as a result the investment in these affiliates is accounted for under the equity method. For the three months ended June 30, 2022 and 2021, the Company recognized losses (gains) totaling $0.9 million and $(0.9) million, respectively, from these investments that represent VIEs. For the six months ended June 30, 2022 and 2021, the Company recognized losses totaling $1.7 million and $5.5 million, respectively, from these investments that represent VIEs. The Company's maximum exposure to losses related to its investments in VIEs is limited to its equity investments as well as certain limited payment guaranties described in Note 12 of these financial statements. The Company recognized no impairment charges related to equity method investments during the six months ended June 30, 2022. During the first quarter of 2021, the Company recognized an other-than-temporary impairment of $4.8 million related to an equity method investment. The Company assessed the estimated fair value of the investment from comparable market transactions of the investment, which was a key judgment in the fair value determination. This nonrecurring fair value measurement was classified as level three of the fair value measurement hierarchy, as the Company utilized unobservable inputs which are significant to the overall fair value. Based on this analysis, the Company determined that the fair market value declined below the carrying value and the decline is other-than-temporary. As a result, the Company recorded an other-than-temporary impairment from the carrying value to the estimated fair value for the investment. The other-than-temporary impairment is classified as equity in net loss of affiliates in the consolidated statements of income and captured in the Hotel Franchising reportable segment in Note 11. During the second quarter of 2021, the Company sold its ownership interest in three separate equity method investments. The Company recognized a cumulative gain of $2.6 million on the sales of these investments, which is recorded in equity in net loss (gain) of affiliates.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: June 30, 2022 December 31, 2021 (in thousands) $450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $5.2 million and $5.5 million at June 30, 2022 and December 31, 2021, respectively $ 444,775 $ 444,470 $400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $4.5 million and $4.8 million at June 30, 2022 and December 31, 2021, respectively 395,538 395,237 $216.6 million senior unsecured notes due 2022 ("2012 Senior Notes") with an effective interest rate of 6.00%, less deferred issuance costs of $0.2 million at December 31, 2021 (2) 216,571 216,351 $600 million senior unsecured revolving credit facility (1) — — Economic development loans with an effective interest rate of 3.00% at June 30, 2022 and December 31, 2021, respectively 4,416 4,416 Total debt $ 1,061,300 $ 1,060,474 Less current portion (2) 216,571 216,351 Long-term debt $ 844,729 $ 844,123 (1) During the third quarter of 2020, the Company utilized excess cash on hand to pay down its senior unsecured revolving credit facility balance in full and the facility remains undrawn as of June 30, 2022 and December 31, 2021. As there are no outstanding borrowings at June 30, 2022 or December 31, 2021, deferred issuance costs for the senior unsecured revolving credit facility of $2.0 million and $2.3 million, respectively, are presented in non-current Other assets in the consolidated balance sheets. (2) The 2012 Senior Notes matured on July 1, 2022. The outstanding principal of $216.6 million was re-paid at maturity. Refer to Note 12 and the Liquidity and Capital Resources header of "Management's Discussion and Analysis of Financial Condition and Results of Operations" for more information.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
Accumulated Other Comprehensive Loss	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2022 and 2021 are as follows: (in thousands) Balance as of December 31, 2021 $ (4,574) Other comprehensive income (loss) before reclassification (237) Net current period other comprehensive income (loss) (237) Balance as of June 30, 2022 $ (4,811) (in thousands) Balance as of December 31, 2020 $ (4,646) Other comprehensive income (loss) before reclassification 123 Net current period other comprehensive income (loss) 123 Balance as of June 30, 2021 $ (4,523) The other comprehensive income (loss) before reclassification for both the six months ended June 30, 2022 and 2021 relate to foreign currency items.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company estimates the fair value of its financial instruments utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The following summarizes the three levels of inputs, as well as the assets that the Company values using those levels of inputs on a recurring basis. Level 1 : Quoted prices in active markets for identical assets and liabilities. The Company’s Level 1 assets consist of marketable securities (primarily mutual funds) held in the Deferred Compensation Plan. Level 2 : Observable inputs, other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable. The Company’s Level 2 assets consist of money market funds held in the Company's Deferred Compensation Plan. Level 3 : Unobservable inputs, supported by little or no market data available, where the reporting entity is required to develop its own assumptions to determine the fair value of the instrument. The Company does not currently have any assets recorded at fair value whose fair value was determined using Level 3 inputs and there were no transfers of Level 3 assets during the six months ended June 30, 2022. As of June 30, 2022 and December 31, 2021, the Company had the following assets recorded in the consolidated balance sheets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) Total Level 1 Level 2 Level 3 As of June 30, 2022 Mutual funds (1) $ 27,895 $ 27,895 $ — $ — Money market funds (1) 3,019 — 3,019 — Total $ 30,914 $ 27,895 $ 3,019 $ — As of December 31, 2021 Mutual funds (1) $ 33,555 $ 33,555 $ — $ — Money market funds (1) 2,520 — 2,520 — Total $ 36,075 $ 33,555 $ 2,520 $ — (1) Included in Investments, employee benefit plans, at fair value and Prepaid expenses and other current assets on the consolidated balance sheets. Other financial instruments disclosure The Company believes that the fair values of its current assets and current liabilities approximate their reported carrying amounts due to the short-term nature of these items. In addition, the interest rates of the Company's senior unsecured revolving credit facility adjust frequently based on current market rates; accordingly, we believe its carrying amount, when amounts are drawn, approximates fair value. The fair values of the Company's senior unsecured notes are classified as Level 2, as the significant inputs are observable in an active market. Refer to Note 5 for further information on debt, including the maturity of the 2012 Senior Notes. At June 30, 2022 and December 31, 2021, the carrying amounts and fair values are as follows: June 30, 2022 December 31, 2021 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ 444,775 $ 396,675 $ 444,470 $ 477,675 2019 Senior Notes 395,538 355,668 395,237 425,984 2012 Senior Notes 216,571 216,571 216,351 221,702 Fair value estimates are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible or a prudent management decision.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were 25.3% and 23.2% for the three months ended June 30, 2022 and 2021, respectively. The effective income tax rates were 24.5% and 23.0% for the six months ended June 30, 2022 and 2021, respectively. The effective income tax rate for the three and six months ended June 30, 2022 and 2021 was higher than the U.S. federal income tax rate of 21.0% primarily due to the impact of state income taxes, partially offset by excess tax benefits from share-based compensation.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	6 Months Ended
Share-Based Compensation and Capital Stock	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation and Capital Stock	Share-Based Compensation and Capital Stock The components of the Company’s pretax share-based compensation activity are as follows for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Stock options $ 1,177 $ 932 $ 2,229 $ 1,548 Restricted stock awards 3,558 2,323 6,601 4,842 Performance vested restricted stock units 4,810 3,144 8,164 4,810 Total share-based compensation expense $ 9,545 $ 6,399 $ 16,994 $ 11,200 A summary of share-based award activity as of and changes during the six months ended June 30, 2022 are presented below: Stock Options Restricted Stock Performance Vested Options Weighted Weighted Shares Weighted Shares Weighted Outstanding at January 1, 2022 910,944 $ 83.14 236,599 $ 92.60 412,642 $ 114.70 Granted 155,774 146.68 255,786 145.64 111,585 181.91 Performance-Based Leveraging (1) — — — — 21,281 153.75 Exercised/Vested (43,934) 53.70 (93,354) 87.20 — — Expired (986) 51.49 — — (78,370) 81.15 Forfeited (1,050) 146.68 (6,551) 104.45 (1,460) 133.25 Outstanding at June 30, 2022 1,020,748 $ 94.07 5.9 392,480 $ 128.25 465,678 $ 136.02 Options exercisable at June 30, 2022 546,114 $ 76.29 3.8 (1) PVRSUs outstanding have been increased by 21,281 units in the six months ended June 30, 2022 due to the Company exceeding the targeted performance conditions contained in PVRSUs. Stock Options The stock options granted by the Company had an exercise price equal to the market price of the Company's common stock on the date of grant. The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: 2022 Grants Risk-free interest rate 1.92 % Expected volatility 29.39 % Expected life of stock option 5.9 years Dividend yield 0.65 % Requisite service period 4 years Contractual life 10 years Weighted average fair value of options granted (per option) $ 43.25 Restricted Stock Awards The Company grants two types of restricted stock awards: i) shares of restricted stock and ii) restricted stock units ("RSU"). Shares of restricted stock provide the participant a non-forfeitable right to dividends, if declared, and the right to vote as a shareholder while the shares are unvested. RSUs provide the participant declared dividends that are contingent upon vesting of the award. Restricted stock awards generally vest ratably over the service period beginning with the first anniversary of the grant date. The fair value of restricted stock awards is measured by the market price of the Company's common stock on the date of grant. The service period of restricted stock awards granted during the six months ended June 30, 2022 range from 9 to 60 months. Performance Vested Restricted Stock Units The Company grants three types of PVRSU awards: i) PVRSUs with performance conditions based on internal performance conditions, including earnings per share ("EPS") relative to Company established targets, ii) PVRSUs with market conditions based on the Company's total shareholder return ("TSR") relative to a predetermined peer group, and iii) PVRSUs with both performance and market conditions. The vesting of PVRSU awards is contingent upon the Company achieving internal performance and/ or TSR targets over a specified period and the employees' continued employment for a service period. These performance and market conditions affect the number of shares that will ultimately vest. During the six months ended June 30, 2022, the Company granted PVRSUs with market conditions, PVRSUs with performance conditions and PVRSUs with performance and market conditions with requisite service periods between 9 months and 60 months with award vesting ranges between 0% and 300% of the initial units granted. The fair value of PVRSUs with only internal performance conditions is measured by the market price of the Company's common stock on the date of award grant. Compensation expense is recognized ratably over the requisite service period based on the Company's estimate of the achievement of the performance conditions. Management monitors current results and forecasts of the relevant internal performance and, as necessary, adjusts the performance-based leveraging of unvested PVRSUs. The fair value of PVRSUs with market conditions is estimated using a Monte Carlo simulation method as of the date of award grant. Compensation expense is recognized ratably over the requisite service period, regardless of whether the market conditions are achieved and the awards ultimately vest. The fair value of PVRSUs with both performance and market conditions is estimated using a Monte Carlo simulation method as of the date of award grant. Compensation expense is recognized ratably over the requisite service period based on the Company's estimate of the achievement of the performance conditions, with subsequent adjustments made for performance-based leveraging of unvested PVRSUs, as necessary. Share Repurchases and Redemptions In April 2020, in light of uncertainty resulting from the COVID-19 pandemic, the Company suspended activity under the Company's share repurchase program. In May 2021, the Company's board of directors approved resumption of the share repurchase program. Refer to the Liquidity and Capital Resources header of "Management's Discussion and Analysis of Financial Condition and Results of Operations" for more information. During the six months ended June 30, 2022, 68,486 shares of common stock were purchased under the share repurchase program at a total cost of $9.9 million. There were no purchases of stock under the share repurchase program during the three months ended June 30, 2022. During the three and six months ended June 30, 2021, 1,582 shares of common stock were purchased under the share repurchase program at a total cost of $0.2 million. During the three months ended June 30, 2022 and 2021, the Company redeemed 2,422 and 1,156 shares of common stock at a total cost of $0.3 million and $0.1 million, respectively, from employees to satisfy the option exercise price and statutory minimum tax-withholding requirements related to the exercising of stock options and vesting of performance vested restricted stock units and restricted stock grants. During the six months ended June 30, 2022 and 2021, the Company redeemed 34,848 and 47,655 shares of common stock at a total cost of $5.2 million and $5.4 million, respectively, from employees to satisfy the option exercise price and statutory minimum tax-withholding requirements related to the exercising of stock options and vesting of performance vested restricted stock units and restricted stock grants. These redemptions were outside the share repurchase program.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s shares of restricted stock contain rights to receive nonforfeitable dividends and thus are participating securities requiring the computation of basic EPS using the two-class method. As the shares of restricted stock are both potential shares of common stock and participating securities, the Company calculates diluted earnings per share by the more dilutive of the treasury stock method or the two-class method. The calculation of EPS for net income available to common shareholders excludes the distribution of dividends and undistributed earnings attributable to participating securities from the numerator. The diluted earnings weighted average shares of common stock outstanding includes stock options, PVRSUs and RSUs. The computation of basic and diluted earnings per share of common stock is as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator: Net income $ 106,168 $ 85,882 $ 173,559 $ 108,219 Income allocated to participating securities (622) (324) (919) (463) Net income available to common shareholders $ 105,546 $ 85,558 $ 172,640 $ 107,756 Denominator: Weighted average shares of common stock outstanding – basic 55,446 55,389 55,429 55,326 Basic earnings per share $ 1.90 $ 1.54 $ 3.11 $ 1.95 Numerator: Net income $ 106,168 $ 85,882 $ 173,559 $ 108,219 Income allocated to participating securities (622) (324) (919) (463) Net income available to common shareholders $ 105,546 $ 85,558 $ 172,640 $ 107,756 Denominator: Weighted average shares of common stock outstanding – basic 55,446 55,389 55,429 55,326 Dilutive effect of stock options and PVRSUs 524 411 583 405 Weighted average shares of common stock outstanding – diluted 55,970 55,800 56,012 55,731 Diluted earnings per share $ 1.89 $ 1.53 $ 3.08 $ 1.93 The following securities have been excluded from the calculation of diluted weighted average shares of common stock outstanding as the inclusion of these securities would have an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Stock options 155 — 155 — PVRSUs 76 157 76 157

Reportable Segment Information

Reportable Segment Information	6 Months Ended
Reportable Segment Information	Jun. 30, 2022
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information The Hotel Franchising reportable segment includes the Company's hotel franchising operations consisting of its fourteen brands. The fourteen brands are aggregated within this segment considering their similar economic characteristics, types of customers, distribution channels and regulatory business environments. Revenues from the hotel franchising business include royalty fees, initial franchise and relicensing fees, marketing and reservation system fees, procurement services revenue and other hotel franchising related revenue. The Company is obligated under its hotel franchise agreements to provide marketing and reservation services appropriate for the operation of its systems. The revenues received from franchisees that are used to pay for part of the Company's ongoing operations are included in hotel franchising revenues and are offset by the related expenses paid for marketing and reservation system activities to calculate hotel franchising operating income. Equity in earnings or losses from hotel franchising related investment in affiliates is allocated to the Company's hotel franchising segment. The Company evaluates its hotel franchising segment based primarily on the results of the segment without allocating corporate expenses, indirect general and administrative expenses, interest expense, interest income, other gains and losses or income taxes, which are included in the Corporate & Other column. Corporate & Other revenues include owned hotel revenues, rental income related to an office building owned by the Company, and revenues related to the Company's SaaS technology solutions division which provide cloud-based property management software to non-franchised hoteliers. Intersegment revenue adjustment is from the elimination of Hotel Franchising revenue which include royalty and marketing and reservation system fees charged to our owned hotels against franchise fee expense recognized by our owned hotels in Corporate & Other operating income (loss). Our President and Chief Executive Officer, who is our chief operating decision maker, does not use assets by operating segment when assessing performance or making operating segment resource allocations decisions and therefore assets by segment are not disclosed below. The following table presents the financial information for the Company's segments: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 349,857 $ 19,411 $ (1,294) $ 367,974 $ 268,092 $ 10,932 $ (680) $ 278,344 Operating income (loss) $ 165,448 $ (8,099) $ — $ 157,349 $ 132,600 $ (13,576) $ — $ 119,024 Income (loss) before income taxes $ 165,405 $ (23,279) $ — $ 142,126 $ 134,025 $ (22,171) $ — $ 111,854 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 594,228 $ 33,671 $ (2,198) $ 625,701 $ 445,310 $ 16,972 $ (991) $ 461,291 Operating income (loss) $ 272,768 $ (16,022) $ — $ 256,746 $ 190,753 $ (27,731) $ — $ 163,022 Income (loss) before income taxes $ 272,969 $ (43,108) $ — $ 229,861 $ 185,936 $ (45,372) $ — $ 140,564

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is not a party to any litigation other than litigation in the ordinary course of business. The Company's management and legal counsel do not expect that the ultimate outcome of any of its currently ongoing legal proceedings, individually or collectively, will have a material adverse effect on the Company's financial position, results of operations or cash flows. Contingencies The Company entered into various limited payment guaranties with regards to the Company’s VIEs supporting their efforts to develop and own hotels franchised under the Company’s brands. Under these limited payment guaranties, the Company has agreed to guarantee a portion of the outstanding debt until certain conditions are met such as (a) the loan matures, (b) certain debt covenants are achieved, (c) the maximum amount guaranteed by the Company is paid in full or (d) the Company, through its affiliates, ceases to be a member of the VIE. The maximum exposure of principal incidental to these limited payment guaranties is $5.7 million, plus unpaid expenses and accrued unpaid interest. As of June 30, 2022 and December 31, 2021, the Company believed the likelihood of having to perform under the aforementioned limited payment guaranties was remote. In the event of performance, the Company has recourse for one of the transactions in the form of a membership interest pledge as collateral for the guaranty. Commitments The Company has the following commitments outstanding at June 30, 2022: • The Company provides financing in the form of franchise agreement acquisition payments to franchisees for property improvements, hotel development efforts and other purposes. These payments are typically made at commencement of construction or hotel opening, in accordance with agreed upon provisions in individual franchise agreements. At June 30, 2022, the Company had commitments to extend an additional $269.4 million for these purposes provided the conditions of the payment are met by its franchisees. • To the extent existing unconsolidated affiliates proceed to the hotel construction phase, the Company is committed to make capital contributions totaling $7.5 million to support their efforts to construct Cambria hotels. • The Company committed to provide financing in the form of loans or credit facilities to franchisees for Choice brand development efforts. At June 30, 2022, the Company has remaining commitments of approximately $5.5 million, upon certain conditions being met. • The Company’s franchise agreements require the payment of franchise fees, which include marketing and reservation system fees. In accordance with terms of our franchise agreements, the Company is obligated to use the marketing and reservation system revenues it collects from the current franchisees comprising its various hotel brands to provide marketing and reservation services appropriate to support the operation of the overall system. To the extent revenues collected exceed expenditures incurred, the Company has a commitment to the franchisee system to make expenditures in future years. Conversely, to the extent expenditures incurred exceed revenues collected, the Company has the contractual enforceable right to assess and collect such amounts. In the ordinary course of business, the Company enters into numerous agreements that contain standard indemnities whereby the Company indemnifies another party for breaches of representations and warranties. Such indemnifications are granted under various agreements, including those governing (i) purchases or sales of assets or businesses, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities, (v) issuances of debt or equity securities, and (vi) certain operating agreements. The indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) franchisees in licensing agreements, (iv) financial institutions in credit facility arrangements, (v) underwriters in debt or equity security issuances and (vi) parties under certain operating agreements. In addition, these parties are also generally indemnified against any third-party claim resulting from the transaction that is contemplated in the underlying agreement. While some of these indemnities extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these indemnities, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability. With respect to certain of the aforementioned indemnities, such as indemnifications of landlords against third-party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates potential liability.

Transactions with Unconsolidate

Transactions with Unconsolidated Affiliates	6 Months Ended
Transactions with Unconsolidated Affiliates	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Transactions with Unconsolidated Affiliates	Transactions with Unconsolidated Affiliates The Company has a management fee arrangement for marketing services with a partner in an unconsolidated affiliate. For the three months ended June 30, 2022 and 2021, fees earned and payroll costs reimbursed under this arrangement totaled $0.6 million and $0.3 million, respectively. For the six months ended June 30, 2022 and 2021, fees earned and payroll costs reimbursed under this arrangement totaled $0.9 million and $0.5 million, respectively. The Company has entered into franchise agreements with certain of the unconsolidated affiliates discussed in Note 4. Pursuant to these franchise agreements, for the three months ended June 30, 2022 and 2021, the Company recorded royalty and marketing reservation system fees of approximately $6.4 million and $4.1 million, respectively. For the six months ended June 30, 2022 and 2021, the Company recorded royalty and marketing reservation system fees of approximately $10.6 million and $7.0 million, respectively. The Company recorded $3.6 million and $2.7 million as a receivable due from these affiliates as of June 30, 2022 and December 31, 2021, respectively.

Assets Held for Sale

Assets Held for Sale	6 Months Ended
Assets Held for Sale	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale Assets held for sale of $91.9 million are recorded within Prepaid expenses and other current assets on the consolidated balance sheets related to an owned Cambria hotel asset. The hotel met held for sale classification as of May 2022. No revision to the carrying value was recorded upon reaching held for sale classification. The building was sold to a third-party franchisee in July 2022, resulting in derecognition from the balance sheet and recognition of a gain on sale of approximately $16.0 million in the third quarter of 2022 in the Corporate & Other segment . A second owned Cambria hotel asset met held for sale classification in April 2022 and sale consummated to a third-party franchisee in June 2022, resulting in derecognition from the balance sheet and recognition of a gain on sale in the second quarter of 2022 in the Corporate & Other segment.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions In April 2022, the Company reached a settlement with a borrower holding a senior and mezzanine loan classified as collateral-dependent, collateralized by an operating hotel. As a collateral-dependent financial asset, the expected credit losses as of March 31, 2022 were determined based on the fair value of the operating hotel. As of March 31, 2022, the Notes receivable, net of allowance for credit losses, balance was $20.4 million. The key terms of the settlement resulted in a deed in lieu of foreclosure on the operating hotel in exchange for releasing obligations pursuant to the senior and mezzanine loans and the associated franchise agreement. The property was exchanged in full settlement of the senior and mezzanine loans and recorded at the fair value of $20.4 million as of the acquisition date of April 14, 2022. The fair value was estimated using an income approach valuation method based on discounted cash flows of the collateralized operating hotel utilizing historical operating performance, industry projections for the market, and comparable sales capitalization rates. In accordance with the provisions of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"), the purchase represents an asset acquisition based on the concentration of value in the acquired land and building. The $20.4 million was re-characterized from Notes receivable, net of allowance for credit losses, and attributed to each asset class based on a relative fair value allocation to qualifying assets, resulting in $3.3 million to land, $16.6 million to building and improvements, $1.3 million to furniture, fixtures, and equipment, and $(0.8) million to net liabilities assumed.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On June 12, 2022, the Company signed a definitive purchase agreement to acquire 100% of Radisson Hospitality, Inc. (“Radisson Hotels Americas") for a purchase price of approximately $675 million. As of August 4, 2022, the transaction has not closed.On July 19, 2022, the Company received a termination notice from an ownership group of approximately 111 open and operating WoodSpring properties. The termination notice indicates the group's intent to exit the majority of these 111 properties from the Choice system in September 2022 and acknowledges termination fees due pursuant to the associated franchise agreements. This termination notice will be evaluated in the third quarter of 2022

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and its subsidiaries (together the "Company") have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments that are necessary to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2021 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 24, 2022. Interim results are not necessarily indicative of the entire year results.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). ASU 2021-08 requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Topic 606, as opposed to at fair value. ASU 2021-08 is effective for annual reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company has elected to early adopt ASU 2021-08 in the second quarter of 2022. The adoption has no present impact on the Company's consolidated financial statements, but will impact the accounting for contract assets and contract liabilities acquired in future business combinations. Recently Issued Accounting Standards In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses ("ASU 2022-02"). ASU 2022-02 eliminates the recognition and measurement guidance on troubled debt restructuring for creditors that have adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) ("Topic 326"), requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty, and includes new guidance on current-period gross write-offs presentation. ASU 2022-02 is effective for annual reporting periods beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU 2022-02 will have on the consolidated financial statements and disclosures.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer, Liability	Significant changes in the contract liabilities balances during the period December 31, 2021 to June 30, 2022 are as follows: (in thousands) Balance as of December 31, 2021 $ 175,425 Increases to the contract liability balance due to cash received 56,392 Revenue recognized in the period (57,127) Balance as of June 30, 2022 $ 174,690
Schedule of Disaggregation of Revenue	Disaggregation of Revenue Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 121,449 $ — $ 121,449 $ 106,242 $ — $ 106,242 Initial franchise and relicensing fees 6,222 — 6,222 7,328 — 7,328 Procurement services 20,744 1,059 21,803 11,502 590 12,092 Marketing and reservation system 148,126 41,256 189,382 121,944 14,044 135,988 Owned hotels 14,694 2,388 17,082 7,550 1,336 8,886 Other 11,927 — 11,927 7,701 — 7,701 Total Topic 606 revenues $ 323,162 $ 44,703 367,865 $ 262,267 $ 15,970 278,237 Non-Topic 606 revenues 109 107 Total revenues $ 367,974 $ 278,344 Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 (in thousands) Over time Point in time Total Over time Point in time Total Royalty fees $ 212,188 $ — $ 212,188 $ 172,289 $ — $ 172,289 Initial franchise and relicensing fees 14,624 — 14,624 12,755 — 12,755 Procurement services 31,876 1,610 33,486 22,241 1,042 23,283 Marketing and reservation system 260,382 55,637 316,019 200,995 26,514 227,509 Owned hotels 24,635 4,385 29,020 11,068 2,058 13,126 Other 20,156 — 20,156 12,108 — 12,108 Total Topic 606 revenues $ 563,861 $ 61,632 625,493 $ 431,456 $ 29,614 461,070 Non-Topic 606 revenues 208 221 Total revenues $ 625,701 $ 461,291

Receivables and Allowance for_2

Receivables and Allowance for Credit Losses (Tables)	6 Months Ended
Receivables and Allowance for Credit Losses (Tables)	Jun. 30, 2022
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Notes Receivable	The composition of notes receivable balances by credit quality indicator and the allowance for credit losses is as follows: (in thousands) June 30, 2022 December 31, 2021 Senior $ 91,981 $ 108,370 Subordinated 20,506 27,801 Unsecured 1,453 1,512 Total notes receivable 113,940 137,683 Total allowance for notes receivable credit losses 11,531 16,779 Total notes receivable, net of allowance $ 102,409 $ 120,904 Current portion, net of allowance $ 53,760 $ 54,453 Long-term portion, net of allowance $ 48,649 $ 66,451
Schedule of Financing Receivable Credit Quality Indicators	Amortized cost basis by year of origination and credit quality indicator are as follows: (in thousands) 2022 2021 2020 Prior Total Senior $ — $ 4,211 $ — $ 87,770 $ 91,981 Subordinated — — — 20,506 20,506 Unsecured — — — 1,453 1,453 Total notes receivable $ — $ 4,211 $ — $ 109,729 $ 113,940
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the activity related to the Company’s notes receivable allowance for credit losses: (in thousands) June 30, 2022 December 31, 2021 Beginning balance $ 16,779 $ 19,484 Provision for credit losses 230 709 Write-offs (5,478) (3,414) Ending balance $ 11,531 $ 16,779
Schedule of Past Due Balances of Notes Receivable	The past due balances by credit quality indicator of notes receivable are as follows: (in thousands) 1- 30 days 31-89 days > 90 days Total Current Total As of June 30, 2022 Senior $ — $ — $ 15,200 $ 15,200 $ 76,781 $ 91,981 Subordinated — — 2,209 2,209 18,297 20,506 Unsecured — — — — 1,453 1,453 $ — $ — $ 17,409 $ 17,409 $ 96,531 $ 113,940 As of December 31, 2021 Senior $ — $ — $ — $ — $ 108,370 $ 108,370 Subordinated — — 2,209 2,209 25,592 27,801 Unsecured — — — — 1,512 1,512 $ — $ — $ 2,209 $ 2,209 $ 135,474 $ 137,683

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Components of Debt	Debt consists of the following: June 30, 2022 December 31, 2021 (in thousands) $450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $5.2 million and $5.5 million at June 30, 2022 and December 31, 2021, respectively $ 444,775 $ 444,470 $400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $4.5 million and $4.8 million at June 30, 2022 and December 31, 2021, respectively 395,538 395,237 $216.6 million senior unsecured notes due 2022 ("2012 Senior Notes") with an effective interest rate of 6.00%, less deferred issuance costs of $0.2 million at December 31, 2021 (2) 216,571 216,351 $600 million senior unsecured revolving credit facility (1) — — Economic development loans with an effective interest rate of 3.00% at June 30, 2022 and December 31, 2021, respectively 4,416 4,416 Total debt $ 1,061,300 $ 1,060,474 Less current portion (2) 216,571 216,351 Long-term debt $ 844,729 $ 844,123 (1) During the third quarter of 2020, the Company utilized excess cash on hand to pay down its senior unsecured revolving credit facility balance in full and the facility remains undrawn as of June 30, 2022 and December 31, 2021. As there are no outstanding borrowings at June 30, 2022 or December 31, 2021, deferred issuance costs for the senior unsecured revolving credit facility of $2.0 million and $2.3 million, respectively, are presented in non-current Other assets in the consolidated balance sheets. (2) The 2012 Senior Notes matured on July 1, 2022. The outstanding principal of $216.6 million was re-paid at maturity.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2022 and 2021 are as follows: (in thousands) Balance as of December 31, 2021 $ (4,574) Other comprehensive income (loss) before reclassification (237) Net current period other comprehensive income (loss) (237) Balance as of June 30, 2022 $ (4,811) (in thousands) Balance as of December 31, 2020 $ (4,646) Other comprehensive income (loss) before reclassification 123 Net current period other comprehensive income (loss) 123 Balance as of June 30, 2021 $ (4,523)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets	As of June 30, 2022 and December 31, 2021, the Company had the following assets recorded in the consolidated balance sheets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) Total Level 1 Level 2 Level 3 As of June 30, 2022 Mutual funds (1) $ 27,895 $ 27,895 $ — $ — Money market funds (1) 3,019 — 3,019 — Total $ 30,914 $ 27,895 $ 3,019 $ — As of December 31, 2021 Mutual funds (1) $ 33,555 $ 33,555 $ — $ — Money market funds (1) 2,520 — 2,520 — Total $ 36,075 $ 33,555 $ 2,520 $ — (1) Included in Investments, employee benefit plans, at fair value and Prepaid expenses and other current assets on the consolidated balance sheets.
Schedule of Carrying Amounts and Fair Values	At June 30, 2022 and December 31, 2021, the carrying amounts and fair values are as follows: June 30, 2022 December 31, 2021 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ 444,775 $ 396,675 $ 444,470 $ 477,675 2019 Senior Notes 395,538 355,668 395,237 425,984 2012 Senior Notes 216,571 216,571 216,351 221,702

Share-Based Compensation and _2

Share-Based Compensation and Capital Stock (Tables)	6 Months Ended
Share-Based Compensation and Capital Stock (Tables)	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Pre-Tax Stock-Based Compensation Expenses	The components of the Company’s pretax share-based compensation activity are as follows for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Stock options $ 1,177 $ 932 $ 2,229 $ 1,548 Restricted stock awards 3,558 2,323 6,601 4,842 Performance vested restricted stock units 4,810 3,144 8,164 4,810 Total share-based compensation expense $ 9,545 $ 6,399 $ 16,994 $ 11,200
Summary of Change In Stock-Based Award Activity	A summary of share-based award activity as of and changes during the six months ended June 30, 2022 are presented below: Stock Options Restricted Stock Performance Vested Options Weighted Weighted Shares Weighted Shares Weighted Outstanding at January 1, 2022 910,944 $ 83.14 236,599 $ 92.60 412,642 $ 114.70 Granted 155,774 146.68 255,786 145.64 111,585 181.91 Performance-Based Leveraging (1) — — — — 21,281 153.75 Exercised/Vested (43,934) 53.70 (93,354) 87.20 — — Expired (986) 51.49 — — (78,370) 81.15 Forfeited (1,050) 146.68 (6,551) 104.45 (1,460) 133.25 Outstanding at June 30, 2022 1,020,748 $ 94.07 5.9 392,480 $ 128.25 465,678 $ 136.02 Options exercisable at June 30, 2022 546,114 $ 76.29 3.8
Schedule of Weighted Average Assumptions of Black-Scholes Option-Pricing Model	The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: 2022 Grants Risk-free interest rate 1.92 % Expected volatility 29.39 % Expected life of stock option 5.9 years Dividend yield 0.65 % Requisite service period 4 years Contractual life 10 years Weighted average fair value of options granted (per option) $ 43.25

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Common Share	The computation of basic and diluted earnings per share of common stock is as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator: Net income $ 106,168 $ 85,882 $ 173,559 $ 108,219 Income allocated to participating securities (622) (324) (919) (463) Net income available to common shareholders $ 105,546 $ 85,558 $ 172,640 $ 107,756 Denominator: Weighted average shares of common stock outstanding – basic 55,446 55,389 55,429 55,326 Basic earnings per share $ 1.90 $ 1.54 $ 3.11 $ 1.95 Numerator: Net income $ 106,168 $ 85,882 $ 173,559 $ 108,219 Income allocated to participating securities (622) (324) (919) (463) Net income available to common shareholders $ 105,546 $ 85,558 $ 172,640 $ 107,756 Denominator: Weighted average shares of common stock outstanding – basic 55,446 55,389 55,429 55,326 Dilutive effect of stock options and PVRSUs 524 411 583 405 Weighted average shares of common stock outstanding – diluted 55,970 55,800 56,012 55,731 Diluted earnings per share $ 1.89 $ 1.53 $ 3.08 $ 1.93
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following securities have been excluded from the calculation of diluted weighted average shares of common stock outstanding as the inclusion of these securities would have an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Stock options 155 — 155 — PVRSUs 76 157 76 157

Reportable Segment Information

Reportable Segment Information (Tables)	6 Months Ended
Reportable Segment Information (Tables)	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Financial Information for Company's Franchising Segment	The following table presents the financial information for the Company's segments: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 349,857 $ 19,411 $ (1,294) $ 367,974 $ 268,092 $ 10,932 $ (680) $ 278,344 Operating income (loss) $ 165,448 $ (8,099) $ — $ 157,349 $ 132,600 $ (13,576) $ — $ 119,024 Income (loss) before income taxes $ 165,405 $ (23,279) $ — $ 142,126 $ 134,025 $ (22,171) $ — $ 111,854 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in thousands) Hotel Corporate & Intersegment Eliminations Consolidated Hotel Corporate & Intersegment Eliminations Consolidated Revenues $ 594,228 $ 33,671 $ (2,198) $ 625,701 $ 445,310 $ 16,972 $ (991) $ 461,291 Operating income (loss) $ 272,768 $ (16,022) $ — $ 256,746 $ 190,753 $ (27,731) $ — $ 163,022 Income (loss) before income taxes $ 272,969 $ (43,108) $ — $ 229,861 $ 185,936 $ (45,372) $ — $ 140,564

Revenue - Textual (Details)

Revenue - Textual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue - Textual (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation	$ 174,700		$ 174,700
Revenues	367,974	$ 278,344	$ 625,701	$ 461,291
Royalty fees
Disaggregation of Revenue [Line Items]
Redemption of loyalty points period			3 years
Revenues	121,449	106,242	$ 212,188	172,289
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenues	19,411	10,932	33,671	16,972
Corporate & Other \| Over time
Disaggregation of Revenue [Line Items]
Revenues	19,400	10,900	33,700	17,000
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(1,294)	(680)	(2,198)	(991)
Intersegment Eliminations \| Royalty fees
Disaggregation of Revenue [Line Items]
Revenues	$ (1,300)	$ (700)	$ (2,200)	$ (1,000)
Minimum
Disaggregation of Revenue [Line Items]
Deferred revenue, recognition period			5 years
Maximum
Disaggregation of Revenue [Line Items]
Deferred revenue, recognition period			10 years

Revenue - Contract Liability (D

Revenue - Contract Liability (Details) $ in Thousands	6 Months Ended
Revenue - Contract Liability (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Changes in Contract Liability [Roll Forward]
Balance as of December 31, 2021	$ 175,425
Increases to the contract liability balance due to cash received	56,392
Revenue recognized in the period	(57,127)
Balance as of June 30, 2022	$ 174,690

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	$ 367,865	$ 278,237	$ 625,493	$ 461,070
Total revenues	367,974	278,344	625,701	461,291
Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	323,162	262,267	563,861	431,456
Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	44,703	15,970	61,632	29,614
Royalty fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	121,449	106,242	212,188	172,289
Total revenues	121,449	106,242	212,188	172,289
Royalty fees \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	121,449	106,242	212,188	172,289
Royalty fees \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	0	0	0	0
Initial franchise and relicensing fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	6,222	7,328	14,624	12,755
Total revenues	6,222	7,328	14,624	12,755
Initial franchise and relicensing fees \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	6,222	7,328	14,624	12,755
Initial franchise and relicensing fees \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	0	0	0	0
Procurement services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	21,803	12,092	33,486	23,283
Total revenues	21,803	12,092	33,486	23,283
Procurement services \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	20,744	11,502	31,876	22,241
Procurement services \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	1,059	590	1,610	1,042
Marketing and reservation system
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	189,382	135,988	316,019	227,509
Total revenues	189,382	135,988	316,019	227,509
Marketing and reservation system \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	148,126	121,944	260,382	200,995
Marketing and reservation system \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	41,256	14,044	55,637	26,514
Owned hotels
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	17,082	8,886	29,020	13,126
Total revenues	17,191	8,993	29,228	13,347
Owned hotels \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	14,694	7,550	24,635	11,068
Owned hotels \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	2,388	1,336	4,385	2,058
Other
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenues	11,927	7,701	20,156	12,108
Total Topic 606 revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	11,927	7,701	20,156	12,108
Total Topic 606 revenues \| Over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	11,927	7,701	20,156	12,108
Total Topic 606 revenues \| Point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue	0	0	0	0
Non-Topic 606 revenues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Non-Topic 606 revenues	$ 109	$ 107	$ 208	$ 221

Receivables and Allowance for_3

Receivables and Allowance for Credit Losses - Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 113,940	$ 137,683
Total allowance for notes receivable credit losses	11,531	16,779	$ 19,484
Total notes receivable, net of allowance	102,409	120,904
Current portion, net of allowance	53,760	54,453
Long-term portion, net of allowance	48,649	66,451
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	91,981	108,370
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	20,506	27,801
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 1,453	$ 1,512

Receivables and Allowance for_4

Receivables and Allowance for Credit Losses - Credit Quality Indicator (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Notes Receivable and Allowance for Losses [Line Items]
2022	$ 0
2021	4,211
2020	0
Prior	109,729
Total	113,940	$ 137,683
Senior
Notes Receivable and Allowance for Losses [Line Items]
2022	0
2021	4,211
2020	0
Prior	87,770
Total	91,981	108,370
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
2022	0
2021	0
2020	0
Prior	20,506
Total	20,506	27,801
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
2022	0
2021	0
2020	0
Prior	1,453
Total	$ 1,453	$ 1,512

Receivables and Allowance for_5

Receivables and Allowance for Credit Losses - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 16,779	$ 19,484
Provision for credit losses	230	709
Write-offs	(5,478)	(3,414)
Ending balance	$ 11,531	$ 16,779

Receivables and Allowance for_6

Receivables and Allowance for Credit Losses - Narrative (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) loan	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Notes Receivable and Allowance for Losses [Line Items]
Total allowance for notes receivable credit losses	$ 11,531		$ 16,779	$ 19,484
Loans and financing receivable	48,649		66,451
Allowance for credit loss	11,200	$ 2,400
Variable Interest Entity, Not Primary Beneficiary
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable	101,700		120,200
SG&A expenses
Notes Receivable and Allowance for Losses [Line Items]
Provision for (reversal of) credit losses	(1,100)	(100)
Marketing and reservation system expenses
Notes Receivable and Allowance for Losses [Line Items]
Provision for (reversal of) credit losses	(300)	$ 200
Interest Rate Below Market Reduction \| Variable Interest Entity, Not Primary Beneficiary
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable	7,500		7,500
Receivable with imputed interest, discount	$ 200		$ 300
Collateral-Dependent Loans
Notes Receivable and Allowance for Losses [Line Items]
Number of loans \| loan	1		2
Total allowance for notes receivable credit losses	$ 900		$ 6,300
Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Nonaccrual status	$ 18,200		$ 44,100

Receivables and Allowance for_7

Receivables and Allowance for Credit Losses - Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Notes receivable	$ 113,940	$ 137,683
Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	91,981	108,370
Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	20,506	27,801
Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	1,453	1,512
Total Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	17,409	2,209
Total Past Due \| Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	15,200	0
Total Past Due \| Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	2,209	2,209
Total Past Due \| Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
1- 30 days Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
1- 30 days Past Due \| Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
1- 30 days Past Due \| Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
1- 30 days Past Due \| Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
31-89 days Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
31-89 days Past Due \| Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
31-89 days Past Due \| Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
31-89 days Past Due \| Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
> 90 days Past Due
Financing Receivable, Past Due [Line Items]
Notes receivable	17,409	2,209
> 90 days Past Due \| Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	15,200	0
> 90 days Past Due \| Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	2,209	2,209
> 90 days Past Due \| Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	0	0
Current
Financing Receivable, Past Due [Line Items]
Notes receivable	96,531	135,474
Current \| Senior
Financing Receivable, Past Due [Line Items]
Notes receivable	76,781	108,370
Current \| Subordinated
Financing Receivable, Past Due [Line Items]
Notes receivable	18,297	25,592
Current \| Unsecured
Financing Receivable, Past Due [Line Items]
Notes receivable	$ 1,453	$ 1,512

Investments in Affiliates (Deta

Investments in Affiliates (Details)	3 Months Ended			6 Months Ended
Investments in Affiliates (Details)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) investment	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	$ 2,076,841,000			$ 2,076,841,000		$ 1,931,824,000
Equity method investment impairment				0
Number of securities sold \| investment		3
Equity method investment, realized gain on disposal		$ 2,600,000
Hotel Franchising
Variable Interest Entity [Line Items]
Equity method investment impairment			$ 4,800,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in joint ventures included in unconsolidated entities	24,100,000			24,100,000		$ 25,200,000
Losses (gains) attributable to variable interest entities	$ 900,000	$ (900,000)		$ 1,700,000	$ 5,500,000

Debt - Schedule Of Components O

Debt - Schedule Of Components Of Debt (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt [Line Items]
Long-term debt	$ 1,061,300,000	$ 1,060,474,000
Less current portion	216,571,000	216,351,000
Long-term debt	$ 844,729,000	$ 844,123,000
Economic Development Loans
Debt [Line Items]
Debt instrument effective interest rate	3%	3%
Long-term debt	$ 4,416,000	$ 4,416,000
$450 Million Senior Unsecured Notes Due 2031 \| Senior
Debt [Line Items]
Debt instrument face amount	$ 450,000,000	$ 450,000,000
Debt instrument effective interest rate	3.86%	3.86%
Deferred issuance costs	$ 5,200,000	$ 5,500,000
Long-term debt	444,775,000	444,470,000
$400 Million Senior Unsecured Notes Due 2029 \| Senior
Debt [Line Items]
Debt instrument face amount	$ 400,000,000	$ 400,000,000
Debt instrument effective interest rate	3.88%	3.88%
Deferred issuance costs	$ 4,500,000	$ 4,800,000
Long-term debt	395,538,000	395,237,000
$400 Million Senior Unsecured Notes 2022 \| Senior
Debt [Line Items]
Debt instrument face amount	$ 216,600,000	$ 216,600,000
Debt instrument effective interest rate	6%	6%
Deferred issuance costs		$ 200,000
Long-term debt	$ 216,571,000	216,351,000
$600 Million Unsecured Revolving Credit Facility \| Senior
Debt [Line Items]
Deferred issuance costs	2,000,000	2,300,000
Total capacity	600,000,000	600,000,000
Long-term debt	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 314,645	$ 265,882	$ 19,235	$ (5,752)	$ 265,882	$ (5,752)
Other comprehensive income (loss) before reclassification					(237)	123
Other comprehensive income (loss), net of tax	(103)	(134)	71	52	(237)	123
Ending balance	416,725	314,645	104,933	19,235	416,725	104,933
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,708)	(4,574)	(4,594)	(4,646)	(4,574)	(4,646)
Other comprehensive income (loss), net of tax	(103)	(134)	71	52
Ending balance	$ (4,811)	$ (4,708)	$ (4,523)	$ (4,594)	$ (4,811)	$ (4,523)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Measurements [Line Items]
Total	$ 30,914	$ 36,075
Mutual funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	27,895	33,555
Money market funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	3,019	2,520
Level 1
Fair Value Measurements [Line Items]
Total	27,895	33,555
Level 1 \| Mutual funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	27,895	33,555
Level 1 \| Money market funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 2
Fair Value Measurements [Line Items]
Total	3,019	2,520
Level 2 \| Mutual funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 2 \| Money market funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	3,019	2,520
Level 3
Fair Value Measurements [Line Items]
Total	0	0
Level 3 \| Mutual funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 3 \| Money market funds \| Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Measurements [Line Items]
Long-term debt	$ 1,061,300	$ 1,060,474
Senior \| 2020 Senior Notes
Fair Value Measurements [Line Items]
Long-term debt	444,775	444,470
Senior \| 2020 Senior Notes \| Level 2 \| Carrying Amount
Fair Value Measurements [Line Items]
Long-term debt	444,775	444,470
Senior \| 2020 Senior Notes \| Level 2 \| Fair Value
Fair Value Measurements [Line Items]
Long-term debt	396,675	477,675
Senior \| 2019 Senior Notes
Fair Value Measurements [Line Items]
Long-term debt	395,538	395,237
Senior \| 2019 Senior Notes \| Level 2 \| Carrying Amount
Fair Value Measurements [Line Items]
Long-term debt	395,538	395,237
Senior \| 2019 Senior Notes \| Level 2 \| Fair Value
Fair Value Measurements [Line Items]
Long-term debt	355,668	425,984
Senior \| 2012 Senior Notes \| Level 2 \| Carrying Amount
Fair Value Measurements [Line Items]
Long-term debt	216,571	216,351
Senior \| 2012 Senior Notes \| Level 2 \| Fair Value
Fair Value Measurements [Line Items]
Long-term debt	$ 216,571	$ 221,702

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	25.30%	23.20%	24.50%	23%

Share-Based Compensation and _3

Share-Based Compensation and Capital Stock - Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	$ 9,545	$ 6,399	$ 16,994	$ 11,200
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	1,177	932	2,229	1,548
Restricted stock awards
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	3,558	2,323	6,601	4,842
Performance vested restricted stock units
Share-Based Compensation and Capital Stock [Line Items]
Total share-based compensation expense	$ 4,810	$ 3,144	$ 8,164	$ 4,810

Share-Based Compensation and _4

Share-Based Compensation and Capital Stock - Summary of Change in Stock-Based Award Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Stock Options
Options
Outstanding, beginning balance (in shares) \| shares	910,944
Granted (in shares) \| shares	155,774
Performance-Based Leveraging (in shares) \| shares	0
Exercised/Vested (in shares) \| shares	(43,934)
Expired (in shares) \| shares	(986)
Forfeited (in shares) \| shares	(1,050)
Outstanding, ending balance (in shares) \| shares	1,020,748
Options exercisable (in shares) \| shares	546,114
Weighted Average Exercise Price
Beginning balance (in usd per share) \| $ / shares	$ 83.14
Granted (in usd per share) \| $ / shares	146.68
Performance-Based Leveraging (in usd per share) \| $ / shares	0
Exercised/Vested (in usd per share) \| $ / shares	53.70
Expired (in usd per share) \| $ / shares	51.49
Forfeited (in usd per share) \| $ / shares	146.68
Ending balance (in usd per share) \| $ / shares	94.07
Options exercisable - weighted average exercise price (in usd per share) \| $ / shares	$ 76.29
Weighted Average Remaining Contractual Term
Outstanding	5 years 10 months 24 days
Options exercisable	3 years 9 months 18 days
Restricted Stock
Restricted Stock, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in shares) \| shares	236,599
Granted (in shares) \| shares	255,786
Performance-Based Leveraging (in shares) \| shares	0
Exercised/Vested (in shares) \| shares	(93,354)
Expired (in shares) \| shares	0
Forfeited (in shares) \| shares	(6,551)
Outstanding, ending balance (in shares) \| shares	392,480
Restricted Stock and Performance vested Restricted Stock Units, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 92.60
Granted (in usd per share) \| $ / shares	145.64
Performance-Based Leveraging (in usd per share) \| $ / shares	0
Exercised/Vested (in usd per share) \| $ / shares	87.20
Expired (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	104.45
Outstanding, ending balance (in usd per share) \| $ / shares	$ 128.25
Performance Vested Restricted Stock Units
Restricted Stock, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in shares) \| shares	412,642
Granted (in shares) \| shares	111,585
Performance-Based Leveraging (in shares) \| shares	21,281
Exercised/Vested (in shares) \| shares	0
Expired (in shares) \| shares	(78,370)
Forfeited (in shares) \| shares	(1,460)
Outstanding, ending balance (in shares) \| shares	465,678
Restricted Stock and Performance vested Restricted Stock Units, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 114.70
Granted (in usd per share) \| $ / shares	181.91
Performance-Based Leveraging (in usd per share) \| $ / shares	153.75
Exercised/Vested (in usd per share) \| $ / shares	0
Expired (in usd per share) \| $ / shares	81.15
Forfeited (in usd per share) \| $ / shares	133.25
Outstanding, ending balance (in usd per share) \| $ / shares	$ 136.02

Share-Based Compensation and _5

Share-Based Compensation and Capital Stock - Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options	6 Months Ended
	Jun. 30, 2022 $ / shares
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate	1.92%
Expected volatility	29.39%
Expected life of stock option	5 years 10 months 24 days
Dividend yield	0.65%
Requisite service period	4 years
Contractual life	10 years
Weighted average fair value of options granted (in usd per share)	$ 43.25

Share-Based Compensation and _6

Share-Based Compensation and Capital Stock - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) award_type shares	Jun. 30, 2021 USD ($) shares
Share-Based Compensation and Capital Stock [Line Items]
Stock repurchased during period (in shares) \| shares	0	1,582	68,486	1,582
Cost of shares repurchased \| $		$ 0.2	$ 9.9	$ 0.2
Stock redeemed during period (in shares) \| shares	2,422	1,156	34,848	47,655
Stock redeemed during period \| $	$ 0.3	$ 0.1	$ 5.2	$ 5.4
Restricted stock awards
Share-Based Compensation and Capital Stock [Line Items]
Types of awards granted \| award_type			2
Restricted stock awards \| Minimum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration			9 months
Restricted stock awards \| Maximum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration			60 months
Performance vested restricted stock units
Share-Based Compensation and Capital Stock [Line Items]
Types of awards granted \| award_type			3
Performance vested restricted stock units \| Minimum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration			9 months
Performance period, percent			0%
Performance vested restricted stock units \| Maximum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration			60 months
Performance period, percent			300%

Earnings Per Share - Computatio

Earnings Per Share - Computation Of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 106,168	$ 67,391	$ 85,882	$ 22,337	$ 173,559	$ 108,219
Income allocated to participating securities	(622)		(324)		(919)	(463)
Net income available to common shareholders	$ 105,546		$ 85,558		$ 172,640	$ 107,756
Denominator:
Weighted average shares of common stock outstanding – basic (in shares)	55,446		55,389		55,429	55,326
Basic earnings per share (in usd per share)	$ 1.90		$ 1.54		$ 3.11	$ 1.95
Numerator:
Net income	$ 106,168	$ 67,391	$ 85,882	$ 22,337	$ 173,559	$ 108,219
Income allocated to participating securities	(622)		(324)		(919)	(463)
Net income available to common shareholders	$ 105,546		$ 85,558		$ 172,640	$ 107,756
Denominator:
Weighted average shares of common stock outstanding – basic (in shares)	55,446		55,389		55,429	55,326
Diluted effect of stock options and PVRSUs (in shares)	524		411		583	405
Weighted average shares of common stock outstanding – diluted (in shares)	55,970		55,800		56,012	55,731
Diluted earnings per share (in usd per share)	$ 1.89		$ 1.53		$ 3.08	$ 1.93

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	155	0	155	0
Performance vested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
PVRSUs (in shares)	76	157	76	157

Reportable Segment Informatio_2

Reportable Segment Information - Narrative (Details)	Jun. 30, 2022 brand
Segment Reporting [Abstract]
Number of brands	14

Reportable Segment Informatio_3

Reportable Segment Information - Schedule Of Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reportable Segment Information [Line Items]
Revenues	$ 367,974	$ 278,344	$ 625,701	$ 461,291
Operating income (loss)	157,349	119,024	256,746	163,022
Income (loss) before income taxes	142,126	111,854	229,861	140,564
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	19,411	10,932	33,671	16,972
Operating income (loss)	(8,099)	(13,576)	(16,022)	(27,731)
Income (loss) before income taxes	(23,279)	(22,171)	(43,108)	(45,372)
Intersegment Eliminations
Reportable Segment Information [Line Items]
Revenues	(1,294)	(680)	(2,198)	(991)
Operating income (loss)	0	0	0	0
Income (loss) before income taxes	0	0	0	0
Hotel Franchising \| Operating Segments
Reportable Segment Information [Line Items]
Revenues	349,857	268,092	594,228	445,310
Operating income (loss)	165,448	132,600	272,768	190,753
Income (loss) before income taxes	$ 165,405	$ 134,025	$ 272,969	$ 185,936

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies [Line Items]
Limited payment guaranties	$ 5.7
Other commitment	5.5
Forgivable notes receivable
Commitments and Contingencies [Line Items]
Other commitment	269.4
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment	$ 7.5

Transactions with Unconsolida_2

Transactions with Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	$ 6.4	$ 4.1	$ 10.6	$ 7
Receivables	3.6		3.6		$ 2.7
Joint Venture Partner
Related Party Transaction [Line Items]
Fees earned and payroll costs reimbursed from marketing services arrangement	$ 0.6	$ 0.3	$ 0.9	$ 0.5

Assets Held for Sale - Narrativ

Assets Held for Sale - Narrative (Details) - Building - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2022	May 31, 2022
Subsequent Event \| Corporate & Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business and assets, net	$ 16
Prepaid Expenses and Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		$ 91.9

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Apr. 14, 2022	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Notes receivable, net of allowance			$ 102,409	$ 120,904
2022 Asset Acquisition
Business Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 20,400
Asset acquisition, consideration transferred, liabilities assumed	$ (800)
2022 Asset Acquisition \| Land
Business Acquisition [Line Items]
Property acquired	3,300
2022 Asset Acquisition \| Building and Building Improvements
Business Acquisition [Line Items]
Property acquired	16,600
2022 Asset Acquisition \| Furniture and Fixtures
Business Acquisition [Line Items]
Property acquired	$ 1,300
Senior And Mezzanine Loan \| Commercial Real Estate
Business Acquisition [Line Items]
Notes receivable, net of allowance		$ 20,400

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Jun. 12, 2022 USD ($)	Jul. 19, 2022 awardType
Subsequent Event \| WoodSpring
Subsequent Event [Line Items]
Number of properties \| awardType		111
Radisson Americas
Subsequent Event [Line Items]
Business acquisition, percentage of voting interests acquired	100%
Purchase price \| $	$ 675