Choice Hotels International’s first-quarter revenue rose 6% on higher demand for budget brands such as Comfort Suites, Sleep Inn and Clarion.
Revenue increased to $136.9 million as U.S. revenue per available room (RevPAR) advanced 4.6% from a year earlier. Comfort Suites, Sleep Inn and Clarion each had RevPAR increases of at least 5.7%.
Still, net income fell 22% to $15.5 million as the company incurred higher interest costs related to loans taken out for the $600 million cash dividend it paid out last August.
General and administrative costs also jumped because of its corporate-office relocation to Rockville, Md., earlier this year.
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