Comfort Inn 2011 Annual Report Download - page 23

Table of Contents
Finance and Treasurer of The Ryland Group, Inc., in Columbia, Maryland, from August 1999 until March 2000 and Vice President and Treasurer from
October 1995 until August 1999.
Patrick S. Pacious. Executive Vice President, Global Strategy, Distribution & Technology since February 2011. He was Senior Vice President Corporate
Strategy and Information Technology from August 2009 to February 2011. He was Senior Vice President, Corporate Development and Strategy from December
2007 to August 2009. He was Vice President, Corporate Development and Innovation from May 2006 to December 2007 and was Senior Director of Corporate
Strategy from July 2005 to May 2006. Prior to joining the Company, he was employed by Bearingpoint Inc. as a Senior Manager from 2002 until 2005 and
Arthur Andersen Business Consulting LLP as a Senior Manager from 1996 until 2002.
David A. Pepper. Senior Vice President, Global Development since October 2009. He was Senior Vice President, Franchise Development & Emerging
Brands from July 2007 to October 2009. He was Senior Vice President and Division President Cambria Suites and Extended Stay Market Brands from
January 2007 to July 2007 and was Senior Vice President, Franchise Growth and Performance of Choice from December 2005 until January 2007. He was
Senior Vice President, Development of Choice from January 2005 until December 2005. He was Vice President, Franchise Sales from June 2002 until January
2005. He was Vice President, Franchise Sales with USFS in Atlanta, Georgia from 1996 through June 2002.
Patrick J. Cimerola. Senior Vice President, Human Resources and Administration since September 2009. He was Vice President of Human Resources
from January 2003 to September 2009. He was Sr. Director of Human Resources from January 2002 to January 2003.
Scott E. Oaksmith. Controller of the Company since September 2006. He was Senior Director & Assistant Controller of Choice from February 2004 to
September 2006. He was Director, Marketing and Reservations, Finance from October 2002 until February 2004. Prior to joining the Company, he was
employed by American Express Tax & Business Services, Inc. from January 1994 to October 2002, last serving as Senior Manager from October 2000 to
October 2002.
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Choice Hotels International, Inc. and its subsidiaries are subject to various risks, which could have a negative effect on the Company and its financial
condition. These risks could cause actual operating results to differ from those expressed in certain “forward looking statements” contained in this Form 10-K
as well as in other Company communications. Before you invest in our securities you should carefully consider these risk factors together with all other
information included in our publicly filed documents.
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A significant portion of our revenue is derived from fees based on room revenues at hotels franchised under our brands. As such, our business is
subject, directly or through our franchisees, to the following risks common in the lodging and franchising industry, among others:
•changes in the number of hotels operating under franchised brands;
•changes in the relative mix of franchised hotels in the various lodging industry price categories;
•changes in occupancy and room rates achieved by hotels;
•desirability of hotel geographic location;
•travelers’ fears of exposure to contagious diseases or insect infestations in hotel rooms;
•changes in general and local economic and market conditions, which can adversely affect the level of business and leisure travel, and therefore
the demand for lodging and related services;
•level of consumer unemployment;
•increases in operating costs that may not be able to be totally offset by increases in room rates;
•periods of deflation, defined as a persistent decline in the general price level of goods and services, may require franchisees to lower their room
rates which would result in lower revenues to the Company. In addition, there is no guarantee that the Company could reduce its costs at the
same pace as revenue declines leading to a reduction in operating profits;
•over-building in one or more sectors of the hotel industry and/or in one or more geographic regions, could lead to excess supply compared to
demand, and to decreases in hotel occupancy and/or room rates;
•the availability and cost of capital to allow hotel owners and developers to fund investments;
•changes in travel patterns;
•changes in governmental regulations that influence or determine wages, prices or increase operating, maintenance
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