Comfort Inn 2011 Annual Report Download - page 6
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Table of Contents
The following chart demonstrates these trends:
1997 64.5%
$75.16
6.1 %
1.9 %
$48.50
128,000
1998 64.0%
$78.62
4.6 %
2.3 %
$50.29
143,000
1999 63.3%
$81.27
3.4 %
2.7 %
$51.44
143,148
2000 63.5%
$85.24
4.9 %
3.4 %
$54.13
121,476
2001 60.1%
$84.85
(0.5)%
2.9 %
$50.99
101,279
2002 59.2%
$83.15
(2.0)%
1.6 %
$49.22
86,366
2003 59.1%
$83.19
0.1 %
2.3 %
$49.20
65,876
2004 61.3%
$86.41
3.9 %
2.7 %
$52.93
55,245
2005 63.1%
$90.84
5.1 %
3.4 %
$57.34
65,900
2006 63.4%
$97.31
7.1 %
3.2 %
$61.69
73,308
2007 63.1%
$104.04
6.9 %
2.8 %
$65.61
94,541
2008 60.3%
$106.96
2.8 %
3.8 %
$64.49
146,312
2009 54.5%
$98.17
(8.2)%
(0.4)%
$53.50
142,287
2010 57.5%
$98.06
(0.1)%
1.6 %
$56.43
73,976
2011 60.1%
$101.64
3.7 %
3.2 %
$61.06
38,409
(Source: Smith Travel Research and US Department of Labor)
As a franchisor, we believe we are well positioned in any stage of the lodging cycle as our fee-for-service business model has historically delivered
predictable, profitable, long-term growth in a variety of lodging and economic environments. We have historically benefited from both the RevPAR gains
typically experienced in the early stages of recovery, as our revenues are based on our franchisees’ gross room revenues, and the supply growth normally
occurring in the later stages as we increase our portfolio size.
The Company’s portfolio of brands offers both new construction and conversion opportunities. Our new construction brands typically benefit from
periods of supply growth and favorable capital availability and pricing. Our conversion brands also benefit from periods of supply growth as the construction
of new hotels increases the need for existing hotels to seek new brand affiliations as their product moves through the hotel life cycle. Furthermore, the
Company's conversion brands benefit from lodging cycle downturns as our unit growth has been historically driven from the conversion of independent and
other hotel chain affiliates into our system as these hotels endeavor to improve their performance.
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