Comfort Inn 2013 Annual Report Download - page 25

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Table of Contents
Alexandra Jaritz. Senior Vice President, Brand Strategy & Marketing since June 2011. She was Senior Vice President of Brand Planning from
September 2010 to June 2011; Vice President, Brand Planning & Management from March 2008 to September 2010; Vice President, Brand Strategy from
October 2007 to March 2008; Vice President, Property Level Performance from January 2007 to October 2007; Vice President, Development Operations from
December 2005 to January 2007; Senior Director, Brand Strategy from February 2004 to December 2005 and Director, Strategic Planning from July 2001 to
February 2004.
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.

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.
We are subject to the operating risks common in the lodging and franchising industries.
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;
•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 offset by increases in room rates;
•increases in corporate-level operating costs resulting in lower operating margins;
•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 build new hotels and fund investments;
•changes in travel patterns;
•travelers’ fears of exposure to contagious diseases or insect infestations in hotel rooms;
•changes in governmental regulations that influence or determine wages, benefits, prices or increase operating, maintenance or construction costs
of our franchisees;
•travel restrictions (whether security-related or otherwise) imposed by governmental authorities that have the effect of discouraging or limiting
travel to and from certain jurisdictions;
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