Comfort Inn 2013 Annual Report Download - page 44
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Table of Contents
Franchising Revenues: Franchising revenues were $316.4 million for the year ended December 31, 2013 compared to $302.2 million for the year ended
December 31, 2012, a 5% increase. The increase in franchising revenues is primarily due to a $6.4 million or 2% increase in royalty revenues, a $4.5 million
increase in initial franchise and relicensing fees and a $2.7 million or 15% increase in procurement services fees.
Royalty Fees
Domestic royalty fees for the year ended December 31, 2013 increased $6.8 million to $242.5 million from $235.7 million in 2012, an increase of 3%.
The increase in domestic royalties is attributable to a combination of factors including a 3.0% increase in domestic RevPAR and a 1.1% increase in the number
of domestic franchised hotel rooms. The Company's effective royalty rate of the domestic hotel system for 2013 remained unchanged at 4.33% from 2012.
System-wide RevPAR increased due to an 80 basis point increase in occupancy rates and a 1.6% increase in average daily rates.
A summary of the Company’s domestic franchised hotels operating information for the years ending December 31, 2013 and 2012 is as follows:
Comfort Inn
$81.55
59.4%
$48.42
2.0%
50 bps
3.0%
Comfort Suites
85.47
61.7%
52.74
1.7%
110 bps
3.4%
Sleep
72.40
56.3%
40.77
2.7%
220 bps
6.6%
Quality
69.46
51.6%
35.85
1.1%
140 bps
3.7%
Clarion
74.94
49.4%
37.03
0.3%
150 bps
3.4%
Econo Lodge
55.78
48.5%
27.05
1.4%
20 bps
1.7%
Rodeway
53.36
50.8%
27.13
1.7%
80 bps
3.1%
MainStay
69.34
70.4%
48.81
4.5%
(240) bps
0.9%
Suburban
41.61
69.7%
29.01
2.5%
40 bps
3.1%
Ascend Hotel
Collection
113.33
64.4%
72.94
6.7%
(10) bps
6.7%
$73.60
55.5%
$40.84
1.6%
80 bps
3.0%
____________________________
* Operating statistics represent hotel operations from December through November and exclude Cambria Suites since the operating statistics are not
representative of a stabilized brand, which the Company defines as having at least 25 units open and operating for a twelve month period.
The number of domestic rooms on-line increased to 400,585 rooms as of December 31, 2013 from 396,102 as of December 31, 2012 an increase of
4,483 rooms or 1.1%. The total number of domestic hotels on-line increased by 97 units or 1.9% to 5,180 as of December 31, 2013 from 5,083 as of
December 31, 2012.
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