Choice Hotels (CHH, Financial) increased 23.4% in the quarter and contributed 57 basis points to performance on a rebound in its business due to a surge in leisure travel and work-from-anywhere arrangements that allowed people to combine work and pleasure. Revenue per available room surpassed 2019 levels in the quarter, and unit growth accelerated overall and among higher revenue generating segments like its Cambria and Ascend brands, producing strong earnings and a robust balance sheet.
From Ron Baron (Trades, Portfolio)'s Baron Focused Growth Fund fourth-quarter 2021 letter.
