Hotel Online  Special Report
.
advertisement

..
    Choice Hotels Reports First Quarter 2007 Net Income of $16.3 million, 
Down 8% from Previous Year 
Brand Operating Statistics
.
SILVER SPRING, Md., April 25, 2007 - Choice Hotels International, Inc., (NYSE: CHH) today reported the following highlights for the first quarter 2007:

     -- Diluted earnings per share ("EPS") for first quarter 2007 were $0.24
        compared to $0.26 in the same period of the prior year. Operating
        income for first quarter 2007 was $27.4 million compared to $30.1
        million for first quarter 2006. First quarter 2007 results include
        termination benefits expense totaling $3.7 million (approximately
        $0.03 diluted EPS) resulting from previously announced separations of
        certain executive officers.

     -- Earnings before interest, taxes and depreciation ("EBITDA") were $29.5
        million for first quarter 2007, including the termination benefits
        expense described above, compared to $32.4 million for first quarter
        2006.

     -- Domestic unit growth increased 4.5 percent in first quarter 2007.

     -- Domestic system-wide revenue per available room (RevPAR) increased
        1.4% for the first quarter of 2007 compared to 9.4% for the first
        quarter of 2006. The first quarter 2006 RevPAR results include the
        Hurricane Katrina-induced favorable impact on property-level
        performance in the southern regions of the United States. Domestic
        RevPAR for the company's mid-market brands (Comfort Inn, Comfort
        Suites and Sleep Inn) increased approximately 4% for the first quarter
        of 2007, with average daily rate increasing 5% for those brands.

     -- Executed 111 new domestic hotel franchise contracts with new
        construction contracts comprising 37% of executed agreements.

     -- The number of domestic hotels under construction, awaiting conversion
        or approved for development increased 28% to 833 hotels representing
        64,078 rooms; the worldwide pipeline increased 25% to 903 hotels
        representing 70,541 rooms.

     -- Six domestic hotel franchise contracts were executed for the Cambria
        Suites brand during the first quarter of 2007, bringing the total to
        49 executed since the brand introduction in early 2005.

     -- Franchising revenues increased 5% and total revenues increased 6% for
        first quarter 2007 compared to the same period of the prior year.

     -- Franchising margins for the three months ended March 31, 2007 were
        51.0% compared to 59.1% for the first quarter of 2006. First quarter
        2007 franchising margin reflects the impact of the $3.7 million of
        termination benefits described above and the commencement of direct
        franchising operations in continental Europe.

     -- The company purchased approximately 0.5 million shares of its common
        stock at an average price of $37.72 for a total cost of $17.8 million
        under its share repurchase program during the first quarter 2007.

"During our first quarter, we were very pleased with our net domestic unit growth and the continued significant interest in our Cambria Suites brand among hotel developers," said Charles A. Ledsinger, Jr., vice chairman and chief executive officer. "We recently surpassed the 50-contract milestone for the Cambria Suites brand, with the execution of franchise agreements to build two hotels in Toronto, the brand's first international properties. Across our entire family of brands, we see tremendous opportunities for growth in 2007. Additionally, we remain committed to returning value to our shareholders through a combination of share repurchases and dividends."

Items Affecting Comparability

Fourth Quarter 2006 Acquisition of Continental Europe Franchising Operations

During the fourth quarter of 2006, the company terminated the master franchising agreement covering continental Europe and acquired the direct franchising operations in this region from the former master franchisor. As a result of the acquisition, franchising revenues and selling, general and administrative costs for the three months ended March 31, 2007 increased approximately $0.7 million and $0.9 million, respectively, compared to first quarter 2006.

Outlook for 2007

The company's second quarter 2007 diluted EPS is expected to be $0.41. The company expects full year 2007 diluted EPS of $1.61. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for full-year 2007 is expected to be approximately $187.5 million. These estimates include the following assumptions.

     -- The company expects net domestic unit growth of approximately 4% in
        2007;
     -- RevPAR is expected to increase approximately 3.5% for second quarter
        2007 and approximately 4% for full-year 2007;
     -- The effective royalty rate is expected to increase 3 basis points for
        full-year 2007;
     -- All figures assume the existing share count and an effective tax rate
        of 36.7% for second quarter 2007 and 36% for full year 2007;
     -- All figures assume approximately $3.7 million ($0.03 diluted EPS) of
        termination benefits expense resulting from the previously announced
        separations of certain executive officers.

Use of Free Cash Flow

The company has consistently used its free cash flow (cash flow from operations less capital expenditures) generated from its operations to return value to shareholders, primarily through share repurchases and dividends.

For the three months ended March 31, 2007, the company paid $9.9 million of cash dividends to shareholders. The annual dividend rate per common share is $0.60.

For the three months ended March 31, 2007, the company purchased approximately 0.5 million shares of its common stock at an average price of $37.72 for a total cost of $17.8 million under its share repurchase program. The company has authorization to purchase up to an additional 4.6 million shares under the share repurchase program. Repurchases will continue to be made in the open market and through privately negotiated transactions subject to market and other conditions. No minimum number of shares has been fixed. Since Choice announced its stock repurchase program on June 25, 1998, the company has repurchased 34.1 million shares of its common stock for a total cost of $729.7 million through March 31, 2007. Considering the effect of a two-for-one stock split in October 2005, the company has repurchased 67.1 million shares under the share repurchase program at an average price of $10.87 per share.

The company expects to continue to return value to its shareholders through a combination of share repurchases and dividends, subject to market and other conditions.
 
 

Exhibit 1
Choice Hotels International, Inc.
Consolidated Statements of Income
(Unaudited)

                                             Three Months Ended March 31,
                                                                  Variance
                                            2007      2006        $        %
    (In thousands, except per share
     amounts)

    REVENUES:

    Royalty fees                           $43,328   $39,864    $3,464     9%
    Initial franchise and relicensing
     fees                                    4,931     5,643      (712)  (13%)
    Brand solutions                          2,986     2,782       204     7%
    Marketing and reservation               62,041    57,976     4,065     7%
    Hotel operations                         1,096       980       116    12%
    Other                                    1,801     2,173      (372)  (17%)
          Total revenues                   116,183   109,418     6,765     6%

    OPERATING EXPENSES:

    Selling, general and administrative     23,900    18,275     5,625    31%
    Depreciation and amortization            2,115     2,349      (234)  (10%)
    Marketing and reservation               62,041    57,976     4,065     7%
    Hotel operations                           741       745        (4)   (1%)
        Total operating expenses            88,797    79,345     9,452    12%

    Operating income                        27,386    30,073    (2,687)   (9%)

    OTHER INCOME AND EXPENSES:
    Interest expense                         2,997     4,040    (1,043)  (26%)
    Interest and other investment income      (601)     (704)      103   (15%)
    Equity in net income of affiliates        (194)     (258)       64   (25%)
        Total other income and
         expenses, net                       2,202     3,078      (876)  (28%)

    Income before income taxes              25,184    26,995    (1,811)   (7%)
    Income taxes                             8,869     9,330      (461)   (5%)
    Net income                             $16,315   $17,665   $(1,350)   (8%)

    Weighted average shares outstanding-
     basic                                  65,782    64,781

    Weighted average shares outstanding-
     diluted                                67,048    66,728

    Basic earnings per share                 $0.25     $0.27    $(0.02)   (7%)

    Diluted earnings per share               $0.24     $0.26    $(0.02)   (8%)
 
 

    Choice Hotels International, Inc.                       Exhibit 2
    Consolidated Balance Sheets

    (In thousands)                              March 31,        December 31,
                                                   2007              2006
                                               (Unaudited)

    ASSETS

    Cash and cash equivalents                       $35,380           $35,841
    Accounts receivable, net                         37,406            41,694
    Deferred income taxes                             3,060             1,790
    Other current assets                              6,930             7,757
         Total current assets                        82,776            87,082

    Fixed assets and intangibles, net               143,770           144,124
    Receivable -- marketing fees                     12,172             6,662
    Investments, employee benefit plans,
     at fair value                                   35,415            31,529
    Other assets                                     31,137            33,912

               Total assets                        $305,270          $303,309

    LIABILITIES AND SHAREHOLDERS' DEFICIT

    Current portion of long-term debt                  $146              $146
    Other current liabilities                       137,852           139,645
         Total current liabilities                  137,998           139,791

    Long-term debt                                  184,370           172,390
    Deferred compensation & retirement
     plan obligations                                39,687            40,101
    Other liabilities                                13,704            13,407

         Total liabilities                          375,759           365,689

         Total shareholders' deficit                (70,489)          (62,380)

               Total liabilities and
                shareholders' deficit              $305,270          $303,309
 
 

    Choice Hotels International, Inc.                      Exhibit 3
    Consolidated Statements of Cash Flows
    (Unaudited)

    (In thousands)                               Three months ended March 31,

                                                    2007              2006
    CASH FLOWS FROM OPERATING ACTIVITIES:

    Net income                                     $16,315           $17,665

    Adjustments to reconcile net income
     to net cash provided by operating
     activities:
      Depreciation and amortization                  2,115             2,349
      Provision for bad debts                         (570)             (409)
      Non-cash stock compensation and
       other charges                                 4,698             3,369
      Non-cash interest and other income              (319)             (505)
      Dividends received from equity
       method investees                                295               169
      Equity in net income of affiliates              (194)             (258)

    Changes in assets and liabilities,
     net of acquisitions:
      Receivables                                    4,995             3,231
      Receivable - marketing and
       reservation fees, net                        (7,131)           (8,319)
      Accounts payable                              (1,046)            5,785
      Accrued expenses and other                   (11,502)           (8,665)
      Income taxes payable                           3,914               708
      Deferred income taxes                            299             1,799
      Deferred revenue                               2,586             2,450
      Other assets                                     897               808
      Other liabilities                              5,101             4,275

     NET CASH PROVIDED BY OPERATING
      ACTIVITIES                                    20,453            24,452

    CASH FLOWS FROM INVESTING ACTIVITIES:

    Investment in property and equipment            (3,020)           (1,193)
    Acquisitions, net of cash acquired                (343)              -
    Purchases of investments                        (4,496)           (4,353)
    Proceeds from sales of investments                 961               859
    Issuance of notes receivable                      (131)             (649)
    Collection of notes receivable                     306               190
    Other items, net                                  (300)             (228)

     NET CASH USED IN INVESTING
      ACTIVITIES                                    (7,023)           (5,374)

    CASH FLOWS FROM FINANCING ACTIVITIES:

    Principal payments of long-term debt               (36)              (37)
    Net (repayments) borrowings pursuant
     to revolving credit facility                   12,000           (14,800)
    Excess tax benefits from stock-based
     compensation                                    1,362             5,050
    Purchase of treasury stock                     (19,001)           (1,277)
    Dividends paid                                  (9,895)           (8,436)
    Proceeds from exercise of stock
     options                                         1,679             3,437

     NET CASH USED IN FINANCING
      ACTIVITIES                                   (13,891)          (16,063)

    Net change in cash and cash
     equivalents                                      (461)            3,015
    Cash and cash equivalents at
     beginning of period                            35,841            16,921

    CASH AND CASH EQUIVALENTS AT END OF
     PERIOD                                        $35,380           $19,936
 

                     CHOICE HOTELS INTERNATIONAL, INC.            EXHIBIT 4
                    SUPPLEMENTAL OPERATING INFORMATION
                           DOMESTIC HOTEL SYSTEM
                                (UNAUDITED)

                                              For the Three Months Ended
                                                    March 31, 2007

                                           Average Daily
                                               Rate     Occupancy    RevPAR

    Comfort Inn                               $70.59      51.2%      $36.11
    Comfort Suites                             83.28      56.8%       47.29
    Sleep                                      64.17      51.9%       33.28
       Midscale without Food & Beverage        72.46      52.4%       37.98

    Quality                                    63.45      43.4%       27.54
    Clarion                                    73.84      41.3%       30.48
       Midscale with Food & Beverage           65.95      42.9%       28.27

    Econo Lodge                                49.42      39.2%       19.36
    Rodeway                                    47.67      38.5%       18.37
       Economy                                 49.06      39.0%       19.15

    MainStay                                   65.90      58.2%       38.35
    Suburban                                   38.67      63.6%       24.59
       Extended Stay                           44.11      62.4%       27.54

    Total Domestic System                     $66.18      47.6%      $31.52
 

                                             For the Three Months Ended
                                                    March 31, 2006

                                          Average Daily
                                               Rate     Occupancy    RevPAR

    Comfort Inn                               $67.12      51.7%      $34.70
    Comfort Suites                             79.18      58.8%       46.58
    Sleep                                      62.00      51.8%       32.14
       Midscale without Food & Beverage        68.98      53.1%       36.63

    Quality                                    61.79      44.9%       27.77
    Clarion                                    76.25      42.5%       32.44
       Midscale with Food & Beverage           65.29      44.3%       28.95

    Econo Lodge                                48.54      39.0%       18.92
    Rodeway                                    46.80      39.0%       18.23
       Economy                                 48.23      39.0%       18.80

    MainStay                                   65.31      57.0%       37.23
    Suburban                                   36.97      69.3%       25.63
       Extended Stay                           41.64      66.9%       27.88

    Total Domestic System                     $63.85      48.7%      $31.08
 

                                                        Change

                                     Average Daily
                                         Rate         Occupancy        RevPAR

    Comfort Inn                           5.2%          -50 bps         4.1%
    Comfort Suites                        5.2%         -200 bps         1.5%
    Sleep                                 3.5%           10 bps         3.5%
       Midscale without Food & Beverage   5.0%          -70 bps         3.7%

    Quality                               2.7%         -150 bps        (0.8%)
    Clarion                              (3.2%)        -120 bps        (6.0%)
       Midscale with Food & Beverage      1.0%         -140 bps        (2.3%)

    Econo Lodge                           1.8%           20 bps         2.3%
    Rodeway                               1.9%          -50 bps         0.8%
       Economy                            1.7%            0 bps         1.9%

    MainStay                              0.9%          120 bps         3.0%
    Suburban                              4.6%         -570 bps        (4.1%)
       Extended Stay                      5.9%         -450 bps        (1.2%)

    Total Domestic System                 3.6%         -110 bps         1.4%
 
 
 

                                          For the Quarter Ended
                                          03/31/2007 03/31/2006

    System-wide effective royalty rate         4.14%      4.07%
 
 

                     CHOICE HOTELS INTERNATIONAL, INC.             EXHIBIT 5
                  SUPPLEMENTAL HOTEL AND ROOM SUPPLY DATA
                                (UNAUDITED)
 

                                           March 31, 2007    March 31, 2006

                                           Hotels   Rooms    Hotels   Rooms

    Comfort Inn                            1,421   110,980   1,418   111,032
    Comfort Suites                           442    34,649     415    32,666
    Sleep                                    330    24,772     322    24,384
        Midscale without Food & Beverage   2,193   170,401   2,155   168,082

    Quality                                  757    74,036     670    66,657
    Clarion                                  161    23,881     151    23,157
        Midscale with Food & Beverage        918    97,917     821    89,814

    Econo Lodge                              812    49,202     818    50,144
    Rodeway                                  240    14,930     185    11,387
         Economy                           1,052    64,132   1,003    61,531

    MainStay                                  30     2,237      27     2,047
    Suburban                                  61     8,088      64     8,460
         Extended Stay                        91    10,325      91    10,507

    Domestic Franchises                    4,254   342,775   4,070   329,934

    International Franchises               1,152    98,481   1,168    98,456

    Total Franchises                       5,406   441,256   5,238   428,390
 

                                                          Variance

                                             Hotels   Rooms      %        %

    Comfort Inn                                3       (52)    0.2%    (0.0%)
    Comfort Suites                            27     1,983     6.5%     6.1%
    Sleep                                      8       388     2.5%     1.6%
        Midscale without Food & Beverage      38     2,319     1.8%     1.4%

    Quality                                   87     7,379    13.0%    11.1%
    Clarion                                   10       724     6.6%     3.1%
        Midscale with Food & Beverage         97     8,103    11.8%     9.0%

    Econo Lodge                               (6)     (942)   (0.7%)   (1.9%)
    Rodeway                                   55     3,543    29.7%    31.1%
         Economy                              49     2,601     4.9%     4.2%

    MainStay                                   3       190    11.1%     9.3%
    Suburban                                  (3)     (372)   (4.7%)   (4.4%)
         Extended Stay                         -      (182)    0.0%    (1.7%)

    Domestic Franchises                      184    12,841     4.5%     3.9%

    International Franchises                 (16)       25    (1.4%)    0.0%

    Total Franchises                         168    12,866     3.2%     3.0%
 
 
 

                                                                  EXHIBIT 6
                        CHOICE HOTELS INTERNATIONAL, INC.
                        SUPPLEMENTAL INFORMATION BY BRAND
                    DEVELOPMENT RESULTS -- NEW HOTEL CONTRACTS
                                   (UNAUDITED)

                          For the Three     For the Three
                           Months Ended      Months Ended
                          March 31, 2007    March 31, 2006       % Change

                         New               New               New
                         Con-              Con               Con-
                        struc- Conver-    struc- Conver-    struc- Conver-
                         tion  sion  Total tion  sion  Total tion  sion  Total

    Comfort Inn             5    3     8    15   13    28   (67%)  (77%) (71%)
    Comfort Suites         14    1    15    12    -    12    17%   NM     25%
    Sleep                   8    -     8     3    -     3   167%   NM    167%
         Midscale without
          Food & Beverage  27    4    31    30   13    43   (10%)  (69%) (28%)

    Quality                 1   35    36     2   25    27   (50%)   40%   33%
    Clarion                 2    6     8     1    9    10   100%   (33%) (20%)
         Midscale w/ Food
          & Beverage        3   41    44     3   34    37     0%    21%   19%

    Econo Lodge             1   13    14     -    9     9   NM      44%   56%
    Rodeway                 -   11    11     -   15    15   NM     (27%) (27%)
         Economy            1   24    25     -   24    24   NM       0%    4%

    MainStay                -    -     -     2    1     3  (100%) (100%)(100%)
    Suburban                4    1     5     3    -     3    33%   NM     67%
         Extended Stay      4    1     5     5    1     6   (20%)    0%  (17%)

    Cambria Suites          6    -     6    10    -    10   (40%)  NM    (40%)

    Total Domestic System  41   70   111    48   72   120   (15%)   (3%)  (8%)
 
 

                                                                     Exhibit 7
                        CHOICE HOTELS INTERNATIONAL, INC.
    DOMESTIC HOTEL PIPELINE OF HOTELS UNDER CONSTRUCTION, AWAITING CONVERSION
                           OR APPROVED FOR DEVELOPMENT
                                   (UNAUDITED)

    A hotel in the domestic pipeline does not always result in an open and
    operating hotel due to various factors.

                                            March 31, 2007    March 31, 2006
                                                Units             Units

                                                  New               New
                                                  Con               Con-
                                         Conver- struc-     Conver- struc-
                                           sion   tion Total sion   tion Total

    Comfort Inn                              35   120   155    46    95   141
    Comfort Suites                            3   232   235     2   181   183
    Sleep Inn                                 -   123   123     -    86    86
       Midscale without Food & Beverage      38   475   513    48   362   410

    Quality                                  74     9    83    61    11    72
    Clarion                                  13     4    17    18     5    23
         Midscale with Food & Beverage       87    13   100    79    16    95

    Econo Lodge                              45     5    50    28     7    35
    Rodeway                                  57     2    59    44     -    44
         Economy                            102     7   109    72     7    79

    MainStay                                  -    30    30     1    32    33
    Suburban                                  5    27    32     1    12    13
         Extended Stay                        5    57    62     2    44    46

    Cambria Suites                            -    49    49     -    23    23

                                            232   601   833   201   452   653
 
 

                                                       Variance

                                                          New
                                          Conversion   Construction   Total
                                          Units    %    Units  %    Units   %

    Comfort Inn                            (11)  -24%    25   26%    14   10%
    Comfort Suites                           1    50%    51   28%    52   28%
    Sleep Inn                                -    NM     37   43%    37   43%
       Midscale without Food & Beverage    (10)  -21%   113   31%   103   25%

    Quality                                 13    21%    (2) -18%    11   15%
    Clarion                                 (5)  -28%    (1) -20%    (6) -26%
         Midscale with Food & Beverage       8    10%    (3) -19%     5    5%

    Econo Lodge                             17    61%    (2) -29%    15   43%
    Rodeway                                 13    30%     2   NM     15   34%
         Economy                            30    42%     -    0%    30   38%

    MainStay                                (1) -100%    (2)  -6%    (3)  -9%
    Suburban                                 4   400%    15  125%    19  146%
         Extended Stay                       3   150%    13   30%    16   35%

    Cambria Suites                           -    NM     26  113%    26  113%

                                            31    15%   149   33%   180   28%
 
 

                 CHOICE HOTELS INTERNATIONAL, INC.           EXHIBIT 8
            SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
                            (UNAUDITED)

    CALCULATION OF FRANCHISING REVENUES AND FRANCHISING MARGINS

    (dollar amounts in thousands)                Three Months
                                                Ended March 31,
                                               2007         2006
      Franchising Revenues:

      Total Revenues                         $116,183     $109,418
      Adjustments:
           Marketing and reservation
            revenues                          (62,041)     (57,976)
           Hotel Operations                    (1,096)        (980)
      Franchising Revenues                    $53,046      $50,462

      Franchising Margins:

      Operating Margin:

      Total Revenues                         $116,183     $109,418
      Operating Income*                       $27,386      $30,073
           Operating Margin                     23.6%        27.5%

      Franchising Margin:

      Franchising Revenues                    $53,046      $50,462

      Operating Income*                       $27,386      $30,073
      Less: Hotel Operations                      355          235
                                              $27,031      $29,838

           Franchising Margins*                 51.0%        59.1%
 
 

    EBITDA Reconciliation

    (in millions)
                                            Q1 2007     Q1 2006     Full-Year
                                            Actuals     Actuals   2007 Outlook

      Operating Income (per GAAP)*             $27.4       $30.1       $178.0
      Depreciation and amortization              2.1         2.3          9.5
      Earnings before interest, taxes,
       depreciation & amortization
       (non-GAAP) ("EBITDA")*                  $29.5       $32.4       $187.5

      * 2007 Franchising margins, operating income and EBITDA include
        approximately $3.7 million of severance costs related to the
        previously announced termination of certain executive officers.

                                                                    
About Choice Hotels

Choice Hotels International franchises more than 5,400 hotels, representing more than 440,000 rooms, in the United States and 39 countries and territories. As of March 31, 2007, 833 hotels are under development in the United States, representing 64,078 rooms, and an additional 70 hotels, representing 6,463 rooms, are under development in more than 15 countries and territories. The company's Cambria Suites, Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites and Suburban Extended Stay Hotel brands serve guests worldwide.

Additional corporate information may be found on Choice Hotels' Internet site, which may be accessed at www.choicehotels.com.

Forward-Looking Statements

Certain matters discussed in this press release may constitute forward- looking statements within the meaning of the federal securities law. Such statements are based on management's beliefs, assumptions and expectations, which in turn are based on information currently available to management. Actual performance and results could differ from those expressed in or contemplated by the forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Choice's ability to predict or control. The company's Form 10-K for the year ended December 31, 2006 details some of the important risk factors that you should review.

Statement Concerning Non-GAAP Financial Measurements

Franchising revenues, franchising margins, and EBITDA are non-GAAP financial measurements. These financial measurements are presented as supplemental disclosures because they are used by management in reviewing and analyzing the company's performance. This information should not be considered as an alternative to any measure of performance as promulgated under accounting principles generally accepted in the United States (GAAP), such as total revenues, operating income, and operating margins. The company's calculation of these measurements may be different from the calculation used by other companies and therefore comparability may be limited. The company has included exhibits accompanying this release that reconcile these measures to the comparable GAAP measurement.

Cambria Suites, Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge, and Rodeway Inn are proprietary trademarks and service marks of Choice Hotels International, Inc.

2007 Choice Hotels International, Inc.  All rights reserved.

.
Contact:

Choice Hotels International, Inc.
www.choicehotels.com
.
.
Also See: Choice Hotels Net Income Up 29% to $112.8 million for Full-year 2006; Of Its 10 Brands, the Mainstay Suites Brand Records Highest Year End Occupancy of 69.4% / Brand Operating Statistics / February 2007
.
.
To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.