While the economic impact has affected all markets and industries, Joyce noted the travel industry has been extremely effective in contributing billions to countries' gross domestic product. Development in real estate and hotels has slowly started to gain momentum again, with hotel franchising attracting new players and individuals who want to own something for themselves. Joyce stated that the key market Choice is focused on is Europe, noting that Europe is a market that is ready to be branded, is full of opportunities to support independent hotels, and is where Choice Hotels is aggressively focusing its international expansion. "For Choice Hotels, we see a big opportunity in Europe, with the fragmented European hotel landscape consolidating," Joyce said, "European hotels have historically been unbranded. That trend is changing. Competing in e-commerce, social media, loyalty rewards, and broader distribution to drive traffic to your hotel is expensive and labor intensive.