Shares of Choice Hotels have declined 18.3% in the past year compared with the industry's 8.7% fall. The coronavirus crisis continues to cause disruptions to the global economy and the hospitality industry. Reduced travel and demand for hotel rooms have affected the company for some time. Although the company commenced with the recovery process, we believe that the emergence of the new COVID-19 variant is likely to create volatility in demand. The company is cautious, as rising infections may trigger disruptions again.