David Pepper, Chief Development Officer at Choice Hotels, says Q1 turning RevPAR positive brought buyers back into the market. Glenn Haussman talks with David from Choice's annual convention about why transactions drive conversions—and why extended stay keeps leading new builds.

• Conversions need transactions: buyers have to trade hotels for conversions to happen
• Q1 momentum: industry up, Choice up, investors start moving
• Choice relicensing up 50% in Q1 as buyers re-sign existing Choice hotels
• Country Inn & Suites up 50% this year
• Extended stay leads new construction: 50% of Choice's pipeline runs extended stay
• WoodSpring + Everhome make up 50% of extended stay hotels under construction

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