• Choice Hotels average gross margin for 2023 was 95.66%, a 1.39% decline from 2022.
• Choice Hotels average gross margin for 2022 was 97.01%, a 1.01% decline from 2021.
• Choice Hotels average gross margin for 2021 was 98%, a 0.19% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.