• Choice Hotels average return on tangible equity for 2023 was -36.44, a 73.37% decline from 2022.
• Choice Hotels average return on tangible equity for 2022 was -136.82, a 187.86% decline from 2021.
• Choice Hotels average return on tangible equity for 2021 was -47.53, a 55.73% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.