<SEC-DOCUMENT>0001193125-24-016775.txt : 20240507
<SEC-HEADER>0001193125-24-016775.hdr.sgml : 20240507
<ACCEPTANCE-DATETIME>20240126163749
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-016775
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHOICE HOTELS INTERNATIONAL INC /DE
		CENTRAL INDEX KEY:			0001046311
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				521209792
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		915 MEETING STREET
		STREET 2:		SUITE 600
		CITY:			NORTH BETHESDA
		STATE:			MD
		ZIP:			20852
		BUSINESS PHONE:		3015925000

	MAIL ADDRESS:	
		STREET 1:		915 MEETING STREET
		STREET 2:		SUITE 600
		CITY:			NORTH BETHESDA
		STATE:			MD
		ZIP:			20852

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHOICE HOTELS FRANCHISING INC
		DATE OF NAME CHANGE:	19971118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHOICE HOTELS INTERNATIONAL INC/
		DATE OF NAME CHANGE:	19971022
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;26, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Christina Chalk&nbsp;&amp;
Laura McKenzie </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Choice Hotels International, Inc.</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Wyndham Hotels&nbsp;&amp; Resorts, Inc.</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Schedule <FONT STYLE="white-space:nowrap">TO-T</FONT> filed by Choice Hotels International, Inc. on Dec. 12, 2023</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;5-90832</FONT></B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed by Choice Hotels International, Inc. on Dec. 12, 2023</B></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-275998</FONT></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of Choice Hotels International, Inc. (&#147;<U>we</U>,&#148; &#147;<U>our</U>,&#148; or the &#147;<U>Company</U>&#148;), we submit this letter in response to the comment letter, dated January&nbsp;4, 2024 (the &#147;<U>Comment
Letter</U>&#148;) from the staff (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission relating to the above referenced Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> as filed by the Company on
December&nbsp;12, 2023 (the &#147;<U>Registration Statement</U>&#148;) and Schedule <FONT STYLE="white-space:nowrap">TO-T</FONT> as filed by the Company on December&nbsp;12, 2023 (the &#147;<U>Schedule
<FONT STYLE="white-space:nowrap">TO-T</FONT></U>&#148;). We are concurrently submitting via EDGAR this letter, Amendment No.&nbsp;1 to the Registration Statement (the &#147;<U>Amendment</U>&#148;) and Amendment No.&nbsp;1 to the Schedule <FONT
STYLE="white-space:nowrap">TO-T.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comments are summarized below in italicized text, and our responses to the Staff&#146;s comments
are set out immediately under the restated comment. Unless otherwise indicated, defined terms used herein have the meanings set forth in <FONT STYLE="white-space:nowrap">S-4.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule <FONT STYLE="white-space:nowrap">TO-T</FONT> filed December&nbsp;12, 2023 and Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed
December&nbsp;12, 2023 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Prospectus Cover Page </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Given that this is an early commencement exchange offer, please remove the words &#147;Subject to
Completion&#148; on the cover page of the prospectus. See Question 2 in Section I.E of the Third Supplement (July 2001) to the Division of Corporation Finance&#146;s Manual of Publicly Available Telephone Interpretations</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the cover page of the Amendment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Questions and Answers About the Offer, page 1 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that on page 5, you refer to certain &#147;obstacles to consummating the Exchange Offer and the
Second-Step Mergers that the Wyndham Board could unilaterally eliminate, including . . . the requirement for a stockholder vote on the Second-Step Mergers, which may be eliminated if the Wyndham Board approves a merger agreement, and the transaction
is consummated, in accordance with Section</I><I></I><I>&nbsp;251(h) of the DGCL.&#148; It appears, however, that consummating the Second-Step Mergers under Section</I><I></I><I>&nbsp;251(h) of the DGCL would require bilateral action by both the
Wyndham Board and Purchaser, based on your disclosure on page 81 that Section</I><I></I><I>&nbsp;251(h) of the DGCL requires a merger agreement between Wyndham and Purchaser and the acquisition by Purchaser of a certain minimum number of shares. As
such, please revise to clarify how the Wyndham Board can unilaterally facilitate a short-form merger under Section</I><I></I><I>&nbsp;251(h) of the DGCL</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 5 and 60 of the Amendment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary - Reasons for the Offer, page 18 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Here and throughout the prospectus, you make assertions regarding the synergies that Choice believes will
result if the Exchange Offer and Second-Step Mergers are consummated. For example, we note the following <FONT STYLE="white-space:nowrap">non-exclusive</FONT> examples on page 20 of the prospectus</I>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>&#147;Choice believes there are approximately $150</I><I></I><I>&nbsp;million of annual cost-driven synergies,
the majority of which could be achieved within 24 months following the Second-Step Mergers;&#148;</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>&#147;Choice expects that at the time the Proposed Transaction closes, it will have a net debt to Adjusted
EBITDA leverage ratio of approximately 5.25x, with a year one interest rate coverage ratio of approximately 3.0x, a long-term leverage target of approximately <FONT STYLE="white-space:nowrap">3-4x</FONT> and an expectation to return to its target
leverage range within 24 months of the consummation of the Offer and Second-Step Merger;&#148; and</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>&#147;Choice also believes that the combined company is expected to grow rapidly at a rate of <FONT
STYLE="white-space:nowrap">7-10%</FONT> on an annualized basis.&#148;</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Please provide support for these and all
other projected or forecasted figures where they appear in the offer materials. In addition, briefly describe the limitations on these projections such as factors that may cause them not to be realized, including on the timing by which you believe
they will be achieved</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 20,
59 and 60 of the Amendment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&#8201;2&#8201;- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>The disclosures on pages 20 and 21 of the prospectus contain
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures. Please advise us how these disclosures comply with Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-</FONT> K and Rule 100 of Regulation G. Alternatively, provide the
required disclosures or explain in your response letter why compliance with Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Rule 100 of Regulation G is not required</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 14 of the Amendment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Reasons for the Offer, page 58 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your characterization of the value of the stock component your offer as $40.50 per share based on
Choice&#146;s closing share price on October</I><I></I><I>&nbsp;16, 2023. Please revise this disclosure to reflect the market value as of a recent date, consistent with the value set forth on page 10 (as updated per our comment below)</I>.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 19 and 58 of
the Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Procedure for Tendering, page 69 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure on page 71 that &#147;Choice&#146;s interpretation of the terms and conditions of
the Offer . . . will be final and binding to the fullest extent permitted by law.&#148; Please revise this statement (and similar statements throughout the prospectus) to to clarify that stockholders may challenge your determinations in a court of
competent jurisdiction</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the
disclosure on pages 71, 73 and 92 of the Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Withdrawal Rights, page 73 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your statement in various places that tendered shares may be withdrawn &#147;if Choice has not
accepted shares of Wyndham Common Stock for exchange, at any time following 60 Business Days from commencement of the Offer&#148; (emphasis added). Revise throughout the prospectus to state tendered shares may be withdrawn any time following 60
calendar days from the date the Offer commenced. See Exchange Act Section</I><I></I><I>&nbsp;14(d)(5)</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages&nbsp;9, 11, 24, 29 and 73 of the
Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Effect of the Offer on the Market for the Shares of Wyndham Common Stock, page 83 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>The Exchange Offer seeks all outstanding shares of Wyndham Common Stock, includes a majority Minimum Tender
Condition, and states an intent to follow the Offer with Second-Step Mergers that will eliminate any remaining Wyndham Common Stock not </I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&#8201;3&#8201;- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
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<I>tendered in the Offer. While you state that Choice intends to cause Purchaser to merge with and into Wyndham and Wyndham into NewCo immediately after the Exchange Offer, the disclosure here
about a possible continuing market for Wyndham Common Stock after the Offer is confusing, given these plans. Please revise to clarify here and in the next section discussing continued listing on the NYSE on page 84</I>. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 32, 83 and 84 of the Amendment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Conditions to the Offer, page 85 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that the Minimum Tender Condition will be judged &#147;as of the date that we accept shares of
Wyndham Common Stock for exchange pursuant to the Offer.&#148; However, as noted below, all conditions to the Offer, including the Minimum Tender Condition, must be judged as of the expiration date of the Offer. Please revise</I>.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 5, 21 and 85
of the Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that the Anti-Takeover Devices Condition will be triggered unless &#147;the Wyndham Board shall have
taken steps to ensure that the Second-Step Mergers can be completed in the short-form manner permitted by Section</I><I></I><I>&nbsp;251(h) of the DGCL.&#148; Please revise this condition to clarify specific steps that the Wyndham Board must take in
relation to Section</I><I></I><I>&nbsp;251(h) of the DGCL to avoid triggering this condition</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In
response to the Staff&#146;s comment, the Company has revised the disclosure on pages 5, 21 and 86 of the Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Refer to page 86 and the discussion of the Competition Laws Condition. Please revise to summarize the
approvals or authorizations required to complete the Exchange Offer, other than those required under the HSR Act. For example, if anti-trust laws in other countries will apply, please describe</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 6, 29,
<FONT STYLE="white-space:nowrap">85-86,</FONT> 94 and 96 of the Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Refer to the second bullet point in the discussion of the Competition Laws Condition on page 86 of the
prospectus. Provide further detail about any other approvals, permits, authorizations, etc. which are or may be needed from any other governmental authority besides anti-trust approvals referenced in the first bullet point which may be implicated by
this condition. Include the same expanded disclosure on page 96 under &#147;Regulatory Approvals.&#148;</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 6, 29,
<FONT STYLE="white-space:nowrap">85-86,</FONT> and 96 of the Amendment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&#8201;4&#8201;- </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Clause (ii)</I><I></I><I>&nbsp;of the Wyndham Material Adverse Effect definition on page 87 references
anything that &#147;would, or would reasonably be expected to, materially impair the ability of Wyndham or any of its subsidiaries to consummate the Offer or the Second-Step Mergers.&#148; Please confirm the reference to Wyndham, rather than Choice,
is correct and revise the condition to more clearly describe what it is intended to cover</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In
response to the Staff&#146;s comment, the Company has revised the disclosure on page 87 of the Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>The first paragraph under the section &#147;Other Conditions to the Offer,&#148; starting on page 88,
states: &#147;None of the following events shall have occurred and be continuing and be of a nature that could reasonably be expected to make it inadvisable for us to complete the Offer or Second-Step Mergers.&#148; All offer conditions other than
conditions related to receipt of regulatory approvals necessary to consummate the Offer must be satisfied or waived as of expiration of the Offer. While an offer condition may relate to or may reference the Second-Step Mergers the disclosure in the
prospectus should be clear that the offer condition itself will be judged as of expiration of the Offer. Please revise your disclosure accordingly</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 5, 21, 62, 85 and 88 of the
Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that the <FONT STYLE="white-space:nowrap">lead-in</FONT> language to the &#147;Other Conditions to
the Offer&#148; section states: &#147;None of the following events shall have occurred and be continuing and be of a nature that could reasonably be expected to make it inadvisable for us to complete the Offer or Second-Step Mergers.&#148; Please
revise this language to clarify the date as of which such events must &#147;be continuing&#148; in order for such conditions to be triggered. For example, if this language is intended to imply that the condition will only be judged by facts as they
exist at the expiration of the Offer, this is not clear as currently drafted and should be clarified in revised disclosure</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 5, 21, 62, 85 and 88 of the
Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>See the disclosure quoted in the two preceding comments. All offer conditions must be objective and outside
the control of the bidder to avoid an impermissible illusory offer. The language above &#147;that could reasonably be expected to make it inadvisable for us to complete the Offer or Second-Step Mergers&#148; appears to provide the offeror with
discretion to make a secondary decision whether to proceed with or terminate the Offer after the occurrence or <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of one of the listed offer conditions. In our view, once an offer condition is
&#147;triggered,&#148; the bidder must determine and advise stockholders how it intends to proceed by terminating the Offer or waiving the applicable condition. If there is a secondary determination (whether it is advisable to proceed), this must be
described in reasonable detail, including what factors the decision would be based upon. Please revise your disclosure accordingly</I>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&#8201;5&#8201;- </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the
disclosure on page 88 of the Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>You have included a condition that will be triggered by &#147;any general suspension of, or limitation on
times or prices for, trading in securities on any national securities exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market.&#148; Please revise to explain what would be considered
a limitation on prices for securities on any national securities exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-</FONT></FONT> counter market, or delete this language</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 89 of the Amendment. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>You have included a condition that will be triggered by &#147;the outbreak or escalation of a war, armed
hostilities or other international or national calamity directly or indirectly involving the United States&#148; (emphasis added). The broad wording of this offer condition gives rise to illusory offer concerns under Regulation 14E, in particular
given ongoing international hostilities. Please revise to narrow or qualify this condition, or advise</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 89 of the Amendment. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the following disclosure on page 92: &#147;Each of the conditions . . . is for the sole benefit of
Choice and may be asserted by Choice regardless of the circumstances (including any action or inaction by us) giving rise to any such conditions.&#148; Offer conditions must be objective and outside the control of the offeror in order to avoid
illusory offer concerns under Regulation 14E. Please revise the language throughout your document relating to the circumstances that may &#147;trigger&#148; an offer condition to avoid the implication that they may be within your control. See
Question 101.02 of the Division of Corporation Finance&#146;s &#147;Tender Offer Rules and Schedules&#148; Compliance and Disclosure Interpretations</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 92 of the Amendment. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure on page 92 that the conditions &#147;may be waived by Choice in whole or in part at
any time and from time to time in Choice&#146;s sole discretion.&#148; If an event occurs that implicates an offer condition, an offeror must promptly inform security holders whether it will waive the condition and continue with the Offer, or
terminate the Offer based on that condition. In this respect, reserving the right to waive a condition &#147;at any time and from time to time&#148; is inconsistent with your obligation to inform security holders promptly if events occur that
&#147;trigger&#148; an offer condition. Please revise here and later in the same paragraph, where you state that &#147;failure by Choice at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right and each such
right shall be deemed an ongoing right which may be asserted at any time and from time to time.&#148;</I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&#8201;6&#8201;- </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the
disclosure on page 92 of the Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Regulatory Approvals, page 96 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">21.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the disclosure here that the Offer and Second-Step Mergers &#147;may&#148; be subject to review by
governmental authorities and other regulatory agencies, including those outside the United States. Revise to state when you and how Choice will make the determination if this is the case, when it will begin the necessary process to seek approvals,
how long that process is anticipated to take and whether it can be done without the cooperation of Wyndham</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 6, 29,
<FONT STYLE="white-space:nowrap">85-86,</FONT> 94 and 96 of the Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Additional Note Regarding the Offer, page 130 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">22.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure that if &#147;Choice cannot comply with any such law, the Offer will not be made to
(nor will tenders be accepted from or on behalf of) the holders of shares of Wyndham Common Stock in such jurisdiction.&#148; While offer materials need not be disseminated into jurisdictions where it is impermissible to do so, please remove the
implication that tendered shares will not be accepted from all stockholders. Refer to <FONT STYLE="white-space:nowrap">Rule&nbsp;14d-10</FONT> and Section&nbsp;II.G.1 of Securities Exchange Act Release No.</I><I></I><I>&nbsp;58597
(September&nbsp;19, 2008)</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the
disclosure on page 126 of the Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Where You Can Find More Information, page 133 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">23.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>If you amend your registration statement prior to including your audited financial statements for the year
ended December</I><I></I><I>&nbsp;31, 2023, please revise to incorporate by reference your Form <FONT STYLE="white-space:nowrap">8-K/A</FONT> filed October</I><I></I><I>&nbsp;27, 2022, which contains the historical combined financial information of
Radisson Hospitality, Inc</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In light of the discussions between the Company&#146;s outside counsel
and the Staff relating to the timing of the Company&#146;s response to the Comment Letter and the filing of the Amendment, the Company has not incorporated by reference the Form <FONT STYLE="white-space:nowrap">8-K/A</FONT> filed October&nbsp;27,
2022, which contains the historical combined financial information of Radisson Hospitality, Inc. (&#147;<U>Radisson</U>&#148;), as it was not practicable for the Company to obtain the consent of Radisson&#146;s independent registered public
accounting firm on the timeline for the Amendment discussed with the Staff.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&#8201;7&#8201;- </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">24.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that the Additional Consideration will be paid if the Competition Laws Condition has not been
satisfied as of the <FONT STYLE="white-space:nowrap">one-year</FONT> anniversary of the satisfaction of the Minimum Tender Condition, which itself is satisfied only when a number of shares have been tendered that, together with shares controlled by
Choice, represent a &#147;majority of the total number of outstanding shares of Wyndham Common Stock on a fully diluted basis as of the date that [Choice accepts] shares of Wyndham Common Stock for exchange pursuant to the Offer.&#148; Since the
triggering event for the Additional Consideration cannot occur while the Offer remains open and, by its terms, the Additional Consideration will not accrue unless Choice completes the Offer prior to satisfaction of the Competition Laws Condition,
please explain why the Additional Consideration does not implicate Regulation 14E&#146;s prohibition on illusory offers</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure in the forepart of the Amendment to state that
March&nbsp;1, 2025 is the Ticking Fee Commencement Date. Therefore, the Additional Consideration will accrue while the Offer remains open (if the Offer will expire after the Ticking Fee Commencement Date) and prior to satisfaction of the Competition
Laws Condition. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">25.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please include a discussion of what stockholders will receive in the Second-Step Mergers at the forepart of
the offer materials, either in the &#147;Questions and Answers About the Offer&#148; section or the &#147;Summary&#148; section. Such discussion should include disclosure regarding stockholders&#146; ability to make the same election in the
Second-Step Mergers as in the Offer, similar to what appears on pages <FONT STYLE="white-space:nowrap">79-80</FONT> of the prospectus, as well as a discussion of how prorating and offsetting will work in the context of the Second-Step Mergers</I>.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on page 11 of the
Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">26.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Revise to update the recent share prices for Choice and Wyndham that currently appear on pages 10 and
111</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 10,
79 and 111 of the Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">27.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please generally revise the prospectus to clearly disclose whether the Offer will remain open for
acceptances until all Offer conditions, including any conditions relating to necessary governmental approvals needed to consummate the Offer, have been received. Please expand to provide an estimation of the time periods for the required regulatory
approvals needed, based on feedback on that process so far. Where the cooperation of Wyndham is required to obtain such approvals, disclose this fact clearly. In addition, and given the anticipated length of regulatory review and the current length
of the Offer period, please generally revise to more prominently disclose throughout the prospectus </I> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
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<I>that tendering holders have withdrawal rights at any time after the 60th calendar day from commencement of this Exchange Offer, if tendered shares have not been accepted for exchange by that
date. Your revised disclosure should state the actual date that withdrawal rights will arise, given that the Exchange Offer has already commenced and this date is known</I>. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure on pages
<FONT STYLE="white-space:nowrap">5-6,</FONT> 9, 11, 21, 24, 29, 62, 73, <FONT STYLE="white-space:nowrap">85-86,</FONT> 88, 94 and 96 of the Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">28.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please revise to clarify as of what date Choice will determine whether the Minimum Tender Condition is
satisfied for purposes of determining the Ticking Fee Commencement Date relevant to calculation of the Additional Consideration. It appears from the definition on page 21 that satisfaction of the Minimum Tender Condition would depend on the number
of outstanding Wyndham Common Stock on a fully diluted basis as of the date of acceptance of tendered shares, which would be a date after expiration of the Offer. See our comment above regarding satisfaction or waiver of all Offer conditions as of
expiration, rather than acceptance. In addition, it is unclear whether the Minimum Tender Condition could be satisfied for purposes of the Ticking Fee Commencement Date while the Offer remains open for acceptances, and if so
(i)</I><I></I><I>&nbsp;how target shareholders would know it had been satisfied; (ii)</I><I></I><I>&nbsp;if, subsequent to the Minimum Tender Condition being met, tendered shares are withdrawn, such that it is no longer met, what would occur; and
(iii)</I><I></I><I>&nbsp;whether the Exchange Offer will remain open for acceptances through the time that the Competition Laws Condition is satisfied. Please generally revise the prospectus to address these issues</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the disclosure in the forepart of the Amendment to state that
March&nbsp;1, 2025 is the Ticking Fee Commencement Date. Therefore, the Additional Consideration will accrue while the Offer remains open (if the Offer will expire after the Ticking Fee Commencement Date) and prior to satisfaction of the Competition
Laws Condition. In addition, in response to the Staff&#146;s comment, the Company has revised the disclosure on pages 5, 21, 62 and 85 to state that the satisfaction of the Minimum Tender Condition will be determined as of the scheduled expiration
of the Offer. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">29.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>See our comment above about clarifying how the Additional Consideration will be determined. Your current
disclosure states that it will be paid in cash or shares of Choice Common Stock &#147;at Choice&#146;s election.&#148; The amount of any Additional Consideration appears to be set based on events occurring after the expiration of the Exchange Offer,
and is not known at this time. Clarify in revised disclosure when this election as to the form of any Additional Consideration will be made and how Choice will notify Wyndham shareholders. In addition, please provide your analysis in a response
letter as to how this offer structure complies with both Rule <FONT STYLE="white-space:nowrap">14e-1(b)</FONT> and the requirement in Item 10014(a)(1)(ii) of Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> and Item 4 of Schedule TO to state
the &#147;type and amount of consideration&#148; offered</I>. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 26, 2024 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In response to the Staff&#146;s comment, the Company has revised the
disclosure in the forepart of the Amendment to state that March&nbsp;1, 2025 is the Ticking Fee Commencement Date. Therefore, the Additional Consideration will accrue while the Offer remains open (if the Offer will expire after the Ticking Fee
Commencement Date) and prior to satisfaction of the Competition Laws Condition. Additionally, in response to the Staff&#146;s comment, the Company has revised the disclosure in the forepart of the Amendment and on pages 11, 66 and 80 of the
Amendment to state that, if the Offer will expire following the Ticking Fee Commencement Date, then the Company will issue a press release stating the amount of the Additional Consideration and the Additional Consideration Election on the 10<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> Business Day preceding the scheduled date of the expiration of the Offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should you have any questions related to the foregoing, please do not hesitate to contact me at (212)
<FONT STYLE="white-space:nowrap">728-8620</FONT> or <U>dscalzo@willkie.com</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Respectfully submitted,</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Danielle Scalzo</P></TD></TR>
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<TD VALIGN="top">Danielle Scalzo</TD></TR>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Adam M. Turteltaub, Willkie Farr&nbsp;&amp; Gallagher LLP</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Simone Wu, Senior Vice President, General Counsel, Corporate Secretary&nbsp;&amp; External Affairs, Choice Hotels International, Inc.</TD></TR>
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