In 2008, after 26 years at Marriott International, where he rose to EVP, Stephen Joyce joined Choice Hotels International as president and COO, ready to lead the company toward fantastic growth. But then a little obstacle called the Great Recession got in the way. As Joyce, now CEO, recalls, “in September 2008 we were underwriting 40 new Cambria Suites properties in a joint venture with Och-Ziff Real Estate Acquisitions. In October 2008 we were underwriting zero.” Nevertheless, Choice, a ...

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