Choice Hotels International will pay approximately $130 million in cash to acquire Harvest Hosts, an RV travel membership platform with more than 11,200 host locations, in a deal the company expects to close on October 1, 2026.

The transaction, announced by the NYSE-listed franchisor, transfers 100% of Harvest Hosts from Stripes, a New York-based growth equity firm, and other shareholders. Choice will fund the purchase with cash on hand and borrowings under its existing revolving credit facility. The company said the deal will not have a material impact on 2026 financial results and does not change its previously communicated 2026 share repurchase expectations.

Harvest Hosts connects RV travelers with overnight stays at wineries, farms, breweries, museums and other attractions. The platform runs on a subscription model Choice describes as asset-light — a structure that mirrors the franchisor's own capital strategy. Harvest Hosts will continue operating as a standalone business under its existing brand, and CEO Joel Holland will keep leading the company alongside its current leadership team. The full Harvest Hosts staff becomes Choice Hotels employees at close.

For Choice, the economics of the deal rest on loyalty overlap rather than real estate. The company said Choice Privileges members over-index among RV travelers, and many travelers already use both hotel and RV accommodations. Choice plans to connect its loyalty base with Harvest Hosts' network to deepen engagement with existing members, introduce new travelers to the RV platform and grow both businesses.

"Choice Hotels has a long history of delivering quality travel experiences for value-minded consumers, and our acquisition of Harvest Hosts extends that reach into an attractive segment of the outdoor travel market. Together we offer even more stay options for both of our companies' guests," said Dom Dragisich, President and CEO of Choice Hotels International.

Dragisich pointed to the target's business model as a strategic fit. "Harvest Hosts has built a passionate, loyal membership community by partnering with local businesses to offer the accessible, distinctive experiences today's RVers are looking for. And they have done it through an asset-light model that complements our broader portfolio strategy," he said.

Stripes invested in Harvest Hosts in 2021, backing Holland and the management team to scale the membership experience and expand its footprint across the RV community. The firm is now exiting at a moment when the platform spans more than 11,200 hosts supporting local businesses across the country.

"At Stripes, we believe the best businesses start with amazing products that customers genuinely love, and Harvest Hosts is a great example of that," said Chris Carey, Partner at Stripes. "Joel and the team have built a differentiated experience that makes RV travel more memorable, accessible and rewarding, while creating real value for thousands of local businesses across the country. We believe Choice is an exceptional home for Harvest Hosts as it enters its next chapter of growth."

Holland framed the sale as a way to widen the platform's reach. "The heart and soul of Harvest Hosts is the unique connections we have built between our members, hosts and employees," he said. "Joining forces with Choice Hotels gives us an incredible opportunity to bring that experience to more people and accelerate our mission of creating millions of happier campers and communities."

Jefferies LLC served as exclusive financial advisor to Harvest Hosts, with Weil, Gotshal & Manges LLP as legal counsel. ArentFox Schiff LLP advised Choice Hotels.

The deal, subject to customary closing conditions, positions Choice to court the value-minded traveler across both hotel rooms and RV stops, with Harvest Hosts operating as a complementary, capital-light growth channel alongside the franchisor's core lodging portfolio.