−Removed: Other than as noted below, there have been no material changes in our risk factors from those disclosed in Part I, "Item 1A.
+Added: There have been no material changes in our risk factors from those disclosed in Part I, "Item 1A.
Risk Factors" to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, all of which could materially affect our business, financial condition or future results.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
−Removed: Radisson Hotels Americas Acquisition Risks
−Removed: We may not fully realize the anticipated benefits from the Radisson Hotels Americas acquisition (the "Transaction"), and our integration process may take longer or be more difficult than anticipated.
−Removed: We have and plan to continue to devote management attention and resources to integrating our and Radisson Hotels Americas’ business practices so that we can fully realize the anticipated benefits of the Transaction, which was completed on August 11, 2022.
−Removed: Notwithstanding these efforts, the business and assets acquired may require greater resources and investments than originally anticipated.
−Removed: The Transaction could also result in the assumption of unknown or contingent liabilities, and because Radisson Hotels Americas operates in the same sector that we do, the Transaction could also exacerbate a number of risks that currently apply to us.
−Removed: Additional potential difficulties associated with the acquisition that we may encounter include the following:
−Removed: • the inability to successfully combine our and Radisson Hotels Americas’ businesses in a manner that permits us to realize the full anticipated benefits and value of the Transaction in the time frame currently anticipated;
−Removed: • the failure to integrate internal systems, technology, programs, and controls;
−Removed: • the application of different accounting policies, assumptions, or judgments to Radisson Hotel Americas’ operational results that Radisson Hotels Americas applied in the past;
−Removed: • changes in laws and regulations that may impact our or Radisson Hotels Americas’ business, financial condition, results of operations, and growth prospects;
−Removed: • the loss of franchises, sales and other commercial relationships;
−Removed: • performance shortfalls as a result of a diversion of management's attention in integrating the Transaction;
−Removed: • the complexities associated with integrating a line of business with a history and strategy different to our own;
−Removed: • the loss of key employees that may be difficult to replace or possess critical institutional knowledge around systems and processes.
−Removed: Any of these risks, if realized, could adversely affect our future operational results or our ability to maintain relationships with guests, customers, vendors, colleagues, and other commercial relationships.
−Removed: As a result, the anticipated benefits of the Transaction may not be fully realized, may take longer to realize or may cost more than expected.
−Removed: We have incurred additional expenses and indebtedness related to the Transaction and expect to incur additional integration expenses.
−Removed: In connection with closing of the Transaction, we incurred $29.0 million expenses through September 30, 2022.
−Removed: We expect to incur additional expenses in integrating aspects of the business, practices, policies, and procedures of Radisson Hotels Americas in connection with the Transaction.
−Removed: While we have assumed that a certain level of integration expenses will be incurred, there are a number of factors beyond our control that could affect the total amount or the timing of integration expenses.
−Removed: Many of the expenses that will be incurred, by their nature, are difficult to estimate accurately at the present time.
−Removed: In addition, to fund the Transaction, Choice drew $175 million on the Company's existing $600 million unsecured credit facility, and funded the remainder with cash on hand.
−Removed: On the closing date, the Company acquired approximately $10.4 million in restricted cash due to the mortgage.
−Removed: We may be deemed to be a joint employer with our franchisees under certain new laws, rules and regulations.
−Removed: Companies that operate franchise systems may be subject to liabilities and claims relating to the franchisor/franchisee relationship, such as for allegedly being a joint employer with a franchisee.
−Removed: Changes in laws or regulations relating to this relationship could result in a determination that we are a “joint employer” with our franchisees or that our franchisees are part of one unified system subject to joint and several liability.
−Removed: Such a determination could subject us to liability for employment-related and other liabilities of our franchisees and could cause us to incur other costs that have a material adverse effect on our results of operations and profit.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.