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Choice Hotels International Reports 3rd Qtr 2005 Income of $32.5 million, 
Up From Prior Year's $24.9 million; Royalty Revenues Rose 12%
Brand Operating Statistics
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Company Exceeds 4,000 Domestic Units Open
New Domestic Hotel Franchise Contracts Rise 17% 

SILVER SPRING, Md. - Oct. 27, 2005--Choice Hotels International, Inc., (NYSE:CHH) today reported the following highlights for the third quarter of 2005: 

  • Adjusted diluted earnings per share (EPS) for the third quarter increased 16% to $0.43, excluding the tax effects related to the resolution of certain tax contingencies and the Company's repatriation of foreign earnings pursuant to the American Jobs Creation Act, compared to adjusted diluted EPS of $0.37 for the third quarter 2004, which excluded the effects of debt extinguishment costs; Diluted EPS for the third quarter 2005 was $0.48, compared to $0.36 for the same period in 2004;
  • Operating income increased 12% to $47.8 million for third quarter 2005 compared to $42.5 million for the same period of the prior year;
  • Domestic unit growth increased 6.1%, including the acquisition of the 67 unit Suburban Extended Stay Hotels chain on September 28, 2005;
  • New hotel franchise contracts increased 17% for third quarter 2005 to 143, year-to-date new domestic hotel franchise contracts were up 18% to 419;
  • Initial franchise and relicensing fees increased 17% for third quarter 2005;
  • Royalty revenues rose 12% and franchising and total revenues each increased 11% for third quarter 2005;
  • Domestic system-wide revenue per available room (RevPAR) increased 5.8% to $46.93 for third quarter 2005 compared to third quarter 2004;
  • Effective royalty rate increased 3 basis points to 4.07% for third quarter 2005;
  • The domestic hotel pipeline of hotels under construction, awaiting conversion or approved for development increased more than 25% to 497 hotels representing 37,688 rooms; the worldwide pipeline increased 18% to 581 hotels, representing 45,368 rooms;
  • Company announces 2005 fourth quarter guidance of $0.29 to $0.31 diluted earnings per share; full year 2005 guidance updated to $1.22 to $1.24 adjusted diluted earnings per share. 
"We are pleased that royalty revenues and new hotel franchise contracts continue to grow at a strong pace," said Charles A. Ledsinger, Jr., president and chief executive officer. "Our franchise contract, unit and RevPAR growth continues to demonstrate the strength of our value proposition to hotel developers and consumers. In addition, the acquisition of the Suburban Extended Stay Hotels chain gives us an immediate leadership position in a fast-growing segment." 

He added, "The recent stock split and dividend increase demonstrate Choice's ongoing commitment to building and returning value to shareholders. We are enthusiastic about the company's 2005 performance to date and we expect continued success for the remainder of the year." 

Two-For-One Stock Split 

The Company affected a two-for-one stock split of its outstanding shares of common stock, par value $.01 per share, effective on October 21, 2005. All share information on the financial statements and in this release, including per share amounts, have been proportionally adjusted as if the two-for-one stock split had been effective as of the date or period presented. 

Third Quarter 2005 Performance 

Choice reported third quarter 2005 net income of $32.5 million, or $0.48 diluted earnings per share, a 33% increase in diluted EPS over the same period in 2004. 

Operating income for third quarter 2005 increased 12% from $42.5 million to $47.8 million. Franchising margins for the third quarter increased to 69.8% from 69.1% reported for the same period a year ago. 

Royalty revenues for third quarter 2005 were $58.1 million, compared to $51.8 million for third quarter 2004, a 12% increase. 

The company also reported total revenues of $142.1 million for third quarter 2005, compared to $127.5 million in third quarter 2004, an increase of 11%. Franchising revenues, which include royalty revenues, initial franchise and relicensing fees, partner services and other revenue, increased 11% in third quarter 2005 to $68.0 million from $61.1 million for the same period a year ago. 

System-wide RevPAR was $46.93 for third quarter 2005, compared to $44.35 for the same period in 2004, a 5.8% increase. 

For the third quarter of 2005, the effective royalty rate increased 3 basis points from 4.04% to 4.07%. 

For the first nine months of 2005, Choice reported net income of $66.0 million, or $0.99 diluted EPS, increases of 22% and 29% respectively over the $54.0 million and $0.77 diluted EPS reported for the first nine months of 2004. Operating income through September 30, 2005 increased 15% to $107.5 million, compared to $93.5 million for the same period a year ago. 

For the first three quarters of 2005, royalty revenues grew 11% to $138.2 million from $124.2 million in the first nine months of 2004. 

For the first nine months of 2005, total revenues were $355.7 million, an increase of 11% over the same period in 2004. Franchising revenues were $167.7 million, a 12% increase over the $150.0 million reported in the first nine months of 2004. Franchising margins for the first nine months of 2005 increased to 63.5% from 61.9% for the same period a year ago. 

System-wide RevPAR was $37.99 for the nine months ended September 30, 2005, compared to $35.95 for the same period in 2004, an increase of 5.7%. 

The effective royalty rate for the first three quarters of 2005 was 4.08%, a 4 basis point improvement from 4.04% for 2004. 

Net income and diluted earnings per share for the three and nine months ended September 30, 2005 include additional income tax expense of approximately $1.2 million related to the Company's plan to repatriate approximately $23.5 million of foreign earnings pursuant to the American Jobs Creation Act and a reduction of income tax expense related to the resolution of certain tax contingencies of approximately $4.9 million. Those items represent diluted EPS of $0.05, net, for the three and nine months ended September 30, 2005. 

Net income and diluted earnings per share for the quarter and nine months ended September 30, 2004 include a loss of approximately $0.7 million ($0.4 million, net of the related tax effect) related to the extinguishment of debt. This item represented diluted EPS of $0.01 for the three and nine months ended September 30, 2004. 

Unit Growth 

The number of domestic Choice hotels on-line, excluding franchises obtained in the acquisition of Suburban Extended Stay Hotels, grew by 4.3% to 3,961 (319,357 rooms on-line) as of September 30, 2005, from 3,796 (306,797 rooms on-line) as of the same period a year ago. Net domestic franchise additions in third quarter 2005 were 35, compared to 73 for the same period in 2004. For the first nine months of this year, net domestic franchise additions were 127, compared to 160 for the same period a year ago. Net domestic franchise additions declined as a result of franchise terminations increasing from 120 in 2004 to 174 in 2005. The increase in franchise terminations reflects a concerted effort to terminate under performing franchises and replace them with higher quality units. 

On September 28, 2005, the Company acquired the Suburban Extended Stay Hotels brand representing 67 units open and operating in the United States. Acquisition of this brand increased the Company's domestic units under contract to 4,028 units a 6.1% increase over the number of units at September 30, 2004. 

Choice executed 143 new domestic hotel franchise contracts representing 11,757 rooms in third quarter 2005, compared to 122 new contracts representing 10,162 rooms for the same period a year ago, increases of 17% and 16%, respectively. For the year through September 30, 2005, Choice has executed 419 new domestic hotel franchise contracts, representing 34,995 rooms, compared to 354 contracts, representing 30,149 rooms, for the same period in 2004, increases of 18% and 16%, respectively. These increases in executed contracts and an increase in the number of existing franchise relicensings have contributed to a 17% and 23% increase in initial franchise and relicensing fees for the three and nine months ended September 30, 2005, respectively, over the same periods of the prior year. 

For third quarter 2005, 46 contracts for new construction hotel franchises, representing 3,435 rooms, were executed, compared to 40 contracts, representing 2,722 rooms for the same period a year ago, increases of approximately 15% and 26%, respectively. For the nine months ended September 30, 2005, 139 contracts for new construction hotels representing 10,490 rooms were executed, representing increases of 39% and 53%, respectively, compared to 100 contracts, representing 6,858 rooms, for new construction hotels for the same period a year ago. 

As of September 30, 2005, Choice had 497 hotels under development in its domestic hotel system, representing 37,688 rooms, compared to 397 hotels and 30,776 rooms at the same date in 2004, increases of 25% and 22%, respectively. 

Also as of September 30, 2005, the number of Choice hotels on-line worldwide grew 3% to 5,128 from 4,959 as of the same date a year ago. This growth represents an increase of 4% in the number of rooms open to 417,415 from 402,519. As of September 30, 2005, Choice had 581 hotels under development worldwide, representing 45,368 rooms, compared to 492 hotels, representing 39,127 rooms, at the same date in 2004. 

Use of Free Cash Flow 

The company has consistently used the free cash flow (cash flow from operations less capital expenditures) generated from its operations to return value to shareholders. This is primarily achieved through share repurchases and dividends. 

For the nine months ended September 30, 2005, the company purchased 0.8 million shares of its common stock at an average price of $30.15 per share for a total cost of $23.9 million. Since October 1, 2005 and through October 27, 2005, the company has purchased an additional 0.6 million shares of its common stock at an average price of $32.02 per share for a total cost of $17.9 million. The company has remaining authorization to purchase up to 2.3 million shares. Since Choice announced its stock repurchase program on June 25, 1998 and through October 27, 2005, the company has purchased 66.4 million shares of its common stock at an average price of $10.61 per share and a total cost of $704.5 million. 

For the nine months ended September 30, 2005, the company paid $21.8 million of cash dividends to shareholders. On September 14, 2005, the Company's board of directors approved an increase in the quarterly cash dividend on the common stock from $0.1125 to $0.13 per common share payable on October 21, 2005 to shareholders of record on October 7, 2005. This increase will result in an annual dividend rate per share of $0.52, a 15.5% increase from the previous annual dividend rate of $0.45. 

The company expects to continue to return value to its shareholders through a combination of share repurchases and dividends. 

Fourth Quarter & Full Year 2005

The company's fourth quarter diluted EPS is expected to be $0.29 to $0.31. These fourth quarter estimates assume the existing share count and RevPAR growth of approximately 5% to 6%. Full year adjusted diluted EPS is expected to be $1.22 to $1.24. Adjusted diluted EPS excludes the 3rd quarter 2005 tax effects of the repatriation of foreign earnings and resolution of tax contingencies. Full year diluted EPS is expected to be $1.27 to $1.29. These estimates assume the existing share count and RevPAR growth for full year 2005 of approximately 5% to 6%. 

Adjusted diluted earnings per share, franchising revenues, franchising margins and free cash flows are non-GAAP financial measurements. These financial measurements are presented as supplemental disclosures because they are used by management in reviewing and analyzing the company's performance. This information should not be considered as an alternative to any measure of performance as promulgated under accounting principles generally accepted in the United States (GAAP), such as diluted earnings per share, total revenues, operating income margins and cash flows from operations. The company's calculation of these measurements may be different from the calculation used by other companies and therefore comparability may be limited. The company has included exhibits accompanying this release that reconcile these measures to the comparable GAAP measurement. 
 
 

Choice Hotels International, Inc. Exhibit 1
Consolidated Statements of Income
(Unaudited)

                               Three Months Ended   Nine Months Ended
(In thousands, except per      Sept. 30, Sept. 30, Sept. 30, Sept. 30,
 share amounts)                  2005      2004      2005      2004
                               ------------------- -------------------
REVENUES:

 Royalty fees                  $ 58,063  $ 51,845  $138,220  $124,231
 Initial franchise and
  relicensing fees                5,769     4,927    16,671    13,546
 Partner services                 3,122     3,027    10,358     9,282
 Marketing and reservation       72,961    65,379   184,814   169,107
 Hotel operations                 1,153     1,018     3,214     2,762
 Other                            1,003     1,312     2,457     2,983
                               ------------------- -------------------
      Total revenues            142,071   127,508   355,734   321,911

OPERATING EXPENSES:

 Selling, general and
  administrative                 18,346    16,374    54,360    49,612
 Depreciation and amortization    2,188     2,489     6,769     7,525
 Marketing and reservation       72,961    65,379   184,814   169,107
 Hotel operations                   789       778     2,288     2,150
                               ------------------- -------------------
      Total operating expenses   94,284    85,020   248,231   228,394

Operating income                 47,787    42,488   107,503    93,517

OTHER INCOME AND EXPENSES:
 Interest expense                 3,815     2,921    11,294     8,277
 Interest and other investment
  (income) loss                    (721)       75      (994)     (323)
 Equity in net income of
  affiliates                       (267)     (175)     (621)     (451)
 Loss on extinguishment of
  debt                                -       696         -       696
 Gain on sale of assets            (197)        -      (383)        -
                               ------------------- -------------------
   Total other income and
    expenses                      2,630     3,517     9,296     8,199
                               ------------------- -------------------

Income before income taxes       45,157    38,971    98,207    85,318
Income taxes                     12,691    14,055    32,194    31,305
                               ------------------- -------------------
Net income                     $ 32,466  $ 24,916  $ 66,013  $ 54,013
                               =================== ===================
 

Weighted average shares
 outstanding-basic               64,756    65,613    64,452    66,978
                               =================== ===================

Weighted average shares
 outstanding-diluted             66,963    68,519    66,630    69,740
                               =================== ===================

Basic earnings per share       $   0.50  $   0.38  $   1.02  $   0.81
                               =================== ===================

Diluted earnings per share     $   0.48  $   0.36  $   0.99  $   0.77
                               =================== ===================
 
 

Choice Hotels International, Inc.                            Exhibit 2
Consolidated Balance Sheets

(In thousands)                                  Sept. 30,   Dec. 31,
                                                  2005        2004
                                               ----------- -----------
                                               (Unaudited)

ASSETS

Cash and cash equivalents                      $   37,251  $   28,518
Accounts receivable, net                           42,926      34,611
Deferred income taxes                               2,252       2,252
Other current assets                                4,265       4,212
                                               ----------- -----------
         Total current assets                      86,694      69,593

Fixed assets and intangibles, net                 152,795     142,907
Receivable -- marketing and reservation fees       14,891      21,683
Other assets                                       34,183      29,169
                                               ----------- -----------

                Total assets                      288,563     263,352
                                               ----------- -----------
 
 
 

LIABILITIES AND SHAREHOLDERS' DEFICIT

Current portion of long-term debt                     775      10,146
Other current liabilities                         120,319      91,909
                                               ----------- -----------
         Total current liabilities                121,094     102,055

Long-term debt                                    295,892     318,557
Deferred income taxes                               2,479       6,974
Other liabilities                                  33,689      38,819
                                               ----------- -----------

         Total liabilities                        453,154     466,405
                                               ----------- -----------

         Total shareholders' deficit             (164,591)   (203,053)
                                               ----------- -----------

                Total liabilities and
                 shareholders' deficit         $  288,563  $  263,352
                                               ----------- -----------
 
 

Choice Hotels International, Inc.                            Exhibit 3
Consolidated Statements of Cash Flows
(Unaudited)

(In thousands)                                     Nine Months Ended
                                                  Sept. 30,  Sept. 30,
                                                    2005       2004
                                                 ---------------------
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                       $  66,013  $  54,013

Adjustments to reconcile net income to net cash
 provided by operating activities:
  Depreciation and amortization                      6,769      7,525
  Gain on sale of assets                              (383)         -
  Provision for bad debts                              102        215
  Non-cash stock compensation                        3,877      3,100
  Non-cash interest and other investment (income)
   loss                                               (346)       157
  Loss on extinguishment of debt                         -        696
  Equity in net income of affiliates                  (621)      (451)

Changes in assets and liabilities, net of
 acquisitions:
  Receivables                                       (8,089)    (9,032)
  Receivable - marketing and reservation fees, net  13,351     18,222
  Accounts payable                                  (1,545)    (2,368)
  Accrued expenses and other                         5,041      3,040
  Income taxes payable                              23,842     10,120
  Deferred income taxes                             (7,006)    (8,666)
  Deferred revenue                                   4,000       (839)
  Other current assets                                  87        236
  Other liabilities                                 (6,179)      (934)
                                                 ---------------------

 NET CASH PROVIDED BY OPERATING ACTIVITIES          98,913     75,034
                                                 ---------------------

CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in property and equipment               (10,242)    (4,266)
Proceeds from disposition of assets                  2,811          -
Issuance of notes receivable                        (1,456)    (1,781)
Proceeds from sales of investments                   3,239      3,318
Purchases of investments                            (7,723)    (6,090)
Acquisition of surburban, net of cash acquired      (7,413)         -
Other items, net                                      (447)      (431)
                                                 ---------------------

 NET CASH USED IN INVESTING ACTIVITIES             (21,231)    (9,250)
                                                 ---------------------

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from long-term debt                             -    192,000
Principal payments of long-term debt                  (109)  (267,693)
Net (repayments) borrowings persuant to revolving
 credit facility                                   (32,604)   137,118
Debt issuance costs                                   (193)    (1,010)
Purchase of treasury stock                         (23,935)  (101,336)
Dividends paid                                     (21,813)   (20,125)
Proceeds from exercise of stock options              9,705      5,590
                                                 ---------------------

 NET CASH USED IN FINANCING ACTIVITIES             (68,949)   (55,456)
                                                 ---------------------

Net change in cash and cash equivalents              8,733     10,328
Cash and cash equivalents at beginning of period    28,518     20,714
                                                 ---------------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD       $  37,251  $  31,042
                                                 =====================
 
 

                   CHOICE HOTELS INTERNATIONAL, INC.         Exhibit 4
              SUPPLEMENTAL OPERATING INFORMATION BY BRAND
                         DOMESTIC HOTEL SYSTEM
                              (UNAUDITED)

                             For the Quarter Ended  Nine Months Ended
                               Sept. 30, Sept. 30, Sept. 30, Sept. 30,
                                 2005      2004      2005      2004
                               --------- --------- --------- ---------

COMFORT INN
  Hotels                          1,440     1,433     1,440     1,433
  Rooms                         112,903   112,323   112,903   112,323
  Avg. Daily Rate                $73.81    $70.21    $68.85    $65.47
  Occupancy %                      71.6%     69.7%     61.1%     59.7%
  RevPAR                         $52.87    $48.95    $42.05    $39.06
 

COMFORT SUITES
  Hotels                            410       383       410       383
  Rooms                          32,142    30,210    32,142    30,210
  Avg. Daily Rate                $80.71    $76.49    $77.59    $73.95
  Occupancy %                      73.5%     71.7%     65.6%     64.2%
  RevPAR                         $59.32    $54.87    $50.91    $47.45
 

QUALITY
  Hotels                            644       549       644       549
  Rooms                          64,908    56,522    64,908    56,522
  Avg. Daily Rate                $69.99    $68.88    $65.37    $64.24
  Occupancy %                      63.5%     63.4%     54.4%     54.2%
  RevPAR                         $44.42    $43.68    $35.57    $34.80
 

CLARION
  Hotels                            148       157       148       157
  Rooms                          22,685    23,555    22,685    23,555
  Avg. Daily Rate                $77.94    $74.98    $74.25    $72.33
  Occupancy %                      60.1%     58.4%     52.0%     51.3%
  RevPAR                         $46.87    $43.82    $38.59    $37.07
 

SLEEP
  Hotels                            316       311       316       311
  Rooms                          24,032    23,807    24,032    23,807
  Avg. Daily Rate                $65.77    $62.94    $62.46    $59.44
  Occupancy %                      69.1%     67.4%     60.7%     59.3%
  RevPAR                         $45.43    $42.45    $37.91    $35.23
 

MAINSTAY
  Hotels                             28        27        28        27
  Rooms                           2,190     2,150     2,190     2,150
  Avg. Daily Rate                $67.97    $64.37    $64.48    $60.78
  Occupancy %                      73.4%     67.9%     64.9%     61.1%
  RevPAR                         $49.89    $43.71    $41.84    $37.14
 

ECONO LODGE
  Hotels                            803       770       803       770
  Rooms                          49,851    47,468    49,851    47,468
  Avg. Daily Rate                $55.11    $53.38    $50.99    $48.97
  Occupancy %                      57.1%     56.7%     48.3%     48.3%
  RevPAR                         $31.49    $30.26    $24.64    $23.64
 

RODEWAY
  Hotels                            172       166       172       166
  Rooms                          10,646    10,762    10,646    10,762
  Avg. Daily Rate                $56.80    $57.92    $50.57    $53.13
  Occupancy %                      54.8%     58.6%     47.4%     48.5%
  RevPAR                         $31.10    $33.93    $23.99    $25.78
 

TOTAL CHOICE - DOMESTIC
  Hotels                          3,961     3,796     3,961     3,796
  Rooms                         319,357   306,797   319,357   306,797
  Avg. Daily Rate                $70.59    $67.80    $66.33    $63.70
  Occupancy %                      66.5%     65.4%     57.3%     56.4%
  RevPAR                         $46.93    $44.35    $37.99    $35.95
  Effective Royalty Rate           4.07%     4.04%     4.08%     4.04%
 
 

        CHOICE HOTELS INTERNATIONAL, INC.                    Exhibit 5
             SUPPLEMENTAL INFORMATION
     CALCULATION OF FRANCHISING REVENUES AND
                FRANCHISING MARGINS
                   (UNAUDITED)
 

(dollar amounts in thousands)  Three Months Ended   Nine Months Ended
                               Sept. 30, Sept. 30, Sept. 30, Sept. 30,
                                 2005      2004      2005      2004
                               ------------------- -------------------

Franchising Revenues:

Total Revenues                 $142,071  $127,508  $355,734  $321,911
Adjustments:
     Marketing and reservation
      revenues                  (72,961)  (65,379) (184,814) (169,107)
     Hotel Operations            (1,153)   (1,018)   (3,214)   (2,762)
                               ------------------- -------------------
Franchising Revenues           $ 67,957  $ 61,111  $167,706  $150,042
                               ------------------- -------------------
 

Franchising Margins:

Operating Margin:

Total Revenues                 $142,071  $127,508  $355,734  $321,911
Operating Income               $ 47,787  $ 42,488  $107,503  $ 93,517
                               ------------------- -------------------
     Operating Margin              33.6%     33.3%     30.2%     29.1%
                               ------------------- -------------------

Franchising Margin:

Franchising Revenues           $ 67,957  $ 61,111  $167,706  $150,042

Operating Income               $ 47,787  $ 42,488  $107,503  $ 93,517
Less: Hotel Operations              364       240       926       612
                               ------------------- -------------------
                               $ 47,423  $ 42,248  $106,577  $ 92,905
                               ------------------- -------------------

                               ------------------- -------------------
     Franchising Margins           69.8%     69.1%     63.5%     61.9%
                               ------------------- -------------------
 
 

             CHOICE HOTELS INTERNATIONAL, INC.               Exhibit 6
                  SUPPLEMENTAL INFORMATION
  CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED
                  EARNINGS PER SHARE (EPS)
                        (UNAUDITED)
 

(In thousands, except per
 share amounts)                Three Months Ended   Nine Months Ended
                               Sept. 30, Sept. 30, Sept. 30, Sept. 30,
                                 2005      2004      2005      2004
                               ------------------- -------------------

Adjusted Net Income

Net Income                     $ 32,466  $ 24,916  $ 66,013  $ 54,013
Adjustments:
    Debt Extinguishment Costs      -          433      -          433
    Reversal of Provisions for
     Income Tax Contingencies    (4,896)     -       (4,896)     -
    Income Tax Expense
     Incurred Due to Foreign
     Earnings Repatriation        1,192      -        1,192      -
                               ------------------- -------------------
Adjusted Net Income            $ 28,762  $ 25,349  $ 62,309  $ 54,446
                               ------------------- -------------------

Weighted average shares
 outstanding-diluted             66,963    68,519    66,630    69,740

Diluted Earnings Per Share     $   0.48  $   0.36  $   0.99  $   0.77
Adjustments:
    Debt Extinguishment Costs      -         0.01      -         0.01
    Reversal of Provisions for
     Income Tax Contingencies     (0.07)     -        (0.07)     -
    Income Tax Expense
     Incurred Due to Foreign
     Earnings Repatriation         0.02      -         0.02      -
                               ------------------- -------------------
Adjusted Diluted Earnings Per
 Share (EPS)                   $   0.43  $   0.37  $   0.94  $   0.78
                               ------------------- -------------------

Choice Hotels International franchises more than 5,000 hotels, representing more than 400,000 rooms, in the United States and more than 40 countries and territories. As of September 30, 2005, 497 hotels are under development in the United States, representing 37,688 rooms, and an additional 84 hotels, representing 7,680 rooms, are under development in more than 40 countries and territories. The company's Cambria Suites, Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites and Suburban Extended Stay Hotels brands serve guests worldwide. 

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities law. Such statements are based on management's beliefs, assumptions and expectations, which in turn are based on information currently available to management.

© 2005 Choice Hotels International, Inc. All rights reserved. 

.
Contact:

Choice Hotels International, Inc.
Anne Madison
Vice President Corporate Communications
301-592-6723
 

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Also See: Choice Hotels Reports 3rd Qtr 2004 Net Income of $24.9 million vs $24.3 million a Year Eealier; Adds Nearly 15,000 rooms to System During the Last Twelve Months / Hotel Operating Statistics / October 2004
Choice Hotels Reports Full Year 2004 Net Income of $74.3 million Compared to Prior Year Net Income of $71.9 million; Executes 552 New Domestic Hotel Franchise Contracts / Hotel Operating Statistics / February 2005

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