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Choice Hotels Reports Second Quarter 2009 Net Income of $25.5 million Just Slightly
Lower than $27 million Earned in the Same Quarter Last Year,
Total Revenue Fell 14% to $143.3 million

Brand Operating Statistics



SILVER SPRING, Md., July 29, 2009 - Choice Hotels International, Inc., (NYSE: CHH) today reported the following highlights for second quarter 2009:
� Adjusted diluted earnings per share ("EPS") for second quarter 2009 were $0.44, compared to $0.49 for the same period of the prior year. Diluted EPS were $0.42 for second quarter 2009 compared to $0.43 for second quarter 2008. Adjusted diluted EPS for second quarter 2009 and 2008 exclude certain special items, as described below, totaling $0.02 and $0.06, respectively.
� Excluding special items, adjusted earnings before interest, taxes and depreciation ("EBITDA") were $42 million for the three months ended June 30, 2009, compared to $53.1 million for the same period of 2008. Operating income for the three months ended June 30, 2009 was $38.1 million compared to $44.6 million for the same period of 2008. 
� Adjusted selling, general and administrative ("SG&A") costs for the second quarter of 2009 totaled $25.2 million which represented a 10% decline from the same period of the prior year. Adjusted SG&A costs exclude special items totaling $1.9 million and $6.4 million for the three months ended June 30, 2009 and 2008, respectively.
� Domestic unit and room growth increased 4.8 percent and 4.5 percent, respectively, from June 30, 2008. 
� Domestic system-wide revenue per available room ("RevPAR") declined 15.7% for the second quarter of 2009 compared to the same period of 2008. 
� The effective royalty rate increased 6 basis points to 4.26% for the three months ended June 30, 2009 compared to 4.20% for the same period of the prior year. 
� Franchising revenues declined 17% from $80.5 million for the three months ended June 30, 2008 compared to $66.9 million for the same period of 2009. Total revenues for the three months ended June 30, 2009 declined 14% compared to the same period of 2008. 
� The company executed 118 new domestic hotel franchise contracts for the three months ended June 30, 2009, a decline of 40% compared to the 198 contracts executed in the same period of the prior year. 
� The number of domestic hotels under construction, awaiting conversion or approved for development declined 17% from June 30, 2008 to 827 hotels representing 64,384 rooms; the worldwide pipeline declined 15% from June 30, 2008 to 937 hotels representing 73,121 rooms.
"Despite the extremely challenging industry-wide RevPAR environment and significant decline in domestic hotel transactions across the industry, the appeal of our brands, strong marketing and guest distribution platform, as well as our franchise sales expertise once again enabled us to achieve significant domestic unit and room growth." said Stephen P. Joyce, president and chief executive officer. "In this environment, our value-oriented brands position us well to serve travelers looking for ways to stretch their travel budgets. Additionally, on account of our conversion brands, we are particularly well positioned in this environment to increase our market share as the lodging cycle progresses. We also remain focused on returning value to our shareholders, and during the first half of 2009 we returned $57.2 million to shareholders through a combination of share repurchases and dividends."

Special Items
During the three and six months ended June 30, 2009, the company recorded employee termination benefits of approximately $0.4 million and $0.8 million, respectively. In addition, during the three months ended June 30, 2009, the company recorded a $1.5 million charge related to the sublease of a portion of its office space. These special items represent diluted EPS of $0.02 for both the three and six months ended June 30, 2009.

During the three and six months ended June 30, 2008, the company recorded employee termination benefits of approximately $0.3 million and $0.4 million, respectively. Furthermore, the company incurred $6.1 million of benefit costs during the three months ended June 30, 2008 resulting from the acceleration of the company's management succession plan. These special items represented diluted EPS of $0.06 for both the three and six months ended June 30, 2008.

Outlook for 2009
The uncertainty around the current economic environment and credit market conditions and their impact on travel patterns and hotel development activities makes it difficult to predict future results, particularly as they relate to underlying assumptions for RevPAR, new hotel franchise and relicensing sales and interest and investment income and expense.

The company's third quarter 2009 adjusted diluted EPS is expected to be $0.51. The company expects full-year of 2009 adjusted diluted EPS of $1.66. Adjusted EBITDA for the full-year of 2009 are expected to be approximately $169 million. These estimates include the following assumptions:

� The company expects net domestic unit growth of approximately 3.25% in 2009;
� RevPAR is expected to decline approximately 15% for the third quarter of 2009 and decline approximately 13% for the full-year of 2009;
� The effective royalty rate is expected to increase 5 basis points for the full-year of 2009;
� All figures assume the existing share count and an effective tax rate of 36.5% for the third quarter and full-year of 2009;
� Adjusted EBITDA and adjusted diluted EPS for third quarter 2009 exclude $1.3 million ($0.8 million after tax and approximately $0.01 diluted EPS) of operating expenses related to employee termination benefits.
� Adjusted EBITDA and adjusted diluted EPS for full year 2009 exclude $3.6 million ($2.2 million after tax and approximately $0.04 diluted EPS) of operating expenses related to employee termination benefits and a loss on the sublease of office space.
Use of Free Cash Flow
The company has historically used its free cash flow (cash flow from operations less capital expenditures) to return value to shareholders, primarily through share repurchases and dividends.

For the six months ended June 30, 2009 the company paid $22.3 million of cash dividends to shareholders. The current quarterly dividend rate per common share is $0.185, subject to declaration by our board of directors.

For the three months ended June 30, 2009, the company purchased approximately 0.6 million shares of its common stock at an average price of $26.42 for a total cost of $16.8 million under the share repurchase program. For the six months ended June 30, 2009, the company purchased approximately 1.3 million shares of its common stock at an average price of $26.63 for a total cost of $34.9 million. Subsequent to June 30, 2009 and through July 29, 2009, the Company repurchased an additional 0.4 million shares at a total cost of $10.0 million at an average price of $26.24 and has authorization to purchase up to an additional 4.3 million shares under this program. We expect to continue making repurchases in the open market and through privately negotiated transactions, subject to market and other conditions. No minimum number of share repurchases has been fixed. Since Choice announced its stock repurchase program on June 25, 1998, the company has repurchased 42.5 million shares of its common stock for a total cost of $995.4 million through July 29, 2009. Considering the effect of a two-for-one stock split in October 2005, the company has repurchased 75.5 million shares under the share repurchase program at an average price of $13.19 per share.

Our Board has authorized us to enter into programs which permit us to offer financing, investment and guaranty support to qualified franchisees to incent multi-unit franchise development in top markets. We expect to opportunistically deploy this capital over the next several years. Our annual investment in these programs is dependent on market and other conditions. Notwithstanding these programs, the company expects to continue to return value to its shareholders through a combination of share repurchases and dividends, subject to market and other conditions.

Impact of the Adoption of New Accounting Pronouncements on Earnings Per Share
In June 2008, the Financial Accounting Standards Board ("FASB") issued FASB Staff Position Emerging Issues Task Force No. 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities" ("FSP EITF 03-6-1"). FSP EITF 03-6-1 clarified that all share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common shareholders. Therefore, awards of this nature are considered participating securities and the two-class method of computing basic and diluted earnings per share must be applied rather than the treasury stock method. FSP EITF 03-6-1 is effective for fiscal years beginning after December 15, 2008. In addition, once effective, all prior period earnings per share data presented must be adjusted retrospectively to conform to the provisions of FSP EITF 03-6-1.

The Company's outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and as a result, the Company applied this guidance in the first quarter of 2009. The two-class method of calculating earnings per share is more dilutive to both basic and diluted shares outstanding than the previously utilized treasury stock method. In accordance with FSP EITF 03-6-1, the Company has retrospectively adjusted its basic and diluted shares outstanding for the three and six months ended June 30, 2008 under the two-class method which resulted in a reduction of the Company's basic and diluted earnings per share for the six months ended June 30, 2008 from $0.74 to $0.73 and $0.73 to $0.72 per share, respectively.

    
 

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

                                               Three Months Ended June 30,
                                               ---------------------------
                                                                  Variance
                                              2009      2008      $       %
                                              ----      ----      -       -
    (In thousands, except per share amounts)

    REVENUES:

      Royalty fees                         $54,929   $63,776   $(8,847)  (14%)
      Initial franchise and relicensing
       fees                                  3,993     8,146    (4,153)  (51%)
      Procurement services                   6,772     6,472       300     5%
      Marketing and reservation             75,296    85,336   (10,040)  (12%)
      Hotel operations                       1,179     1,288      (109)   (8%)
      Other                                  1,174     2,102      (928)  (44%)
                                             -----     -----      ----   ----
              Total revenues               143,343   167,120   (23,777)  (14%)

    OPERATING EXPENSES:

      Selling, general and administrative   27,076    34,275    (7,199)  (21%)
      Depreciation and amortization          2,032     2,070       (38)   (2%)
      Marketing and reservation             75,296    85,336   (10,040)  (12%)
      Hotel operations                         829       861       (32)   (4%)
                                               ---       ---       ---    ---
          Total operating expenses         105,233   122,542   (17,309)  (14%)

    Operating income                        38,110    44,578    (6,468)  (15%)

    OTHER INCOME AND EXPENSES:
      Interest expense                       1,265     2,693    (1,428)  (53%)
      Interest and other investment
       (income) loss                        (3,173)     (141)   (3,032) 2150%
      Equity in net income of affiliates      (225)     (201)      (24)   12%
                                              ----      ----       ---    ---
        Total other income and expenses,
         net                                (2,133)    2,351    (4,484) (191%)
                                            ------     -----    ------  -----

    Income before income taxes              40,243    42,227    (1,984)   (5%)
    Income taxes                            14,740    15,219      (479)   (3%)
                                            ------    ------      ----    ---
    Net income                             $25,503   $27,008   $(1,505)   (6%)
                                           =======   =======   =======    ===
 

    Weighted average shares outstanding-
     basic*                                 60,467    62,739
                                            ======    ======

    Weighted average shares outstanding-
     diluted*                               60,598    63,365
                                            ======    ======

    Basic earnings per share*                $0.42     $0.43    $(0.01)   (2%)
                                             =====     =====    ======    ===

    Diluted earnings per share*              $0.42     $0.43    $(0.01)   (2%)
                                             =====     =====    ======    ===
 

                                                Six Months Ended June 30,
                                                -------------------------
                                                                  Variance
                                              2009      2008      $       %
                                              ----      ----      -       -
    (In thousands, except per share amounts)

    REVENUES:

      Royalty fees                         $98,370  $111,556  $(13,186)  (12%)
      Initial franchise and relicensing
       fees                                  6,642    14,190    (7,548)  (53%)
      Procurement services                  10,162     9,814       348     4%
      Marketing and reservation            137,338   153,762   (16,424)  (11%)
      Hotel operations                       2,297     2,330       (33)   (1%)
      Other                                  2,692     4,323    (1,631)  (38%)
                                             -----     -----    ------   ----
              Total revenues               257,501   295,975   (38,474)  (13%)

    OPERATING EXPENSES:

      Selling, general and administrative   48,537    57,830    (9,293)  (16%)
      Depreciation and amortization          4,147     4,127        20     0%
      Marketing and reservation            137,338   153,762   (16,424)  (11%)
      Hotel operations                       1,614     1,626       (12)   (1%)
                                             -----     -----       ---    ---
          Total operating expenses         191,636   217,345   (25,709)  (12%)

    Operating income                        65,865    78,630   (12,765)  (16%)

    OTHER INCOME AND EXPENSES:
      Interest expense                       2,805     6,530    (3,725)  (57%)
      Interest and other investment
       (income) loss                        (2,341)      927    (3,268) (353%)
      Equity in net income of affiliates      (443)     (502)       59   (12%)
                                              ----      ----        --   ----
        Total other income and expenses,
         net                                    21     6,955    (6,934) (100%)
                                                --     -----    ------  -----

    Income before income taxes              65,844    71,675    (5,831)   (8%)
    Income taxes                            24,033    26,090    (2,057)   (8%)
                                            ------    ------    ------    ---
    Net income                             $41,811   $45,585   $(3,774)   (8%)
                                           =======   =======   =======    ===
 

    Weighted average shares outstanding-
     basic*                                 60,499    62,489
                                            ======    ======

    Weighted average shares outstanding-
     diluted*                               60,708    63,200
                                            ======    ======

    Basic earnings per share*                $0.69     $0.73    $(0.04)   (5%)
                                             =====     =====    ======    ===

    Diluted earnings per share*              $0.69     $0.72    $(0.03)   (4%)
                                             =====     =====    ======    ===
 

    * The Company's weighted average shares outstanding for the three and six
      months ended June 30, 2008 have been retrospectively adjusted due to the
      application of EITF Issue 03-6-1 "Determining Whether Instruments
      Granted in Share Based Payment Transactions are Participating
      Securities" which became effective for the Company in 2009. The
      application of this guidance has resulted in the revision of basic and
      diluted earnings per share for the six months ended June 30, 2008 from
      $0.74 to $0.73 and $0.73 to $0.72 per share, respectively.
 
 

    Choice Hotels International, Inc.                    Exhibit 2
    Consolidated Balance Sheets
 

    (In thousands, except per share amounts)    June 30,    December 31,
                                                   2009            2008
                                                   ----            ----
                                              (Unaudited)

    ASSETS

    Cash and cash equivalents                   $61,810         $52,680
    Accounts receivable, net                     44,430          43,141
    Deferred income taxes                         8,223           8,223
    Other current assets                         12,526          16,172
                                                 ------          ------
      Total current assets                      126,989         120,216

    Fixed assets and intangibles, net           136,035         138,867
    Receivable -- marketing and
     reservation fees                            35,687          13,527
    Investments, employee benefit plans,
     at fair value                               28,855          25,360
    Other assets                                 30,355          30,249
                                                 ------          ------

        Total assets                           $357,921        $328,219
                                               --------        --------
 
 

    LIABILITIES AND SHAREHOLDERS' DEFICIT

    Accounts payable and accrued expenses       $74,680         $79,897
    Deferred revenue                             53,135          47,004
    Deferred compensation & retirement
     plan obligations                             2,961           6,960
    Other current liabilities                    19,180           1,206
                                                 ------           -----
      Total current liabilities                 149,956         135,067

    Long-term debt                              304,100         284,400
    Deferred compensation & retirement
     plan obligations                            34,852          33,462
    Other liabilities                            10,367          12,960
                                                 ------          ------

      Total liabilities                         499,275         465,889
                                                -------         -------

    Common stock, $0.01 par value                   601             607
    Additional paid-in-capital                   84,308          90,141
    Accumulated other comprehensive loss         (2,073)         (3,472)
    Treasury stock, at cost                    (854,033)       (835,186)
    Retained earnings                           629,843         610,240
                                                -------         -------
      Total shareholders' deficit              (141,354)       (137,670)
                                               --------        --------

        Total liabilities and
         shareholders' deficit                 $357,921        $328,219
                                               --------        --------
 
 

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

                                                         Six Months Ended
    (In thousands)                                            June 30,
                                                         ----------------

                                                           2009       2008
                                                           ----       ----
    CASH FLOWS FROM OPERATING ACTIVITIES:

    Net income                                          $41,811    $45,585

    Adjustments to reconcile net income to net cash
     provided by operating activities:
      Depreciation and amortization                       4,147      4,127
      Provision for bad debts                               743        271
      Non-cash stock compensation and other charges       6,601      7,739
      Non-cash interest and other (income) loss          (2,107)     1,716
      Dividends received from equity method investments     488        438
      Equity in net income of affiliates                   (443)      (502)

    Changes in assets and liabilities:
      Receivables                                        (1,774)    (4,759)
      Receivable - marketing and reservation fees, net  (19,513)   (14,209)
      Accounts payable                                    1,523     (8,928)
      Accrued expenses                                   (7,167)    (9,741)
      Income taxes payable/receivable                    20,093      5,296
      Deferred income taxes                                   -      2,553
      Deferred revenue                                    6,083      4,097
      Other assets                                        1,574        328
      Other liabilities                                  (3,685)     3,741
                                                         ------      -----

     NET CASH PROVIDED BY OPERATING ACTIVITIES           48,374     37,752
                                                         ------     ------

    CASH FLOWS FROM INVESTING ACTIVITIES:

    Investment in property and equipment                 (4,989)    (5,460)
    Purchases of investments, employee benefit plans     (2,464)    (6,068)
    Proceeds from sales of investments, employee
     benefit plans                                        1,171      5,678
    Issuance of notes receivable                         (1,329)    (1,684)
    Collections of notes receivable                         125        257
    Other items, net                                       (246)      (423)
                                                           ----       ----

     NET CASH USED IN INVESTING ACTIVITIES               (7,732)    (7,700)
                                                         ------     ------

    CASH FLOWS FROM FINANCING ACTIVITIES:

    Principal payments of long-term debt                      -   (100,000)
    Net borrowings pursuant to revolving credit
     facility                                            19,700     91,900
    Excess tax benefits from stock-based compensation     2,033      4,303
    Purchase of treasury stock                          (36,350)    (1,506)
    Dividends paid                                      (22,321)   (21,013)
    Proceeds from exercise of stock options               4,603      5,914
                                                          -----      -----

     NET CASH USED IN FINANCING ACTIVITIES              (32,335)   (20,402)
                                                        -------    -------

    Net change in cash and cash equivalents               8,307      9,650
    Effect of foreign exchange rate changes on cash
     and cash equivalents                                   823        518
    Cash and cash equivalents at beginning of period     52,680     46,377
                                                         ------     ------

    CASH AND CASH EQUIVALENTS AT END OF PERIOD          $61,810    $56,545
                                                        =======    =======
 
 

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

                     For the Six Months Ended      For the Six Months Ended
                           June 30, 2009*                June 30, 2008*
                     -------------------------     -------------------------
                     Average                       Average
                      Daily                         Daily
                      Rate     Occupancy  RevPAR    Rate     Occupancy  RevPAR
                    --------   ---------  ------  --------   ---------  ------

    Comfort Inn       $75.01        50.5% $37.90    $76.67        56.4% $43.22
    Comfort Suites     85.14        51.2%  43.56     88.35        59.3%  52.41
    Sleep              68.94        49.6%  34.20     70.33        56.4%  39.66
                       -----        ----   -----     -----        ----   -----
      Midscale
       without Food &
       Beverage        76.57        50.5%  38.70     78.41        57.0%  44.71
                       -----        ----   -----     -----        ----   -----

    Quality            66.15        43.3%  28.64     68.85        48.7%  33.56
    Clarion            75.98        40.5%  30.76     82.06        47.0%  38.58
                       -----        ----   -----     -----        ----   -----
      Midscale with
       Food &
       Beverage        68.10        42.7%  29.08     71.73        48.4%  34.69
                       -----        ----   -----     -----        ----   -----

    Econo Lodge        52.68        40.3%  21.24     52.63        43.1%  22.66
    Rodeway            50.41        40.0%  20.16     51.40        44.6%  22.93
                       -----        ----   -----     -----        ----   -----
      Economy          52.03        40.2%  20.93     52.31        43.4%  22.72
                       -----        ----   -----     -----        ----   -----

    MainStay           70.90        55.3%  39.19     71.77        62.7%  44.99
    Suburban           42.76        53.9%  23.05     42.19        63.5%  26.81
                       -----        ----   -----     -----        ----   -----
      Extended Stay    50.68        54.3%  27.51     49.77        63.3%  31.52
                       -----        ----   -----     -----        ----   -----

    Total             $69.57        46.5% $32.37    $71.63        52.2% $37.36
                      ======        ====  ======    ======        ====  ======

    * Operating statistics represent hotel operations from December through
      May
 

                   For the Three Months Ended    For the Three Months Ended
                          June 30, 2009*                June 30, 2008*
                   ---------------------------   ---------------------------
                    Average                       Average
                     Daily                         Daily
                      Rate     Occupancy  RevPAR    Rate     Occupancy  RevPAR
                    --------   ---------  ------  --------   ---------  ------

    Comfort Inn       $75.86        55.0% $41.72    $79.05        62.1% $49.11
    Comfort Suites     85.67        55.0%  47.12     90.19        64.4%  58.12
    Sleep              70.10        54.1%  37.94     72.44        62.5%  45.26
                       -----        ----   -----     -----        ----   -----
      Midscale
       without Food &
       Beverage        77.38        54.9%  42.46     80.61        62.7%  50.53
                       -----        ----   -----     -----        ----   -----

    Quality            67.27        47.3%  31.83     70.79        54.0%  38.22
    Clarion            77.52        43.8%  33.96     83.88        52.7%  44.16
                       -----        ----   -----     -----        ----   -----
      Midscale with
       Food &
       Beverage        69.29        46.6%  32.28     73.64        53.7%  39.54
                       -----        ----   -----     -----        ----   -----

    Econo Lodge        53.54        43.5%  23.30     53.96        47.5%  25.63
    Rodeway            51.07        42.8%  21.87     52.83        47.9%  25.30
                       -----        ----   -----     -----        ----   -----
      Economy          52.83        43.3%  22.89     53.67        47.6%  25.55
                       -----        ----   -----     -----        ----   -----

    MainStay           70.76        59.7%  42.25     74.00        66.9%  49.50
    Suburban           42.89        55.7%  23.90     43.15        67.6%  29.16
                       -----        ----   -----     -----        ----   -----
      Extended Stay    51.05        56.8%  29.02     51.15        67.4%  34.47
                       -----        ----   -----     -----        ----   -----

    Total             $70.53        50.4% $35.58    $73.57        57.4% $42.22
                      ======        ====  ======    ======        ====  ======
 

    * Operating statistics represent hotel operations from March through May
 

                   For the Quarter Ended       For the Six Months Ended
                   ---------------------       ------------------------
                   6/30/2009   6/30/2008         6/30/2009   6/30/2008

    System-wide
     effective
     royalty rate       4.26%       4.20%             4.26%       4.20%
 

                                     Change
                                     ------

                      Average
                       Daily
                       Rate         Occupancy       RevPAR
                       ----         ---------       ------

    Comfort Inn          (2.2%)      (590) bps        (12.3%)
    Comfort Suites       (3.6%)      (810) bps        (16.9%)
    Sleep                (2.0%)      (680) bps        (13.8%)
                         ----        ----  ---        -----
      Midscale
       without Food &
       Beverage          (2.3%)      (650) bps        (13.4%)
                         ----        ----  ---        -----

    Quality              (3.9%)      (540) bps        (14.7%)
    Clarion              (7.4%)      (650) bps        (20.3%)
                         ----        ----  ---        -----
      Midscale with
       Food &
       Beverage          (5.1%)      (570) bps        (16.2%)
                         ----        ----  ---        -----

    Econo Lodge           0.1%       (280) bps         (6.3%)
    Rodeway              (1.9%)      (460) bps        (12.1%)
                         ----        ----  ---        -----
      Economy            (0.5%)      (320) bps         (7.9%)
                         ----        ----  ---         ----

    MainStay             (1.2%)      (740) bps        (12.9%)
    Suburban              1.4%       (960) bps        (14.0%)
                          ---        ----  ---        -----
      Extended Stay       1.8%       (900) bps        (12.7%)
                          ---        ----  ---        -----

    Total                (2.9%)      (570) bps        (13.4%)
                         ====        ====  ===        =====

    * Operating statistics represent hotel operations from
     December through May

                                     Change
                                     ------
                      Average
                       Daily
                       Rate         Occupancy       RevPAR
                       ----         ---------       ------

    Comfort Inn          (4.0%)      (710) bps        (15.0%)
    Comfort Suites       (5.0%)      (940) bps        (18.9%)
    Sleep                (3.2%)      (840) bps        (16.2%)
                         ----        ----  ---        -----
      Midscale
       without Food &
       Beverage          (4.0%)      (780) bps        (16.0%)
                         ----        ----  ---        -----

    Quality              (5.0%)      (670) bps        (16.7%)
    Clarion              (7.6%)      (890) bps        (23.1%)
                         ----        ----  ---        -----
      Midscale with
       Food &
       Beverage          (5.9%)      (710) bps        (18.4%)
                         ----        ----  ---        -----

    Econo Lodge          (0.8%)      (400) bps         (9.1%)
    Rodeway              (3.3%)      (510) bps        (13.6%)
                         ----        ----  ---        -----
      Economy            (1.6%)      (430) bps        (10.4%)
                         ----        ----  ---        -----

    MainStay             (4.4%)      (720) bps        (14.6%)
    Suburban             (0.6%)    (1,190) bps        (18.0%)
                         ----      ------  ---        -----
      Extended Stay      (0.2%)    (1,060) bps        (15.8%)
                         ----      ------  ---        -----

    Total                (4.1%)      (700) bps        (15.7%)
                         ====        ====  ===        =====
 

    * Operating statistics represent hotel operations from
     March through May
 
 

                  CHOICE HOTELS INTERNATIONAL, INC.         Exhibit 5
               SUPPLEMENTAL HOTEL AND ROOM SUPPLY DATA
                             (UNAUDITED)
 
 

                               June 30, 2009     June 30, 2008
                               -------------     -------------

                              Hotels   Rooms   Hotels    Rooms
                              ------   -----   ------    -----

    Comfort Inn                1,461  114,531   1,449   113,230
    Comfort Suites               576   45,056     504    39,155
    Sleep                        376   27,576     353    26,179
                                 ---   ------     ---    ------
      Midscale without Food &
       Beverage                2,413  187,163   2,306   178,564
                               -----  -------   -----   -------

    Quality                      941   86,675     868    82,120
    Clarion                      163   23,444     170    23,099
                                 ---   ------     ---    ------
      Midscale with Food &
       Beverage                1,104  110,119   1,038   105,219
                               -----  -------   -----   -------

    Econo Lodge                  796   49,596     834    51,947
    Rodeway                      362   20,840     319    18,761
                                 ---   ------     ---    ------
      Economy                  1,158   70,436   1,153    70,708
                               -----   ------   -----    ------

    MainStay                      37    2,866      32     2,448
    Suburban                      64    7,657      57     6,930
                                  --    -----      --     -----
      Extended Stay              101   10,523      89     9,378
                                 ---   ------      --     -----

    Ascend Collection             22    1,444       -         -
    Cambria Suites                14    1,540       7       766
                                  --    -----     ---       ---

    Domestic Franchises        4,812  381,225   4,593   364,635

    International Franchises   1,102   98,603   1,115    99,030
                               -----   ------   -----    ------

    Total Franchises           5,914  479,828   5,708   463,665
                               =====  =======   =====   =======
 

                                           Variance
                                           --------

                              Hotels   Rooms      %        %
                              ------   -----      -        -

    Comfort Inn                   12    1,301     0.8%      1.1%
    Comfort Suites                72    5,901    14.3%     15.1%
    Sleep                         23    1,397     6.5%      5.3%
                                  --    -----     ---       ---
      Midscale without Food &
       Beverage                  107    8,599     4.6%      4.8%
                                 ---    -----     ---       ---

    Quality                       73    4,555     8.4%      5.5%
    Clarion                       (7)     345    (4.1%)     1.5%
                                  --      ---    ----       ---
      Midscale with Food &
       Beverage                   66    4,900     6.4%      4.7%
                                  --    -----     ---       ---

    Econo Lodge                  (38)  (2,351)   (4.6%)    (4.5%)
    Rodeway                       43    2,079    13.5%     11.1%
                                  --    -----    ----      ----
      Economy                      5     (272)    0.4%     (0.4%)
                                 ---     ----     ---      ----

    MainStay                       5      418    15.6%     17.1%
    Suburban                       7      727    12.3%     10.5%
                                 ---      ---    ----      ----
      Extended Stay               12    1,145    13.5%     12.2%
                                  --    -----    ----      ----

    Ascend Collection             22    1,444    NM        NM
    Cambria Suites                 7      774   100.0%    101.0%
                                 ---      ---   -----     -----

    Domestic Franchises          219   16,590     4.8%      4.5%

    International Franchises     (13)    (427)   (1.2%)    (0.4%)
                                 ---     ----    ----      ----

    Total Franchises             206   16,163     3.6%      3.5%
                                 ===   ======     ===       ===
 
 
 

                            CHOICE HOTELS INTERNATIONAL, INC.       Exhibit 6
                            SUPPLEMENTAL INFORMATION BY BRAND
                   DEVELOPMENT RESULTS -- DOMESTIC NEW HOTEL CONTRACTS
                                       (UNAUDITED)

                   For the Six Months Ended        For the Six Months Ended
                           June 30, 2009                 June 30, 2008
                  -----------------------------    ------------------------

                      New                            New
                 Construction  Conversion  Total Construction Conversion Total
                 ------------  ----------  ----- ------------ ---------- -----

    Comfort Inn        2           15      17             22         27    49
    Comfort Suites     5            1       6             42          3    45
    Sleep              7            2       9             32          2    34
                     ---          ---     ---             --        ---    --
      Midscale
       without Food &
       Beverage       14           18      32             96         32   128
                      --           --      --             --         --   ---

    Quality            2           64      66              2         75    77
    Clarion            -           14      14              5         21    26
                     ---           --      --            ---         --    --
      Midscale with
       Food &
       Beverage        2           78      80              7         96   103
                     ---           --      --            ---         --   ---

    Econo Lodge        -           29      29              1         39    40
    Rodeway            1           28      29              2         48    50
                     ---           --      --            ---         --    --
      Economy          1           57      58              3         87    90
                     ---           --      --            ---         --    --

    MainStay           1            1       2              1          -     1
    Suburban           2            -       2              4          -     4
                     ---          ---     ---            ---        ---   ---
      Extended Stay    3            1       4              5          -     5
                     ---          ---     ---            ---        ---   ---

    Ascend
     Collection        -            2       2              -          -     -
    Cambria Suites     2            -       2              5          -     5
                     ---          ---     ---            ---        ---   ---

    Total Domestic
     System           22          156     178            116        215   331
                      ==          ===     ===            ===        ===   ===

                   For the Three Months Ended     For the Three Months Ended
                           June 30, 2009                 June 30, 2008
                  -----------------------------   --------------------------

                      New                            New
                 Construction  Conversion  Total Construction Conversion Total
                 ------------  ----------  ----- ------------ ---------- -----

    Comfort Inn        2            8      10             11         18    29
    Comfort Suites     4            -       4             27          -    27
    Sleep              5            2       7             21          -    21
                     ---          ---     ---             --        ---    --
      Midscale
       without Food &
       Beverage       11           10      21             59         18    77
                      --           --      --             --         --    --

    Quality            1           41      42              2         47    49
    Clarion            -            8       8              4         11    15
                     ---          ---     ---            ---         --    --
      Midscale with
       Food &
       Beverage        1           49      50              6         58    64
                     ---           --      --            ---         --    --

    Econo Lodge        -           20      20              -         20    20
    Rodeway            -           21      21              1         30    31
                     ---           --      --            ---         --    --
      Economy          -           41      41              1         50    51
                     ---           --      --            ---         --    --

    MainStay           1            -       1              -          -     -
    Suburban           2            -       2              2          -     2
                     ---          ---     ---            ---        ---   ---
      Extended Stay    3            -       3              2          -     2
                     ---          ---     ---            ---        ---   ---

    Ascend
     Collection        -            2       2              -          -     -
    Cambria Suites     1            -       1              4          -     4
                     ---          ---     ---            ---        ---   ---

    Total Domestic
     System           16          102     118             72        126   198
                      ==          ===     ===             ==        ===   ===

                                 % Change
                                 --------
                         New
                    Construction   Conversion   Total
                    ------------   ----------   -----

    Comfort Inn              (91%)        (44%)   (65%)
    Comfort Suites           (88%)        (67%)   (87%)
    Sleep                    (78%)          0%    (74%)
                             ---            -     ---
      Midscale
       without Food &
       Beverage              (85%)        (44%)   (75%)
                             ---          ---     ---

    Quality                    0%         (15%)   (14%)
    Clarion                 (100%)        (33%)   (46%)
                            ----          ---     ---
      Midscale with
       Food &
       Beverage              (71%)        (19%)   (22%)
                             ---          ---     ---

    Econo Lodge             (100%)        (26%)   (28%)
    Rodeway                  (50%)        (42%)   (42%)
                             ---          ---     ---
      Economy                (67%)        (34%)   (36%)
                             ---          ---     ---

    MainStay                   0%         NM      100%
    Suburban                 (50%)        NM      (50%)
                             ---          --      ---
      Extended Stay          (40%)        NM      (20%)
                             ---          --      ---

    Ascend
     Collection               NM          NM      NM
    Cambria Suites           (60%)        NM      (60%)
                             ---          --      ---

    Total Domestic
     System                  (81%)        (27%)   (46%)
                             ===          ===     ===

                                 % Change
                                 --------

                         New
                    Construction   Conversion   Total
                    ------------   ----------   -----

    Comfort Inn              (82%)        (56%)   (66%)
    Comfort Suites           (85%)        NM      (85%)
    Sleep                    (76%)        NM      (67%)
                             ---          --      ---
      Midscale
       without Food &
       Beverage              (81%)        (44%)   (73%)
                             ---          ---     ---

    Quality                  (50%)        (13%)   (14%)
    Clarion                 (100%)        (27%)   (47%)
                            ----          ---     ---
      Midscale with
       Food &
       Beverage              (83%)        (16%)   (22%)
                             ---          ---     ---

    Econo Lodge              NM             0%      0%
    Rodeway                 (100%)        (30%)   (32%)
                            ----          ---     ---
      Economy               (100%)        (18%)   (20%)
                            ----          ---     ---

    MainStay                 NM           NM      NM
    Suburban                   0%         NM        0%
                             ---          --      ---
      Extended Stay           50%         NM       50%
                              --          --       --

    Ascend
     Collection              NM           NM      NM
    Cambria Suites           (75%)        NM      (75%)
                             ---          --      ---

    Total Domestic
     System                  (78%)        (19%)   (40%)
                             ===          ===     ===
 
 
 

                     CHOICE HOTELS INTERNATIONAL, INC.          Exhibit 7
           DOMESTIC HOTEL PIPELINE OF HOTELS UNDER CONSTRUCTION,
                     AWAITING CONVERSION OR APPROVED
                            FOR DEVELOPMENT
                              (UNAUDITED)

    A hotel in the domestic pipeline does not always result in an open
    and operating hotel due to various factors.

                           June 30, 2009                 June 30, 2008
                               Units                          Units
                               -----                          -----
                                New                            New
                Conversion Construction  Total Conversion Construction  Total
                ---------- ------------  ----- ---------- ------------  -----

    Comfort Inn     37            110     147       50             128    178
    Comfort Suites   1            227     228        3             280    283
    Sleep Inn        3            139     142        2             149    151
                   ---            ---     ---      ---             ---    ---
       Midscale
        without
        Food &
        Beverage    41            476     517       55             557    612
                    --            ---     ---       --             ---    ---

    Quality         57             15      72       81              16     97
    Clarion         25              5      30       36               9     45
                    --            ---      --       --             ---     --
         Midscale
          with
          Food &
          Beverage  82             20     102      117              25    142
                    --             --     ---      ---              --    ---

    Econo Lodge     36              4      40       43               3     46
    Rodeway         48              2      50       54               3     57
                    --            ---      --       --             ---     --
         Economy    84              6      90       97               6    103
                    --            ---      --       --             ---    ---

    MainStay         -             35      35        2              35     37
    Suburban         -             32      32        1              36     37
                   ---             --      --      ---              --     --
         Extended
          Stay       -             67      67        3              71     74
                   ---             --      --      ---              --     --

    Ascend
     Collection      2              1       3        -               -      -
    Cambria Suites   -             48      48        -              61     61
                   ---             --      --      ---              --     --

                   209            618     827      272             720    992
                   ===            ===     ===      ===             ===    ===
 

                                         Variance
                                         --------

                        Conversion     New Construction           Total
                        ----------     ----------------           -----
                    Units        %     Units       %        Units      %
                    -----        -     -----       -        -----      -

    Comfort Inn      (13)      (26%)   (18)      (14%)        (31)   (17%)
    Comfort Suites    (2)      (67%)   (53)      (19%)        (55)   (19%)
    Sleep Inn          1        50%    (10)       (7%)         (9)    (6%)
                     ---        --     ---        --           --     --
       Midscale
        without
        Food &
        Beverage     (14)      (25%)   (81)      (15%)        (95)   (16%)
                     ---        ---     ---       ---         ---    ---

    Quality          (24)      (30%)    (1)       (6%)        (25)   (26%)
    Clarion          (11)      (31%)    (4)      (44%)        (15)   (33%)
                     ---       ---      --       ---          ---    ---
         Midscale
          with
          Food &
          Beverage   (35)      (30%)    (5)      (20%)        (40)   (28%)
                     ---       ---      --       ---          ---    ---

    Econo Lodge       (7)      (16%)     1        33%          (6)   (13%)
    Rodeway           (6)      (11%)    (1)      (33%)         (7)   (12%)
                      --       ---      --       ---           --    ---
         Economy     (13)      (13%)     -         0%         (13)   (13%)
                     ---       ---     ---       ---          ---    ---

    MainStay          (2)     (100%)     -         0%          (2)    (5%)
    Suburban          (1)     (100%)    (4)      (11%)         (5)   (14%)
                      --      ----      --       ---           --    ---
         Extended
          Stay        (3)     (100%)    (4)       (6%)         (7)    (9%)
                      --      ----      --        --           --     --

    Ascend
     Collection        2        NM       1        NM            3    NM
    Cambria Suites     -        NM     (13)      (21%)        (13)   (21%)
                     ---        --     ---       ---          ---    ---

                     (63)      (23%)  (102)      (14%)       (165)   (17%)
                     ===       ===    ====       ===         ====    ===
 
 

                           CHOICE HOTELS INTERNATIONAL, INC.       Exhibit 8
                      SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
                                      (UNAUDITED)

    CALCULATION OF FRANCHISING REVENUES AND ADJUSTED FRANCHISING MARGINS

    (dollar amounts                  Three Months Ended    Six Months Ended
    in thousands)                         June 30,            June 30,
                                     -------------------   -----------------
                                         2009      2008      2009       2008
                                         ----      ----      ----       ----
      Franchising Revenues:

      Total Revenues                 $143,343  $167,120  $257,501   $295,975
      Adjustments:
           Marketing and reservation
            revenues                  (75,296)  (85,336) (137,338)  (153,762)
           Hotel operations            (1,179)   (1,288)   (2,297)    (2,330)
                                       ------    ------    ------     ------
      Franchising Revenues            $66,868   $80,496  $117,866   $139,883
                                      -------   -------  --------   --------
      Franchising Margins:

      Operating Margin:

      Total Revenues                 $143,343  $167,120  $257,501   $295,975
      Operating Income                $38,110   $44,578   $65,865    $78,630
                                      -------   -------   -------    -------
           Operating Margin              26.6%     26.7%     25.6%      26.6%
                                         ----      ----      ----       ----

      Adjusted Franchising Margin:

      Franchising Revenues            $66,868   $80,496  $117,866   $139,883

      Operating Income                $38,110   $44,578   $65,865    $78,630
      Acceleration of management
       succession plan benefits             -     6,069         -      6,069
      Employee termination benefits       399       338       774        381
      Loss on sublease of office space  1,503         -     1,503          -
      Hotel operations                   (350)     (427)     (683)      (704)
                                         ----      ----      ----       ----
                                      $39,662   $50,558   $67,459    $84,376
                                      -------   -------   -------    -------

                                         ----      ----      ----       ----
           Adjusted Franchising Margins  59.3%     62.8%     57.2%      60.3%
                                         ----      ----      ----       ----
 
 

    CALCULATION OF ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE COSTS

    (dollar amounts                  Three Months Ended    Six Months Ended
    in thousands)                         June 30,            June 30,
                                     -------------------   -----------------
                                         2009      2008      2009       2008
                                         ----      ----      ----       ----
      Selling, general and
       administrative costs           $27,076   $34,275   $48,537    $57,830
      Acceleration of management
       succession plan benefits             -    (6,069)        -     (6,069)
      Employee termination benefits      (399)     (338)     (774)      (381)
      Loss on sublease of office space (1,503)        -    (1,503)         -
                                       ------       ---    ------        ---
      Adjusted Selling, General and
       Administrative Costs           $25,174   $27,868   $46,260    $51,380
                                      =======   =======   =======    =======

    CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE
     (EPS)

    (In thousands,                   Three Months Ended    Six Months Ended
    except per share amounts)             June 30,            June 30,
                                     -------------------   -----------------
                                         2009      2008      2009       2008
                                         ----      ----      ----       ----
    Net Income                        $25,503   $27,008   $41,811    $45,585
    Adjustments:
      Acceleration of management
       succession plan benefits             -     3,799         -      3,799
      Employee termination benefits       250       212       485        239
      Loss on sublease of office space    941         -       941          -
                                          ---       ---       ---        ---
    Adjusted Net Income               $26,694   $31,019   $43,237    $49,623
                                      -------   -------   -------    -------

    Weighted average shares
     outstanding-diluted               60,598    63,365    60,708     63,200

    Diluted Earnings Per Share          $0.42     $0.43     $0.69      $0.72
    Adjustments:
      Acceleration of management
       succession plan                      -      0.06         -       0.06
      Employee termination benefits         -         -         -          -
      Loss on sublease of office space   0.02         -      0.02          -
                                         ----       ---      ----        ---
    Adjusted Diluted Earnings Per
     Share (EPS)                        $0.44     $0.49     $0.71      $0.78
                                        -----     -----     -----      -----

    Adjusted EBITDA Reconciliation

    (in millions)
                                                 Six       Six
                                               Months    Months
                                                Ended     Ended      Full-
                                               June 30,  June 30,    Year
                             Q2 2009  Q2 2008   2009      2008       2009
                             Actuals  Actuals  Actuals   Actuals    Outlook
                            -------- -------- --------- ---------  --------

      Operating Income
       (per GAAP)              $38.1    $44.6     $65.9     $78.6    $156.9
      Acceleration of
       management
       succession plan             -      6.1         -       6.1         -
      Employee termination
       benefits                  0.4      0.3       0.8       0.4       2.1
      Loss on sublease of
       office space              1.5        -       1.5         -       1.5
      Depreciation and
       amortization              2.0      2.1       4.1       4.1       8.5
                                 ---      ---       ---       ---       ---
      Adjusted Earnings
       before interest,
       taxes, depreciation
       & amortization (non-
       GAAP)                   $42.0    $53.1     $72.3     $89.2    $169.0
                               =====    =====     =====     =====    ======

Conference Call
Choice will conduct a conference call on Thursday, July 30, 2009 at 10:00 a.m. EDT to discuss the company's second quarter results. The dial-in number to listen to the call is 1-800-599-9816, and the access code is 81224116. International callers should dial 1-617-847-8705 and enter the access code 81224116. The conference call also will be Webcast simultaneously via the company's Web site, www.choicehotels.com. Interested investors and other parties wishing to access the call via the Webcast should go to the Web site and click on the Investor Info link. The Investor Information page will feature a conference call microphone icon to access the call.
The call will be recorded and available for replay beginning at 1:00 p.m. EDT on July 30, 2009 through August 30, 2009 by calling 1-888-286-8010 and entering access code 30288765. The international dial-in number for the replay is 617-801-6888, access code 30288765. In addition, the call will be archived and available on choicehotels.com via the Investor Info link.

About Choice Hotels
Choice Hotels International, Inc. franchises more than 5,900 hotels, representing more than 479,000 rooms, in the United States and more than 30 other countries and territories. As of June 30, 2009, more than 800 hotels are under construction, awaiting conversion or approved for development in the United States, representing more than 64,000 rooms, and an additional 110 hotels, representing approximately 8,700 rooms, are under construction, awaiting conversion or approved for development in more than 15 other countries and territories. The company's Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn brands serve guests worldwide. In addition, via its Ascend Collection membership program, travelers in the United States and the Caribbean have upscale lodging options at historic, boutique and unique hotels.
Additional corporate information may be found on the Choice Hotels International, Inc. Web site, which may be accessed at www.choicehotels.com.

Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the federal securities law. Generally, our use of words such as "expect," "estimate," "believe," "anticipate," "will," "forecast," "plan," project," "assume" or similar words of futurity identify statements that are forward-looking and that we intend to be included within the Safe Harbor protections provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are based on management's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to management. Such statements may relate to projections of the company's revenue, earnings and other financial and operational measures, company debt levels, payment of stock dividends, and future operations, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties and other factors.

Several factors could cause actual results, performance or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, changes to general, domestic and foreign economic conditions; operating risks common in the lodging and franchising industries; changes to the desirability of our brands as viewed by hotel operators and customers; changes to the terms or termination of our contracts with franchisees; our ability to keep pace with improvements in technology utilized for reservations systems and other operating systems; fluctuations in the supply and demand for hotels rooms; and our ability to manage effectively our indebtedness. These and other risk factors are discussed in detail in the Risk Factors section of the company's Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission on March 2, 2009. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Statement Concerning Non-GAAP Financial Measurements
Adjusted diluted EPS, adjusted EBITDA, adjusted SG&A, franchising revenues and adjusted franchising margins are non-GAAP financial measurements. 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, operating income, total revenues and operating margins. The company's calculation of these measurements may be different from the calculations used by other companies and therefore comparability may be limited. The company has included an exhibit accompanying this release that reconciles these measures to the comparable GAAP measurement. We discuss management's reasons for reporting these non-GAAP measures below.

Earnings Before Interest, Taxes, Depreciation and Amortization: EBITDA reflects earnings excluding the impact of interest expense, tax expense, depreciation and amortization. Our management considers EBITDA to be an indicator of operating performance because it can be used to measure our ability to service debt, fund capital expenditures, and expand our business. EBITDA is a commonly used measure of performance in our industry. In addition, it is used by analysts, lenders, investors and others, as well as by us, to facilitate comparisons between the Company and its competitors because it excludes certain items that can vary widely across different industries or among companies within the same industry.

Franchising Revenues and Margins: The Company reports franchising revenues and margins which exclude marketing and reservation revenues and hotel operations. Marketing and reservation activities are excluded from revenues and operating margins since the Company is contractually required by its franchise agreements to use these fees collected for marketing and reservation activities. Cumulative reservation and marketing fees not expended are recorded as a payable on the Company's financial statements and are carried over to the next fiscal year and expended in accordance with the franchise agreements. Cumulative marketing and reservation expenditures in excess of fees collected for marketing and reservation activities are recorded as a receivable on the Company's financial statements. In addition, the Company has the contractual authority to require that the franchisees in the system at any given point repay the Company for any deficits related to marketing and reservation activities. Hotel operations are excluded since they do not reflect the most accurate measure of the Company's core franchising business. These non-GAAP measures are a commonly used measure of performance in our industry and facilitate comparisons between the Company and its competitors.

Adjusted Diluted EPS, Adjusted EBITDA, Adjusted SG&A and Adjusted Franchising Margins: The Company's management also uses adjusted diluted EPS, adjusted EBITDA, adjusted SG&A and adjusted franchising margins which exclude employee termination benefits and a loss on the sublease of a portion of the Company's office space for 2009 and the impact of the acceleration of the Company's management succession plan and employee termination benefits for the periods ended June 30, 2008. The Company utilizes these non-GAAP measures to enable investors to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of on-going operations.

Cambria Suites, Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge, and Rodeway Inn are proprietary trademarks and service marks of Choice Hotels International, Inc.
2009 Choice Hotels International, Inc. All rights reserved.
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Contact:

Choice Hotels International, Inc.
http://www.choicehotels.com
 

 
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Also See: Choice Hotels 2009 Q1 Net Income Declines Slightly from $16.3 million to $18.6 million in the Prior Year Same Quarter; Domestic RevPAR Down 10.3% / Hotel Operating Statistics / May 2009
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