SILVER SPRING, Md. (February 8, 2000) - Choice Hotels International, Inc., (NYSE:CHH) today announced that its Board of Directors has authorized an increase under the Company`s existing stock repurchase program to repurchase up to an additional five million shares of its outstanding common stock.
Choice expects to repurchase shares from time to time in the open market, subject to market conditions and limitations within the Company`s credit facilities, which include limitations on leverage and minimum net worth. Since the repurchase program was authorized by the Board at its June 22, 1998 meeting, the company has repurchased 7.9 million shares.
The repurchase shares will be held in treasury and may be used by Choice for general corporate purposes, including future acquisitions and the Company`s stock-based employee and director benefit plans. Currently Choice has approximately 53.5 million shares of common stock outstanding.
Choice Hotels International is the second-largest hotel franchisor in the world with 4,248 hotels open, representing 338,254 rooms, and another 761 hotels under development, representing 64,095, rooms in 38 countries, as of December 31, 1999. Its Comfort, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn and MainStay Suites 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. Actual performance and results could differ from those expressed in or contemplated by the forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Choice`s ability to predict or control. For further information on factors that could impact Choice and the statements contained therein, we refer you to the filings made by Choice with the Securities and Exchange Commission, including its registration statement on Form S-4 and report on Form 10-Q for the quarter ended June 30, 1999.