SILVER SPRING, Md. (September 18, 2001) - Choice Hotels International, Inc., (NYSE:CHH) today announced a new Guaranteed Return Program to assist franchisees with signage costs related to the re-imaging of the Quality, Comfort Suites and Sleep brands.
Depending upon when the hotels complete installation of new signage, owners can receive a rebate of up to 35% of the exterior on-premise signage costs, including delivery, installation and taxes.
“When we launched the reimaging program last May, we could not anticipate today`s economic uncertainty,” said Charles A. Ledsinger, Jr., president and chief executive officer. “Therefore we have decided that, in addition to an existing interest-free loan program, we should help franchisees defray some of the costs of the signage by investing in the value of our brands. It`s clear that the faster we can install the new signage and changeover our system, the better the hotels will perform and the stronger our brands will become.”
Franchisees who install signage by December 31, 2001, will receive a rebate of 35%. Those who put new signage in place by March 31, 2002, will receive a 25% rebate. The rebates will come in the form of quarterly checks over a three-year period, beginning with first quarter 2002.
Choice Hotels International, the world`s second-largest lodging franchisor, franchises more than 5,000 hotels in 41 countries under the Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, MainStay Suites and Rodeway Inn brand names. For more information on Choice, visit the company`s Internet site at www.choicehotels.com.