SILVER SPRING, Md. (July 17, 2001) - 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 and through negotiated private transactions, subject to market conditions and limitations within the company`s credit facilities. Since the repurchase program was authorized by the Board in October 1997, Choice has repurchased approximately 20 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 42 million shares of common stock outstanding.
Choice Hotels International is the world`s second largest lodging franchisor, marketing more than 5,000 hotels open or under development in 43 countries under the Comfort Inn, Comfort Suites, Quality, Clarion, Sleep, Econo Lodge, MainStay Suites and Rodeway Inn brand names. Choice was recently named the #1 lodging franchise chain in Entrepreneur Magazine`s annual Franchise 500. For more information on Choice, visit the company`s web site at www.choicehotels.com.