Choice Hotels International, Inc. (NYSE: CHH) today announced that its Board of Directors declared a quarterly cash dividend of $0.185 per share of common stock. The dividend is payable on October 16, 2009 to shareholders of record on October 2, 2009.
The Company also announced that its board of directors established a dividend policy that results in a projected annual dividend of $0.74 per share for the twelve month period commencing with the fourth quarter of 2009 through and including the third quarter of 2010. Declaration of future dividends are subject to the discretion of the board of directors and the board of directors expects to evaluate each quarter whether or not to declare a dividend pursuant to the policy. The company may revisit its dividend policy in response to changes in market conditions, future business performance, economic conditions, future tax law changes and other factors, but remains committed to utilizing the strong cash flows it has historically generated to return excess capital to its shareholders.