SILVER SPRING, Md., Sept. 10 // PRNewswire-FirstCall // -- 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.
Choice Hotels International, Inc. (NYSE: CHH) 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 Web site, which may be accessed at www.choicehotels.com.
Choice Hotels, Choice Hotels International, Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge, Rodeway Inn, and Ascend Collection are proprietary trademarks and service marks of Choice Hotels International.
(C) 2009 Choice Hotels International, Inc. All rights reserved.
SOURCE Choice Hotels International, Inc.