Choice Hotels International, Inc. (NYSE:CHH - News) today announced its Board of Directors has declared a quarterly cash dividend of $0.20 per share of common stock. The dividend is payable January 26, 2004, to shareholders of record as of January 16, 2003. The payment will be the first cash dividend payment by Choice under a plan announced on August 13, 2003.
"We are pleased to initiate this cash dividend payment to return more value to our shareholders," said Charles A. Ledsinger, Jr., president and chief executive officer. "We believe the timing is right to take advantage of our strong balance sheet and the high free cash flow generated by our growing franchise business."
Choice Hotels International is the second largest hotel franchisor in the world, with 4,773 hotels open, representing 384,814 rooms, in the United States and 41 other countries and territories. As of September 30, 2003, 338 hotels are under development in the United States, representing 26,059 rooms, and an additional 88 hotels, representing 9,358 rooms, are under development in 17 countries and territories. Its Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn and MainStay Suites brands serve guests worldwide.
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