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Business Description
Choice Hotels International, Inc. is a hotel franchisor with franchise agreements representing 4,810 open hotels and 491 hotels under development as of December 31, 2003, representing 388,618 rooms open and 39,877 rooms under development in 44 countries and territories. Choice franchises lodging properties under the following proprietary brand names: Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites and Flag Hotels. These brands offer consumers and developers a range of choices from economy hotels to upscale, full-service properties. Choice's franchises operate in 49 states, Puerto Rico and 41 additional countries and territories. Approximately 95% of the Company's 2003 revenues were generated from hotels franchised in the United States.

Financial Information
For the nine months ended 9/30/04, revenues rose 11% to $321.9 million. Net income increased 6% to $54 million. Revenues reflect an increase in marketing and reservation fees. Net income was partially offset by lower interest and investment income.