Summary: Choice Hotels International Inc. Jul 06

Standard & Poors, July 2006

Abstract
The ratings on Silver Spring, Md.-headquartered Choice Hotels International Inc. reflect a large and diverse base of franchised hotels that operate under several different brands; the company's franchise business model, which is not capital intensive and offers relatively stable operating cash flows; and good credit measures. These factors are tempered by the company's relatively small asset and cash flow base. Choice is the second-largest hotel franchiser in the U.S., with more than 5,200 properties and 428,000 rooms worldwide. Choice's lodging franchise system consists of nine hotel chains: Comfort branded hotels (47% of Choice's domestic hotel portfolio), EconoLodge (20%), Quality Inn (16%), Sleep Inn (8%), Rodeway (4%), Clarion (4%), and MainStay Suites (1%). The company's domestic portfolio accounts for more than...

Companies mentioned in this report are: Choice Hotels International Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Choice Hotels International Inc.

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