Choice Increases Dividend By 9%
SEPTEMBER 11, 2008. Choice Hotels International, Inc., (NYSE:CHH) today announced that its Board of Directors has approved a 9 percent increase in the quarterly cash dividend on the company's common stock, representing an increase from $0.17 to $0.185 per share, effective with the dividend payable on October 17, 2008 to shareholders of record on October 3, 2008.
The increase will result in a projected annual dividend of $0.74 per share for the twelve month period commencing with the fourth quarter of 2008 through and including the third quarter of 2009. The increase represents a 9 percent increase from the dividend per share of $0.68 per annum for the same period of the previous year.
"For the fifth consecutive year, we have increased our quarterly dividend, a key element of our long-term approach to shareholder value creation," said Stephen P. Joyce, president and chief executive officer, Choice Hotels International. "We are extremely well-positioned for continued growth as a result of our proven business model coupled with a stable of ten established, segmented brands and a track record of predictable, profitable growth in a variety of lodging and economic cycles."
The company may revisit its dividend policy in response to changes in market conditions or future tax law changes, but remains committed to utilizing the strong cash flows it has historically generated to return excess capital to its shareholders.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
