To Choice Hotels International, Inc.

We have audited the accompanying consolidated balance sheets of Choice Hotels International, Inc. and subsidiaries, as defined under “Company Information and Significant Accounting Policies” in the Notes to Consolidated Financial Statements, as of December 31, 2000 and 1999, and the related consolidated statements of income, cash flows, and shareholders’ equity and comprehensive income for the years ended December 31, 2000, 1999 and 1998. These consolidated financial statements are the responsibility of Choice Hotels International, Inc. ’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Choice Hotels International, Inc. and subsidiaries as of December 31, 2000 and 1999, and the results of their operations and their cash flows for the years ended December 31, 2000, 1999 and 1998, in conformity with accounting principles generally accepted in the United States.

Vienna, Virginia
February 2, 2001