Cover About Us Letter To Shareholders A Choice Year In Review Financial Highlights Management's Discussion and Analysis of Financial Condition and...    Overview    Comparison of 2004 Operating Results and 2003 Operating Results    Comparison of 2003 Operating Results and 2002 Operating Results    Liquidity and Capital Resources    Critical Accounting Policies    Forward-Looking Statements Management's Report on Internal Control Over Financial Reporting Report of Independent Registered Public Accounting Firm Consolidated Statements of Income Consolidated Balance Sheets Consolidated Statements of Cash Flows Consolidated Statements of Shareholders' Deficit and... Notes to Consolidated Financial Statements Corporate Information Back Cover

Choice Hotels International is one of the world's largest lodging franchisors, marketing under the Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, MainStay Suites, Econo Lodge and Rodeway Inn brand names. To that family of nearly 5,000 hotels in more than 40 countries and territories, we welcome a new member, Cambria Suites, to help continue our company's proud heritage of superior franchise development.