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Choice
Hotels International, Inc. and Subsidiaries
Impact
of Recently Issued Accounting Standards
In June 1998,
the Financial Accounting Standards Board issued SFAS No. 133, “Accounting
for Derivative Instruments and Hedging Activities,” which requires
recognition of the fair value of derivatives in the statement of
financial position,
with changes in the fair value recognized either in earnings or
as a component of other comprehensive income dependent upon the
hedging nature of the derivative. Implementation of SFAS No. 133
is required for Fiscal 2001. SFAS No. 133 will not have a material
impact on the Company’s earnings or other comprehensive income.
Selected
Quarterly Financial Data - (Unaudited) 
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