TABLE OF CONTENT


Choice Hotels 1998 Annual Report - Highlights


Growth

To Our Shareholders

Creating Value For Every Occasion

Building Value In Each Hotel

Providing Value To Every Customer

The Value Is In Our Name Choice

Here, There and Everywhere


Brand Highlights

COMFORT INNS & COMFORT SUITES

CLARION INNS, HOTELS, SUITES & RESORTS

SLEEP INN

QUALITY INNS, HOTELS & SUITES

ECONO LODGE

RODEWAY INN

MAINSTAY SUITES

INTERNATIONAL


Consolidated Statements of Income

Consolidated Balance Sheets

Consolidated Statements of Cash Flows

Consolidated Statements of Shareholders Equity and Comprehensive Income