1997 1996 1995
Company results
   Franchise revenues (in millions) $244.2 $223.6 $188.0
   Hotel operations revenues (in millions) 185.8 154.6 114.5
   Total revenues (in millions) 429.9 378.3 302.5
   Recurring income from operations (in millions) 97.9 75.0 52.1
   Recurring net income (in millions) 42.0 28.6 16.8
   Net income (in millions) 40.9 8.5 16.8
   Cash flow from operations (in millions) 87.2 55.7 47.9
   Earnings per share .65 .14 .27
   Owned or leased hotels open 85 79 62
   Owned hotels revenue per available room
    (RevPAR)
$40.96 $37.28 $34.40
  
System results
   Revenues (estimated in millions) $2,700 $2,400 $2,200
   Total hotels open 3,344 3,052 2,835
   Franchise hotels under development 820 716 595








   



  A Year of Firsts     Financial Highlights     Letter to Our Stockholders     Focusing on the Franchisees     Optimizing the Brand Portfolio     Increasing Market Penetration     Improving Margins     Growing Overseas Operations     Leveraging the Spinoff of Franchise Operations