CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

The following table presents the financial information for the Company’s franchising segment.

The Company’s international operations had revenues of $5.2 million, $5.3 million and $6.9 million for the years ended December 31, 2001, 2000 and 1999, respectively. Long-lived assets related to international operations were $7.1 million, $10.9 million and $20.7 million as of December 31, 2001, 2000 and 1999, respectively. All other long-lived assets of the Company are associated with domestic activities. In addition, the Company had a $0.0 million, $34.6 million and $41.2 million investment in Friendly as of December 31, 2001, 2000 and 1999, respectively.