UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. | Other Events. |
On September 13, 2019, Choice Hotels International, Inc. (the “Company”) issued a press release announcing that its board of directors (the “Board”) declared a cash dividend on the Company’s common stock of $0.215 per share. The dividend is payable on October 17, 2019, to stockholders of record on October 2, 2019.
In addition, the Company announced that the Board approved an increase in the Company’s common stock share repurchase program resulting in a total of 4 million shares now authorized for repurchase under the program.
A copy of the press release is furnished herewith as Exhibit 99.1.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit 99.1—Press Release issued by Choice Hotels International, Inc., dated September 13, 2019
Exhibit 104—Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CHOICE HOTELS INTERNATIONAL, INC. | ||||||
Date: September 13, 2019 |
/s/ Dominic E. Dragisich | |||||
Dominic E. Dragisich | ||||||
Chief Financial Officer |
Exhibit 99.1
For Immediate Release
Choice Hotels: Pearl Amaechi
Tel: 301.592.6122
Email: Pearl.Amaechi@choicehotels.com
CHOICE HOTELS INTERNATIONAL ANNOUNCES QUARTERLY CASH DIVIDEND AND INCREASES SHARE REPURCHASE AUTHORIZATION
Board Approves Quarterly Cash Dividend of $0.215 and Increases Total Number of Shares Available for Repurchase to 4 Million
ROCKVILLE, Md., (Sept. 13, 2019) Choice Hotels International, Inc. (NYSE: CHH), one of the worlds largest lodging franchisors, announced that its board of directors has declared a cash dividend on the companys common stock of $0.215 per share. The dividend is payable on October 17, 2019, to stockholders of record on October 2, 2019.
In addition, Choice Hotels Board of Directors approved an increase in the number of shares authorized under its share repurchase program by approximately 2.3 million shares, which, when added to the remaining number of available shares previously authorized for purchase, results in 4 million shares authorized for repurchase under the program.
# # #
About Choice Hotels
Choice Hotels International, Inc. (NYSE: CHH) is one of the largest and most successful lodging franchisors in the world. With more than 7,000 hotels, representing nearly 570,000 rooms, in over 40 countries and territories as of June 30, 2019, the Choice® family of hotel brands provides business and leisure travelers with a range of high-quality lodging options from limited service to full-service hotels in the upscale, midscale, extended-stay and economy segments. The award-winning Choice Privileges® loyalty program offers members benefits ranging from everyday rewards to exceptional experiences. For more information, visit www.choicehotels.com.
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, our use of words such as expect, estimate, believe, anticipate, should, will, forecast, plan, project, assume, or similar words of futurity identify such forward-looking statements. These forward-looking statements are based on managements current beliefs, assumptions, and expectations regarding future events, which, in turn, are based on information currently available to management. Such statements may relate to projections of the companys revenue, earnings, and other financial and operational measures, company debt levels, ability to repay outstanding indebtedness, payment of dividends, repurchases of common stock, future operations, and expected benefits from the Tax Cuts and Jobs Act, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties, and other factors.
Several factors could cause actual results, performance, or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, changes to general, domestic, and foreign economic conditions; foreign currency fluctuations; operating risks common in the lodging and franchising industries; impairments or losses relating to acquired businesses, changes to the desirability of our brands as viewed by hotel operators and customers; changes to the terms or termination of our contracts with franchisees; our ability to keep pace with improvements in technology utilized for marketing and reservations systems and other operating systems; our ability to grow our franchise system; exposure to risks related to our hotel-development and financing
activities; fluctuations in the supply and demand for hotels rooms; our ability to realize anticipated benefits from acquired businesses; the level of acceptance of alternative growth strategies we may implement; operating risks associated with our international operations; the outcome of litigation; and our ability to manage our indebtedness. These and other risk factors are discussed in detail in the companys filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports filed on Form 10-Q. Except as may be required by law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
© 2019 Choice Hotels International, Inc. All Rights Reserved.
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Document and Entity Information |
Sep. 13, 2019 |
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Cover [Abstract] | |
Entity Registrant Name | CHOICE HOTELS INTERNATIONAL INC /DE |
Amendment Flag | false |
Entity Central Index Key | 0001046311 |
Document Type | 8-K |
Document Period End Date | Sep. 13, 2019 |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-13393 |
Entity Tax Identification Number | 52-1209792 |
Entity Address, Address Line One | 1 Choice Hotels Circle |
Entity Address, Address Line Two | Suite 400 |
Entity Address, City or Town | Rockville |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 20850 |
City Area Code | (301) |
Local Phone Number | 592-5000 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, Par Value $0.01 per share |
Trading Symbol | CHH |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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