Page 1 of 11 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)*
CHOICE HOTELS HOLDINGS, INC.
-----------------------------------------------------
(Name of Issuer)
COMMON STOCK
------------------------------------------------------
(Title of Class of Securities)
170380109
-----------------------------------------------------
(CUSIP Number)
Linda S. Martinson, Esq. (212) 583-2000
767 Fifth Avenue, 24th Floor, New York, NY 10153
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 17, 1997
-------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
SEC 1746 (12-91)<PAGE>
<PAGE>
Amendment Number 13 to Schedule 13D (continued)
CUSIP No. 170380109 Page 2 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Group, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,960,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 15,992,113
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,960,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,992,113
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,952,113
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 13 to Schedule 13D (continued)
CUSIP No. 170380109 Page 3 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BAMCO, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 13,857,400
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,857,400
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,857,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 13 to Schedule 13D (continued)
CUSIP No. 170380109 Page 4 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,960,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,134,713
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,960,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,134,713
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,094,713
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 13 to Schedule 13D (continued)
CUSIP No. 170380109 Page 5 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Asset Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 11,357,400
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,357,400
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,357,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Amendment Number 13 to Schedule 13D (continued)
CUSIP No. 170380109 Page 6 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Baron
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,113,620
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 15,992,113
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,113,620
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,992,113
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,105,733
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Page 7 of 11 Pages
Item 1. Security and Issuer
(a) Name of Issuer:
Choice Hotels Holdings, Inc.
(b) Address of Issuer's Principal Executive Offices:
10750 Columbia Pike
Silver Spring, MD 20901
(c) Title and Class of Securities:
Common Stock
Item 2. Identity and Background
(a) Name:
Baron Capital Group, Inc. ('BCG')
BAMCO, Inc. ('BAMCO')
Baron Capital Management, Inc. ('BCM')
Baron Asset Fund ('BAF')
Ronald Baron
(b) Business Address:
767 Fifth Avenue
24th Floor
New York, NY 10153
(c) Present Principal Business or Employment:
No material change.
(d) Record of Convictions:
No material change.
(e) Record of Civil Proceedings:
No material change.
(f) Citizenship:
No material change.
Item 3. Source and Amount of Funds or Other Consideration
BAMCO directed the purchase of 13,857,400 shares of the issuer
for its investment advisory clients for an aggregate purchase
price of $185,838,081. Of those shares, 11,357,400 were
purchased for the account of BAF, for a total purchase price of
$153,009,729. BCM directed the purchase of 2,134,713 shares of
the issuer for its investment advisory clients for an aggregate
purchase price of $25,912,362 and 1,960,000 shares for two
investment partnerships for an aggregate purchase price of
$24,030,008. All of the shares were paid for by cash assets
in the respective clients' accounts and by margin borrowings
for the account of one BCM client pursuant to standard margin
agreements with Spear, Leeds & Kellogg.
Item 4. Purpose of Transaction
No material change.
<PAGE>
Page 8 of 11 Pages
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned:
BCG: 17,952,113 30.0%*
BAMCO: 13,857,400 23.2%*
BCM: 4,094,713 6.9%*
BAF: 11,357,400 19.0%
Ronald Baron: 18,105,733 30.3%*
*Disclaims beneficial ownership of these shares
(b) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
BCG*: 1,960,000
BAMCO*: 0
BCM*: 1,960,000
BAF: 0
Ronald Baron*: 2,113,620
(ii) shared power to vote or direct the vote:
BCG*: 15,992,113
BAMCO*: 13,857,400
BCM*: 4,094,713
BAF: 11,357,400
Ronald Baron*: 15,992,113
(iii) sole power to dispose or to direct the disposition:
BCG*: 1,960,000
BAMCO*: 0
BCM*: 1,960,000
BAF: 0
Ronald Baron*: 2,113,620
(iv) shared power to dispose or direct the disposition:
BCG*: 15,992,113
BAMCO*: 13,857,400
BCM*: 4,094,713
BAF: 11,357,400
Ronald Baron*: 15,992,113
*Reporting Persons may be deemed to share power to vote and
dispose of shares referred to herein as a result of control
relationships (BCG and Ronald Baron with respect to all of
the shares; BCI with respect to the BCM shares; BAMCO with
respect to the BAF shares) and pursuant to investment
advisory relationships with advisory clients. The shares
reported above for sole power are attributable to investment
partnerships for which BCM and Ronald Baron serve
as general partners.
(c) A schedule of transactions effected in the past forty-five days
is attached hereto.
<PAGE>
<PAGE>
Page 9 of 11 Pages
(d) Ownership of More than Five Percent on Behalf of Another Person:
The investment advisory clients have the right to receive the
dividends from, or the proceeds from the sale of the securities
in their respective accounts. To the best of Reporting Persons'
knowledge, other than the shares reported herein, no person has
such interest relating to more than 5% of the outstanding class
of securities.
(e) Ownership of Less than Five Percent:
Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
By virtue of their investment advisory agreements with their
clients, BCM and BAMCO have been given the discretion to dispose
or direct the disposition of the securities in the advisory
accounts. All such agreements are, however, revocable. The
advisory agreements for the Baron Funds have been approved by their
Board of Trustees. The agreements of the Baron Funds are filed as
exhibit 99 to Form N1-A for Baron Asset Fund and are incorporated
by reference herein. All the advisory agreements are pursuant
to a standard form.
Item 7. Material to be Filed as Exhibits
Exhibit 99 - 45 days of trading.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: October 21, 1997
Baron Capital Group, Inc., BAMCO, Inc.,
Baron Capital Management, Inc.
and Baron Asset Fund
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron, President
Ronald Baron, Individually
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron
Page 11 of 11 Pages
Transaction Schedule
From 09-03-97 To 10-17-97
Acct Exec.
Date ID Trans Qty Price
- -------- ----- ----- --- ---------
09/03/97 baf by 15,000 19.0000
09/03/97 baf by 15,000 19.0000
09/04/97 baf by 19,200 19.0000
09/04/97 bcm4 sl 6,500 19.0000
09/05/97 baf by 30,800 19.0936
09/08/97 baf by 5,000 19.2150
09/09/97 baf by 20,000 19.1031
09/10/97 baf by 16,400 19.1143
09/11/97 baf by 43,600 18.8779
09/12/97 baf by 13,000 19.0481
09/17/97 baf by 1,600 19.5000
09/18/97 baf by 4,300 19.5000
09/19/97 baf by 500 19.4000
09/26/97 baf by 30,000 19.2500
09/29/97 baf by 4,200 19.6741
09/30/97 baf by 11,400 19.6875
09/30/97 baf by 21,400 19.2967
10/07/97 baf by 30,000 19.3592
10/08/97 baf by 20,600 19.4357
10/09/97 baf by 11,900 19.3750
10/10/97 baf by 16,100 19.7500
10/10/97 baf by 3,000 19.9663
10/10/97 baf by 5,500 17.0600
10/10/97 bcm4 by 3,000 19.7500
10/10/97 bcm4 by 1,000 19.9663
10/10/97 bcm4 by 4,000 19.7500
10/10/97 bcm4 by 1,000 19.9663
10/13/97 baf by 189,900 19.6436
10/14/97 baf by 80,000 19.5625
10/14/97 bgi by 57,000 15.5725
10/14/97 bgi by 3,000 19.5625
10/14/97 bsc by 100,000 19.5725
10/15/97 baf by 88,500 19.9657
10/15/97 baf by 5,000 17.3100
10/15/97 bcm4 by 10,000 19.9657
10/16/97 baf by 28,100 17.3652
10/17/97 baf by 457,400 17.0246
10/17/97 bcm4 by 3,000 17.0246
10/17/97 bcm4 by 10,000 17.0246
