Page 1 of 12 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 11)*
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)
JULY 31, 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>
Amendment Number 11 to Schedule 13D (continued)
CUSIP No. 170380109 Page 2 of 12 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 13,790,713
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,960,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,790,713
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,750,713
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Amendment Number 11 to Schedule 13D (continued)
CUSIP No. 170380109 Page 3 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital, 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 2,114,213
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,960,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,114,213
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,074,213
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Amendment Number 11 to Schedule 13D (continued)
CUSIP No. 170380109 Page 4 of 12 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 11,676,500
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
11,676,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,676,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Amendment Number 11 to Schedule 13D (continued)
CUSIP No. 170380109 Page 5 of 12 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 2,114,213
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,960,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,114,213
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,074,213
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Amendment Number 11 to Schedule 13D (continued)
CUSIP No. 170380109 Page 6 of 12 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 9,336,500
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,336,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,336,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Amendment Number 11 to Schedule 13D (continued)
CUSIP No. 170380109 Page 7 of 12 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 2,123,620
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 13,790,713
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,123,620
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,790,713
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,914,333
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Page 8 of 12 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')
Baron Capital, Inc. ('BCI')
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 11,676,500 shares of the issuer for its
investment advisory clients for an aggregate purchase price of
$178,623,519. Of those shares, 9,336,500 were purchased for the
account of BAF, for a total purchase price of $142,830,570. BCM
directed the purchase of 2,114,213 shares of the issuer for its
investment advisory clients for an aggregate purchase price of
$30,251,589 and 1,960,000 shares for two investment partnerships for
an aggregate purchase price of $28,499,310. 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 9 of 12 Pages
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned:
BCG: 15,750,713 26.2%*
BCI: 4,074,213 6.8%*
BAMCO: 11,676,500 19.4%*
BCM: 4,074,213 6.8%*
BAF: 9,336,500 15.5%
Ronald Baron: 15,914,333 26.5%*
*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
BCI*: 1,960,000
BAMCO*: 0
BCM*: 1,960,000
BAF: 0
Ronald Baron*: 2,123,620
(ii) shared power to vote or direct the vote:
BCG*: 13,790,713
BCI*: 2,114,213
BAMCO*: 11,676,500
BCM*: 2,114,213
BAF: 9,336,500
Ronald Baron*: 13,790,713
(iii) sole power to dispose or to direct the disposition:
BCG*: 1,960,000
BCI*: 1,960,000
BAMCO*: 0
BCM*: 1,960,000
BAF: 0
Ronald Baron*: 2,123,620
(iv) shared power to dispose or direct the disposition:
BCG*: 13,790,713
BCI*: 2,114,213
BAMCO*: 11,676,500
BCM*: 2,114,213
BAF: 9,336,500
Ronald Baron*: 13,790,713
*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 sixteen days is
attached hereto.
<PAGE>
Page 10 of 12 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 - 16 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: August 7, 1997
Baron Capital Group, Inc., Baron Capital, 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 12 of 12 Pages
Transaction Schedule
From 07-22-97 To 08-06-97
Acct Exec.
Date ID Trans Qty Price
- -------- ---- ----- ------- -------
07-22-97 baf by 305,300 17.6705
07-22-97 baf by 20,200 17.6076
07-22-97 bgi by 5,000 17.6076
07-24-97 baf by 21,200 17.4823
07-25-97 baf by 12,800 17.3887
07-28-97 baf by 3,800 17.6288
07-28-97 bcm4 by 4,500 17.6288
07-29-97 baf by 13,900 17.6732
07-29-97 bcm4 by 7,500 17.6732
07-30-97 baf by 1,500 17.7959
07-31-97 baf by 800,000 18.0000
07-31-97 baf by 7,000 17.9214
08-01-97 baf by 4,200 17.9375
08-01-97 baf by 23,400 17.9375
08-01-97 bcm4 by 3,000 17.9375
08-04-97 baf by 15,000 17.9375
08-04-97 baf by 10,000 17.9375
08-05-97 baf by 11,500 17.8642
08-06-97 baf by 100,000 17.9844
08-06-97 baf by 1,500 17.9875
