UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Bainum, Jr., Stewart
11555 Darnestown Road
Gaithersburg, MD 20878
2. Issuer Name and Ticker or Trading Symbol
Choice Hotels International, Inc. (formerly Choice Hotels Franchising, Inc.)
CHH
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
11/25/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director (X) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |11/2/9|S | |5,000 |D |$12.3750 | |I |Note 1 |
|8 | | | | | | | | |
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" " |11/2/9|S | |1,500 |D |$12.4375 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/2/9|S | |4,000 |D |$12.50 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/3/9|S | |1,000 |D |$12.50 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/3/9|S | |200 |D |$12.5625 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/3/9|S | |200 |D |$12.625 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/3/9|S | |1,000 |D |$12.6875 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/4/9|S | |49,800 |D |$12.375 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/4/9|S | |5,500 |D |$12.25 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/4/9|S | |500 |D |$12.3125 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/4/9|S | |500 |D |$12.4375 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/4/9|S | |500 |D |$12.50 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/4/9|S | |300 |D |$12.625 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/4/9|S | |5,000 |D |$12.75 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/5/9|S | |5,500 |D |$12.125 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/5/9|S | |300 |D |$12.1875 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/5/9|S | |6,000 |D |$12.25 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/5/9|S | |1,600 |D |$12.375 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/5/9|S | |1,900 |D |$12.4375 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/5/9|S | |1,500 |D |$12.50 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/6/9|S | |22,820 |D |$12.25 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/6/9|S | |1,500 |D |$12.75 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/6/9|S | |1,200 |D |$12.6875 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
` |11/6/9|S | |600 |D |$12.6250 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/6/9|S | |1,500 |D |$12.5625 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/9/9|S | |400 |D |$12.4375 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/9/9|S | |1,400 |D |$12.00 | |I |Note 1 |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
11 |11/25/|S | |42,205 |D |$12.00 |42,127 |I |Note 1 |
|98 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/6/9|S | |67,180 |D |$12.25 | |D | |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |11/25/|S | |7,795 |D |$12.00 |O |D | |
|98 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |-- |-- |-|-- |-- |-- |95,869 |I |Note 2 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |-- |-- |-|-- |-- |-- |246,140 |I |Note 3 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |-- |-- |-|-- |-- |-- |6,768 |I |Note 4 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |-- |-- |-|-- |-- |-- |1,202,386 |I |Note 5 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |-- |-- |-|-- |-- |-- |872,771 |I |Note 6 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
" " |-- |-- |-|-- |-- |-- |851,669 |I |Note 7 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|-- |-- |-|-- |-- |-- |66,553 |I |Note 8 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|-- |-- |-|-- |-- |-- |1,090,474 |I |Note 9 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|-- |-- |-|-- |-- |-- |741,537 |I |Note 10 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|-- |-- |-|-- |-- |-- |700,214 |I |Note 11 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|-- |-- |-|-- |-- |-- |220,022 |I |Note 12 |
| | |-| | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|-- |-- |-|-- |-- |-- |532,685 | |Note 13 |
| | |-| | | | | | |
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___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Option (R|-- |-- |-- |-|-- -- |A,D|--- |-- |-- |-- |-- |414,462 |D | |
ight to Buy) | | | |-| | | | | | | | | | |
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Incentive Stock Option|-- |-- |-- |-|-- -- |A,D|-- |-- |-- |-- |-- |11,825 |D | |
(Right to Buy) | | | |-| | | | | | | | | | |
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| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
Note 1: Shares held by the Stewart Bainum, Jr. Declaration of Trust ("Stewart
Bainum, Jr. Trust"), the sole trustee
and beneficiary of which is Mr. Bainum,
Jr.
Note 2: The proportionate interest of the Stewart Bainum, Jr. Trust in shares
(1,779,628) owned by Mid Pines
Associates,
L.P.
Note 3: The proportionate interest of the Stewart Bainum, Jr. Grantor Retained
Annuity Trust dated September 10,
1996, the sole trustee of which is Mr. Bainum, Jr. in shares (1,779,628) in Mid
Pines Associates, L.P.
Note 4: The proportionate interest of various trusts, the beneficiaries of
which are Mr. Bainum, Jr.'s two minor
children in shares (1,779,628) in Mid Pines Associates, L.P. Beneficial
ownership is disclaimed.
Note 5: The proportionate interest of the Stewart Bainum, Jr. Trust in shares
(5,417,761) owned by Bainum
Associates Limited Partnership. The Stewart Bainum, Jr. Trust is the Managing
General Partner and has the sole
right to dispose of such
shares.
Note 6: The proportionate interest of the Stewart Bainum, Jr. Trust in shares
(4,415,250) owned by MC
Investments Limited Partnership. The Stewart Bainum, Jr. Trust is the Managing
General Partner and has the sole
right to dispose of such
shares.
Note 7: The proportionate interest of the Stewart Bainum, Jr. Trust in shares
(3,567,869) owned by Realty
Investment Company, Inc., a real estate investment and management company in
which Mr. Bainum, Jr. owns
indirectly 23.8% of the outstanding common stock. Beneficial ownership of such
shares is disclaimed. Also
includes 128,597 shares indirectly held through certain trusts for the benefit
of Mr. Bainum, Jr.'s two minor
children.
Note 8: The proportionate interest of the Roberta Froom Irrevocable Trust in
shares (1,779,628) owned by Mid
Pines Associates, L.P. Mr. Bainum, Jr. is a co-trustee and his sister is the
beneficiary. Beneficial ownership is
disclaimed.
Note 9: The proportionate interest of the Roberta Froom Irrevocable Trust in
shares (5,417,761) owned by
Bainum Associates Limited Partnership. Mr. Bainum, Jr. is a co-trustee and his
sister is the beneficiary. Beneficial
ownership is
disclaimed.
Note 10: The proportionate interest of the Roberta Froom Irrevocable trust in
shares (4,415,250) owned by MC
Investments Limited Partnership. Mr. Bainum, Jr. is a co-trustee and his
sister is the beneficiary. Beneficial
ownership is
disclaimed.
Note 11: The proportionate interest of the Roberta Froom Irrevocable Trust in
shares (3,567,869) owned by
Realty Investment Company, Inc. Mr. Bainum, Jr. is a co-trustee and his sister
is the beneficiary. Beneficial
ownership is disclaimed.
Note 12: The proportionate interest of certain trusts in shares (1,779,628) of
Mid Pines Associates, L.P. for the
benefit of Mr. Bainum, Jr.'s nephews. Mr. Bainum is the trustee and his
nephews are the beneficiaries. Beneficial
ownership is
disclaimed.
Note 13: The proportionate interest in shares (3,567,869) of Realty Investment
Company, Inc. of certain trusts for
the benefit of Mr. Bainum, Jr.'s nephews. Mr. Bainum is the trustee and his
nephews are the beneficiaries.
Beneficial ownership is
disclaimed.
Note 14: Such options vest in five equal annual installments beginning on
9/23/99.
SIGNATURE OF REPORTING PERSON
Stewart Bainum, Jr.
DATE
12/4/98
