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, Bruce
10770 Columbia Pike
Suite 100
Silver Spring, MD 20901
2. Issuer Name and Ticker or Trading Symbol
Choice Hotels International
CHH
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
9/30/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
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>
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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)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |-- |-- |-|-- |-- |-- |1,906,369 |I |Note 1 |
| | |-| | | | | | |
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" " |-- |-- |-|-- |-- |-- |144,625 |I |Note 2 |
| | |-| | | | | | |
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" " |-- |-- |-|-- |-- |-- |217,484 |I |Note 3 |
| | |-| | | | | | |
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" " |-- |-- |-|-- |-- |-- |107,669 |I |Note 4 |
| | |-| | | | | | |
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" " |-- |-- |-|-- |-- |-- |853,286 |I |Note 5 |
| | |-| | | | | | |
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" " |-- |-- |-|-- |-- |-- |40,191 |I |Note 6 |
| | |-| | | | | | |
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" " |9/7/99|S | |4,800 |D |16.8750 | | | |
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" " |9/9/99|S | |26,200 |D |16.9375 | | | |
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" " |9/9/99|S | |54,500 |D |17.0000 | | | |
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" " |9/9/99|S | |55,000 |D |17.0625 | | | |
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" " |9/10/9|S | |9,500 |D |17.0000 | | | |
|9 | | | | | | | | |
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" " |9/14/9|S | |30,000 |D |17.0000 | | | |
|9 | | | | | | | | |
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" " |9/15/9|S | |2,300 |D |17.1250 | | | |
|9 | | | | | | | | |
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" " |9/15/9|S | |7,700 |D |17.0000 | | | |
|9 | | | | | | | | |
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" " |9/22/9|S | |90,000 |D |17.0000 | | | |
|9 | | | | | | | | |
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" " |9/24/9|S | |200 |D |16.8750 | | | |
|9 | | | | | | | | |
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" " |9/24/9|S | |1,300 |D |16.9375 | | | |
|9 | | | | | | | | |
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" " |9/30/9|S | |300 |D |17.1250 | | | |
|9 | | | | | | | | |
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" " |9/30/9|S | |7,700 |D |17.0000 | | | |
|9 | | | | | | | | |
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" " |9/30/9|S | |2,000 |D |16.8750 |1,614,869 |I |Note 7 |
|9 | | | | | | | | |
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" " | | | | | | |72,484 |I |Note 8 |
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" " | | | | | | |700,214 |I |Note 9 |
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" " | | | | | | |5,425 |I |Note 10 |
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" " | | | | | | |29,590 |I |Note 11 |
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" " | | | | | | |94,500 |D | |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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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>
No securities owned | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
Note 1: Shares owned by the Bruce Bainum Declaration of Trust (the "Trust"),
the sole trustee of which is Mr.
Bainum.
Note 2: The proportionate interest in shares (1,779,628) owned by Mid Pines
Associates, L.P. by the Trust, the
sole trustee of which is Mr.
Bainum.
Note 3: The proportionate interest of the Bruce Bainum Grantor Retained
Annuity Trust dated September 5, 1996,
the sole trustee of which is Mr. Bainum, in shares (1,779,628) owned by Mid
Pines Associates, L.P.
Note 4: The proportionate interest of various trusts, the beneficiaries of
which are Mr. Bainum's minor children in
shares (1,779,628) owned by Mid Pines Associates,
L.P.
Note 5: The proportionate interest of the Trust in shares (3,567,869) owned by
Realty Investment Company, Inc.,
a real estate investment and management company in which Mr. Bainum is a
noncontrolling shareholder. Also
includes 153,100 shares indirectly held through certain trusts for the benefit
of Mr. Bainum's minor children.
Note 6: The proportionate interest of Mr. Bruce Bainum in shares (112,200)
owned by Vintage Limited
Partnership. Also includes 30,839 shares owned by Mr. Bainum's minor
children.
Note 7: Shares owned by the Roberta Bainum Irrevocable Trust. Mr. Bainum is
trustee and his sister is the
beneficiary. Beneficial ownership is disclaimed. The balance of the trust has
been reduced due to stock sales by
the trust during September.
Note 8: The proportionate interest of the Roberta Bainum Irrevocable Trust in
shares (1,779,628) owned by Mid
Pines Associates, L.P. Mr. Bainum is trustee and his sister is the
beneficiary. Beneficial ownership is disclaimed.
Note 9: The proportionate interest of the Roberta Bainum Irrevocable Trust in
shares (3,567,869) owned by
Realty Investment Company, Inc. Mr. Bainum is trustee and his sister is the
beneficiary. Beneficial ownership is
disclaimed.
Note 10: The proportionate interest of the Roberta Bainum Irrevocable Trust in
shares (112,200) owned by
Vintage Limited Partnership. Mr. Bainum is trustee and his sister is the
beneficiary. Beneficial ownership is
disclaimed.
Note 11: The proportionate interest of various trusts in shares (1,779,628)
owned by Mid Pines Associates, L.P.
for the benefit of Mr. Bainum's nephews. Mr. Bainum is the trustee and his
nephews are the beneficiaries.
Beneficial ownership is
disclaimed.
SIGNATURE OF REPORTING PERSON
Bruce Bainum
DATE
10/11/99
