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
Smith, Barry L.
10750 Columbia Pike
Silver Spring, MD 20901
2. Issuer Name and Ticker or Trading Symbol
Choice Hotels International, Inc.
CHH
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
1/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Sr. Vice President, Marketing
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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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 |10/15/|J(1)|V|276 |A |- - - - | |I |401(k) Plan |
|97 | | | | | | | | |
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" " |10/15/|J(1)|V|555 |A |- - - - |831 |I |Nonqualified Plan |
|97 | | | | | | | | |
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" " |1/2/98|M | |3,265 |A |$9.2807 | |D | |
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" " |1/2/98|M | |11,757 |A |$3.1395 | |D | |
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" " |1/5/98|S | |1,000 |D |$16.00 | |D | |
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" " |1/5/98|S | |7,622 |D |$15.50 | |D | |
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" " |1/5/98|S | |4,000 |D |$15.625 | |D | |
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" " |1/5/98|S | |2,200 |D |$15.875 | |D | |
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" " |1/5/98|S | |200 |D |$15.8125 | |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)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Option (R|$3.1395 |10/15|J(2)|V|13,310 |A |(3) |2/16/|Common Stock|13,310 | | |D | |
ight to Buy) | |/97 | | | | | |99 | | | | | | |
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" |$2.6414 |10/15|J(2)|V|8,989 |A |(3) |11/2/|" "|8,989 | | |D | |
" | |/97 | | | | | |99 | | | | | | |
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" |$3.0109 |10/15|J(2)|V|53,932 |A |(4) |10/23|" "|53,932 | | |D | |
" | |/97 | | | | | |/00 | | | | | | |
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" |$6.4484 |10/15|J(2)|V|20,974 |A |(5) |10/21|" "|20,974 | | |D | |
" | |/97 | | | | | |/02 | | | | | | |
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" |$6.9078 |10/15|J(2)|V|2,995 |A |(6) |12/06|" "|2,995 | | |D | |
" | |/97 | | | | | |/03 | | | | | | |
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" |$6.9078 |10/15|J(2)|V|8,981 |A |(7) |12/06|" "|8,981 | | |D | |
" | |/97 | | | | | |/03 | | | | | | |
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" |$9.2807 |10/15|J(2)|V|9,192 |A |(8) |6/21/|" "|9,192 | | |D | |
" | |/97 | | | | | |05 | | | | | | |
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" |$12.1130|10/15|J(2)|V|12,251 |A |(3) |7/01/|" "|12,251 | | |D | |
" | |/97 | | | | | |06 | | | | | | |
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" |$12.1130|10/15|J(2)|V|44,937 |A |(9) |7/01/|" "|44,937 | | |D | |
" | |/97 | | | | | |06 | | | | | | |
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" |$13.2008|10/15|J(2)|V|31,237 |A |(10) |6/24/|" "|31,237 | | |D | |
" | |/97 | | | | | |07 | | | | | | |
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Incentive Stock Option|$9.2807 |10/15|J(2)|V|3,264 |A |(11) |6/21/|" "|3,264 | | |D | |
| |/97 | | | | | |05 | | | | | | |
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" |$12.1130|10/15|J(2)|V|20,416 |A |(12) |7/01/|" "|20,416 | | |D | |
" | |/97 | | | | | |06 | | | | | | |
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" |$13.2008|10/15|J(2)|V|11,349 |A |(13) |6/24/|" "|11,349 | | |D | |
" | |/97 | | | | | |07 | | | | | | |
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Common Stock Option (R|$3.1395 |1/2/9|M | |11,757 |D |2/16/|2/16/|" "|11,757 | | |D | |
ight to Buy) | |8 | | | | |97 |99 | | | | | | |
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" |$9.2807 |1/2/9|M | |2,450 |D |6/21/|6/21/|" "|2,450 | | | | |
" | |8 | | | | |97 |05 | | | | | | |
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Incentive Stock Option|$9.2807 |1/2/9|M | |815 |D |6/21/|6/21/|" "|815 | |226,805 | | |
| |8 | | | | |97 |05 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Received as special dividend from Sunburst Hospitality Corporation
(formerly Choice Hotels International, Inc.)
in connection with spinoff of
Issuer.
(2) In connection with spinoff, existing Sunburst options were converted into
successor Sunburst and Issuer
options.
(3) Such options are currently
exercisable.
(4) Such options vest in two equal annual installments beginning on
10/23/97.
(5) 2,996 of such options are currently
exercisable.
(6) Such options vest in two equal annual installments beginning on
12/6/97.
(7) Such options vest in three equal annual installments beginning on
12/6/97.
(8) Such options vest in four equal annual installments beginning on
6/21/97.
(9) Such options vest in four equal annual installments beginning on
7/1/98.
(10) Such options vest in five equal annual installments beginning on
6/24/98.
(11) 815 of such options are currently exercisable; the remainder vest in
three equal annual installments
beginning on
6/21/98.
(12) 4,083 of such options are currently exercisable; the remainder vest in
four equal annual installments
beginning on
7/1/98.
(13) Such options vest in five equal annual installments beginning on
6/24/98.
SIGNATURE OF REPORTING PERSON
Barry L. Smith
