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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. _________)*
CHOICE HOTELS INTERNATIONAL, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
169905-10-6
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(CUSIP Number)
Patricia Bowditch (301) 495-4400
8737 Colesville Road, Suite 800, Silver Spring, MD 20910
_______________________________________________________________
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and
Communications)
April 19, 1999
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(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 ( ).
*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 the
disclosures provided in a prior cover page.
The information required in 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).
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CUSIP No. 169905-10-6 13D Page 2 of 4
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Realty Investment Company, Inc.
Federal ID #: 53-0197749
2 Check the Appropriate Box if a Member of a Group*
(a) ( ) (b) ( )
3 SEC Use Only
4 Source of Funds
00
5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(C) or 2(E) ( )
6 Citizenship or Place of Organization
State of Maryland
Number of Shares Beneficially
Owned by Each Reporting Person with:
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<S> <C> <C>
7 Sole Voting Power 3,567,869
8 Shared Voting Power 0
9 Sole Dispositive Power 3,567,869
10 Shared Dispositive Power 0
</TABLE>
11 Aggregate Amount Beneficially Owned by Each Reporting Person
3,567,869
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
13 Percent of Class Represented by Amount in Row (11)
6.5%
14 Type of Reporting Person
CORP
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CUSIP No. 169905-10-6 13D Page 3 of 4
Item 1. Security and Issuer
(a) Name of Issuer:
Choice Hotels International, 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:
Realty Investment Company, Inc. ("Company")
(b) Business Address:
8737 Colesville Road, Suite 800
Silver Spring, MD 20910
(c) Present Principal Employment: The Company is engaged in real
estate development and management and other investment
activities
(d) Record of Convictions:
N/A
(e) Record of Civil Proceedings:
N/A
(f) Citizenship:
N/A
Item 3. Source and Amount of Funds or Other Consideration
The Reporting Person utilized no funds in the acquisition of the
securities of the issuer triggering the filing of this 13D.
Item 4. Purpose of Transaction
The Company is a closely held Company owned by Stewart and Jane
Bainum and their four adult children Stewart Bainum, Jr., Barbara
Bainum, Roberta Bainum, and Bruce Bainum. The voting and dispositive
authority for the shares of the issuer owned by the Company have
previously been reported on the Forms 13 filed by certain
shareholders. The Reporting Person continues to hold the shares for
investment purposes. The Reporting Person has no present plans or
intentions that would result in or relate to any of the transactions
described in Subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned:
Reporting Person:
3,567,869 shares
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CUSIP No. 169905-10-6 13D Page 4 of 4
(b) Number of shares as to which such person has:
(i) Sole Voting Power 3,567,869
(ii) Shared Voting Power 0
(iii) Sole Dispositive Power 3,567,869
(iv) Shared Dispositive Power 0
(c) A schedule of transactions effected in the last sixty days is as
follows:
Not applicable.
(d) Ownership of more than five percent on behalf of Another Person:
To the extent that shares of the issuer identified in Item 5(a)
are held by a corporation, the shareholders have the right to
receive dividends from, or the proceeds from the sale of the
shares to the extent of their proportionate interests in the
Company. To the best of the Reporting Person's knowledge, other
than Stewart and Jane Bainum, and their four adult children,
Stewart Bainum, Jr., Bruce Bainum, Roberta Bainum and Barbara
Bainum, no other 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
Not applicable.
Item 7. Material to be Filed as Exhibits
None
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: April 28, 1999
Realty Investment Company, Inc.
BY:/s/Stewart Bainum, President
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