ROCKVILLE, Md., Dec. 14, 2015 /PRNewswire/ -- Choice Hotels International (NYSE: CHH), a leading worldwide lodging company, announced that its board of directors has approved a 5 percent increase in the quarterly cash dividend on the company's common stock, representing an increase from $0.195 to $0.205 per share, effective with the dividend payable on January 18, 2016 to shareholders of record on January 4, 2016. The increase will result in a projected annual dividend rate of $0.82 per annum.
Declaration of future dividends are subject to the discretion of the board of directors and the board of directors expects to evaluate each quarter whether or not to declare a dividend pursuant to the policy. The company may revisit its dividend policy at any time in response to changes in market conditions, future business performance, economic conditions, future tax law changes and other factors, but remains committed to utilizing the strong cash flows it has historically generated to return excess capital to its shareholders.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, our use of words such as "expect," "estimate," "believe," "anticipate," "will," "forecast," "plan," "project," "assume" or similar words of futurity identify such forward-looking statements. These forward-looking statements are based on management's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to management. Such statements may relate to projections of the company's cash flows and ability to generate excess capital, the payment of dividends, repurchases of common stock and future operations, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future performance and involve known and unknown risks, uncertainties and other factors.
Several factors could cause actual results, performance or achievements of the company to differ materially from those expressed in or contemplated by the forward-looking statements. Such risks include, but are not limited to, changes to general, domestic and foreign economic conditions; operating risks common in the lodging and franchising industries; changes to the desirability of our brands as viewed by hotel operators and customers; changes to the terms or termination of our contracts with franchisees; our ability to keep pace with improvements in technology utilized for reservations systems and other operating systems; fluctuations in the supply and demand for hotels rooms; and our ability to manage effectively our indebtedness. These and other risk factors are discussed in detail in the company's filings with the Securities and Exchange Commission including our annual reports on Form 10-K and our quarterly reports filed on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About Choice Hotels
Choice Hotels International, Inc. (NYSE: CHH) is one of the world's largest lodging companies. With more than 6,300 hotels franchised in more than 35 countries and territories, Choice Hotels International® represents more than 500,000 rooms around the globe. As of September 30, 2015, 638 hotels were in our development pipeline. Our company's Ascend Hotel Collection®, Cambria® hotels & suites, Comfort Inn®, Comfort Suites®, Sleep Inn®, Quality®, Clarion®, MainStay Suites®, Suburban Extended Stay Hotel®, Econo Lodge® and Rodeway Inn® brands provide a spectrum of lodging choices to meet guests' needs. With more than 24 million members and counting, check out our Choice Privileges® rewards program to see how you can reap the benefits of being a member of the Choice Hotels® family. All hotels are independently owned and operated. Visit us at www.choicehotels.com for more information.
© 2015 Choice Hotels International, Inc. All rights reserved.
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