<SEC-DOCUMENT>0001193125-24-070141.txt : 20240507
<SEC-HEADER>0001193125-24-070141.hdr.sgml : 20240507
<ACCEPTANCE-DATETIME>20240318160827
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ACCESSION NUMBER:		0001193125-24-070141
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHOICE HOTELS INTERNATIONAL INC /DE
		CENTRAL INDEX KEY:			0001046311
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				521209792
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		915 MEETING STREET
		STREET 2:		SUITE 600
		CITY:			NORTH BETHESDA
		STATE:			MD
		ZIP:			20852
		BUSINESS PHONE:		3015925000

	MAIL ADDRESS:	
		STREET 1:		915 MEETING STREET
		STREET 2:		SUITE 600
		CITY:			NORTH BETHESDA
		STATE:			MD
		ZIP:			20852

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHOICE HOTELS FRANCHISING INC
		DATE OF NAME CHANGE:	19971118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHOICE HOTELS INTERNATIONAL INC/
		DATE OF NAME CHANGE:	19971022
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;18, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and Acquisitions </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Christina
Chalk&nbsp;&amp; Laura McKenzie </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Choice Hotels International, Inc. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8195;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Wyndham Hotels&nbsp;&amp; Resorts, Inc. </B></P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8195;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Schedule <FONT STYLE="white-space:nowrap">TO-T/A</FONT> filed on March&nbsp;11, 2024 and filed by Choice
Hotels </B></P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&#8195;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>International, Inc. File <FONT STYLE="white-space:nowrap">No.&nbsp;5-90832</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Choice Hotels
International, Inc. (&#147;<U>we</U>,&#148; &#147;<U>our</U>,&#148; or the &#147;<U>Company</U>&#148;), we submit this letter in response to the comment letter, dated March&nbsp;11, 2024 (the &#147;<U>Comment Letter</U>&#148;) from the staff (the
&#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) and as a <FONT STYLE="white-space:nowrap">follow-up</FONT> to a telephone conversation between the Company&#146;s outside counsel and the Staff on
March&nbsp;14, 2023 (the &#147;<U>March</U><U></U><U>&nbsp;14 Call</U>&#148;), relating to the above-referenced Amendment No.&nbsp;3 to the Schedule <FONT STYLE="white-space:nowrap">TO-T</FONT> (the &#147;<U>Third Amendment</U>&#148;), initially
filed by the Company on December&nbsp;12, 2023 (as amended, the &#147;<U>Schedule TO</U>&#148;). We are concurrently submitting via EDGAR this letter and Amendment No.&nbsp;4 to the Schedule <FONT STYLE="white-space:nowrap">TO-T</FONT> (the
&#147;<U>Fourth Amendment</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comment is set forth below in italicized text, and our response to the Staff&#146;s comment is set
out immediately under the restated comment. Unless otherwise indicated, defined terms used herein have the meanings set forth in the Fourth Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule <FONT STYLE="white-space:nowrap">TO-T/A</FONT> filed March&nbsp;11, 2024 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please file a revised Schedule <FONT STYLE="white-space:nowrap">TO-T/A</FONT> reporting the results of the
offer, as required by Rule <FONT STYLE="white-space:nowrap">14d-3(b)(2).</FONT> We note that you state in the press release attached as Exhibit (a)(5)(B) to the Schedule <FONT STYLE="white-space:nowrap">TO-T/A</FONT> that &#147;support from Wyndham
stockholders tendering into the exchange offer was significant considering the number of investors structurally prevented from participating at this stage&#148; but do not disclose the number or percentage of shares tendered, as required by the
Rule.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> On the March&nbsp;14 Call, the Staff stated that Rule
<FONT STYLE="white-space:nowrap">14d-3(b)(2)</FONT> requires a bidder to disclose the number and percentage of shares tendered in a tender offer when reporting the results of the tender offer in a final amendment to Schedule TO, regardless of
whether the tender offer has been consummated, terminated or expired. As detailed in our letter </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">
to the Staff, dated March&nbsp;13, 2024, and as further discussed on the March&nbsp;14 Call, the Company continues to believe that it is not required to disclose the number or percentage of
shares tendered to comply with its obligations under Rule <FONT STYLE="white-space:nowrap">14d-3(b)(2).</FONT> Nevertheless, concurrently with submitting this letter, the Company has filed the Fourth Amendment, which discloses the approximate number
and percentage of shares tendered as of the expiration of the Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;*
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:Times New Roman">Should you have any questions related to the foregoing, please do not hesitate to contact me at (212)
<FONT STYLE="white-space:nowrap">728-8620</FONT> or <U>dscalzo@willkie.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Respectfully submitted, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Danielle Scalzo&#8195;&#8195;&#8195;&#8195;&#8195;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danielle Scalzo </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Adam M. Turteltaub, Willkie Farr&nbsp;&amp; Gallagher LLP </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#8195;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Simone Wu, Senior Vice President, General Counsel, Corporate Secretary&nbsp;&amp; External
</P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#8195;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Affairs, Choice Hotels International, Inc. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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