Oppenheimer Gaming, Lodging & Leisure Conference

Stephen P. Joyce –

President and Chief Executive Officer

July 10, 2008

Exhibit 99.1

2

DISCLAIMER

Certain

matters

discussed

in

this

presentation

constitute

forward-looking

statements

within

the

meaning

of

the

federal

securities

law.

Generally,

our

use

of

words

such

as

“expect,”

“estimate,”

“believe,”

“anticipate,”

“will,”

“forecast,”

“plan,”

project,”

“assume”

or

similar

words

of

futurity

identify

statements

that

are

forward-looking

and

that

we

intend

to

be

included

within

the

Safe

Harbor

protections

provided

by

Section

27A

of

the

Securities

Act

and

Section

21E

of

the

Securities

Exchange

Act

of

1934.

Such

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

for

the

company’s

revenue,

earnings

and

other

financial

and

operational

measures,

company

debt

levels,

payment

of

stock

dividends,

and

future

operations.

We

caution

you

not

to

place

undue

reliance

on

any

forward-looking

statements,

which

are

made

as

of

the

date

of

this

presentation.

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

Risk

Factors

section

of

the

company’s

Form

10-K

for

the

year

ended

December

31,

2007,

filed

with

the

Securities

and

Exchange

Commission

on

February

29,

2008.

We

undertake

no

obligation

to

publicly

update

or

revise

any

forward-looking

statement,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

3

INVESTMENT THESIS

Strong, Growing, Fee-based Operating Business

–

Track record of predictable, profitable growth in variety of lodging and economic

environments

–

Track record of expanding market share

–

Long-term franchise contracts

Significant Growth Opportunities Remain

–

Organic, acquisitions, new concepts, brand extensions

–

International

Significant Free Cash Flow, Strong Capital Structure Create Opportunities to

Enhance Returns

–

Track record of share repurchases, dividends

–

Strong balance sheet with low financial leverage

4

0

2

4

6

8

10

12

14

Wyndham

Choice

IHG

Hilton

Marriott

Best

Western

Accor

Hyatt

Carlson

Starwood

2003

2004

2005

2006

2007

2008

ONE OF THE LARGEST HOTELIERS

Source: Smith Travel Research, May 2008

Market Share

11.3%

9.2%

5.7%      5.4%       5.2%      4.2%      1.9%      1.3%       1.2%         0.8%

4+ yr. bps

(03-08)

-120

160

70

110

70

-30

-60

10           10

0

Leading Gainer of Market Share (% of Hotels Open in U.S.)

5

MANY WELL RECOGNIZED & SEGMENTED

BRANDS

Limited Service

Full Service

Economy

Mid-Scale

Upscale

6

98%

89%

81%

95%

88%

SIGNIFICANT CORE COMPETENCIES DRIVE RESULTS

Brand Awareness & Reservations Delivery = Key Value Proposition For Hoteliers

–

$300 million+ in annual marketing & reservation fees

–

Choice Privileges has 7 million members (2 million new members in 2 years)

SELLING HOTEL ROOMS

Brand Awareness

All

Hotel Direct

Reservations

Choice Central

Reservation

Contribution

Source: Choice Internal Data, July 2008

1/3

7

EXCEPTIONAL DEVELOPMENT TEAMS

FOCUSED ON SELLING HOTEL FRANCHISES

3,834

4,048

4,211

4,445

2004

2005

2006

2007

3/31/08

639

720

792

770

552

400

550

700

850

2004

2005

2006

2007

3/31/08

TTM

$5

$10

$15

$20

$25

258

276

269

413

728

717

190

284

176

602

2004

2005

2006

2007

3/31/08

TTM

Conversion

New Construction

Track record of unit growth across a range of industry and economic cycles

Domestic Franchises

Open

Franchise Development

(New Contracts Sold)

Domestic Pipeline

(#ENYO Contracts)

Executed

Contracts

$ in

Millions

Initial Fee Revenue

Deals

Source: Choice Internal Data, March 2008.

SIGNIFICANT CORE COMPETENCIES DRIVE RESULTS

4,509

8

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

$0

$50

$100

$150

$200

$250

$300

$350

CHH RevPAR

STR Chain Scale (Supply Weighted)

Industry RevPAR

Franchising Revenue

REVENUE GROWTH  IN +/-

REVPAR

ENVIRONMENTS

Source: Smith Travel Research, Choice Internal Data, December 2007

($ in millions)

9

EBITDA GROWTH IN +/-

LODGING

ENVIRONMENTS

$-

$5

$10

$15

$20

$25

$30

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

$-

$50

$100

$150

$200

$250

Industry Profits

Adjusted EBITDA

Source: Smith Travel Research, Choice Internal Data, December 2007

($ in millions)

($ in billions)

10

CAPITAL “LIGHT”

MODEL

GENERATES STRONG RETURNS

ON INVESTED CAPITAL

68.8%

62.9%

49.7%

36.7%

27.6%

14.7%

16.1%

15.2%

78.5%

19.5%

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Source: Choice Internal Data, December 2007

11

TRACK RECORD OF STRONG

EARNINGS PER SHARE GROWTH

$0.40

$0.51

$0.51

$0.58

$0.76

$0.93

$1.07

$1.26

$1.49

$1.73

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Source: Choice Internal Data, December 2007, Per Share Amounts Retroactively Adjusted For 2005 Stock Split

Adjusted Diluted Earnings Per Share

12

* Excludes cost of land

Conversion

$40,000+

$84,000+

$76,000+

$95,000+

$50

$70

$100+

Targeted Average Daily Rate

$61,000+

$54,000+

$80

DEVELOPMENT OPPORTUNITIES FOR

HOTELIERS AT VARIOUS PRICE POINTS

Estimated Per Room Investment*

New Construction

Source: Choice Internal Data, April 2008

$65,000+

13

CAMBRIA SUITES BRAND –

UPSCALE, SELECT

SERVICE MARKET OPPORTUNITY

•

All-suites brand

–

100% new construction

–

Guest suites 25% larger than standard

hotel rooms

–

Very attractive per-key development cost

–

Targeted ADR of $100-$150

•

67 contracts –

in 25+ states and Canada –

executed since January 2005 launch

•

7 properties open as of July 10, 2008

•

Positioned favorably against established

brands and new market entrants

Source: Choice Internal Data, July 2008

14

Source: Smith Travel Research, March 2008

SIGNIFICANT GROWTH OPPORTUNITIES

REMAIN IN LARGE CONVERSION MARKET

Domestic Hotels

2,060

1,897

1,703

1,540

1,479

1,448

899

802

665

641

528

390

369

347

257

169

226

297

831

847

Chart does not include 16,000+

independent

hotels in budget,

economy and

mid-scale segments

Best

Western

Other

(includes  

50+ brands)

Holiday Inn

Express

Motel

6

La Quinta

Fairfield

Inn

Red Roof

Inn

Knights

Inn

Super 8

Days

Inn

Hampton

Inn

Holiday Inn /

Holiday Inn

Select

Americas

Best Value

Inn

Travelodge

Howard

Johnson

Microtel

15

549 hotels 

22% of Comfort portfolio

378 hotels 

31% of Quality portfolio

118 hotels

41% of Clarion portfolio

16 hotels  

4% of Sleep Inn portfolio

INTERNATIONAL OPPORTUNITY

•

1,100+ properties

•

38 countries and territories on 5 continents

•

Large global “pure hotel franchising”

business

•

Track record of consistent, conservative growth

Source: Choice Internal Data, March 2008

16

ROYALTY FEE “LEVERS”

Domestic Royalty Impact

Estimated

Impact on ‘08

Royalties

Estimated

Impact on ‘08

Diluted EPS

1,2

RevPAR Improvement

1% =

$2,388,000

$0.02

5% =

$11,940,000

$0.12

New Franchise Growth

1% (46 units) =

$2,399,000

$0.02

5% (230 units) =

$11,995,000

$0.12

Improvement in

Royalty Rate

1 bps increase =

$549,000

$0.005

5 bps increase =

$2,745,000

$0.03

(1) Assumes outstanding diluted shares of 62,595,779

(2) Assumed tax rate of 37.75%

Source: Choice Internal Data, March 2008

17

WHY CHOICE?

•

Highest returning model in the industry

•

Track record of profitable growth in a wide variety of economic conditions and

industry cycles

•

Substantial size, scale and distribution –

difficult to duplicate

•

Highly-skilled and experienced management team

•

Focused on returning value to shareholders

18

Appendix

Appendix

Reconciliation of Non-GAAP

Financial Measurements to GAAP

19

DISCLAIMER

Adjusted franchising margins, adjusted earnings before interest

depreciation and amortization (EBITDA), adjusted net income, adjusted

diluted earnings per share, franchising revenues, net operating profits after

taxes (NOPAT), return on invested capital (ROIC) and free cash flows are

non-GAAP financial measurements. These financial measurements are

presented as supplemental disclosures because they are used by

management in reviewing and analyzing the company’s performance. This

information should not be considered as an alternative to any measure of

performance as promulgated under accounting principles generally

accepted in the United States (GAAP), such as operating income, net

income, diluted earnings per share, total revenues or net cash provided by

operating activities.  The calculation of these non-GAAP measures may be

different from the calculation by other companies and therefore

comparability may be limited. The company has included the following

appendix which reconciles these measures to the comparable GAAP

measurement.

20

FRANCHISING REVENUES AND

ADJUSTED FRANCHISING MARGINS

($ amounts in thousands)

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

December 31,

2007

2006

2005

2004

2003

Total Revenues

615,494

$       

539,903

$    

472,098

$  

423,382

$     

380,357

$   

Adjustments:

     Marketing and Reservation 

(316,827)

(273,267)

(237,822)

(215,906)

(189,710)

     Product Sales

-

-

-

-

-

     Hotel Operations

(4,692)

(4,505)

(4,293)

(3,729)

(3,565)

Franchising Revenues

293,975

$       

262,131

$    

229,983

$  

203,747

$     

187,082

$   

Operating Income

185,199

$       

166,625

$    

143,750

$  

124,983

$     

113,946

$   

Adjustments

     Hotel Operations

(1,451)

(1,311)

(1,068)

(725)

(842)

     Executive Termination Benefits

3,690

-

-

-

-

     Product Sales

-

-

-

-

-

     Impairment of Friendly Investment

-

-

-

-

-

Net

187,438

$       

165,314

$    

142,682

$  

124,258

$     

113,104

$   

Adjusted Franchising Margin

63.8%

63.1%

62.0%

61.0%

60.5%

Source: Choice Internal Data, December  2007

21

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

($ amounts in thousands)

December 31,

December 31,

December 31,

December 31,

December 31,

2002

2001

2000

1999

1998

Total Revenues

365,562

$           

341,428

$           

352,841

$            

324,203

$           

165,474

$            

Adjustments:

     Marketing and Reservation 

(190,145)

(168,170)

(185,367)

(162,603)

-

     Product Sales

-

-

-

(3,871)

(20,748)

     Hotel Operations

(3,331)

(3,215)

(1,249)

-

(1,098)

Franchising Revenues

172,086

$           

170,043

$           

166,225

$            

157,729

$           

143,628

$            

Operating Income

104,700

$           

73,577

$             

92,427

$             

94,170

$             

85,151

$             

Adjustments

Hotel Operations

(385)

(714)

(640)

-

35

Executive Termination Benefits

-

-

-

-

-

Product Sales

-

-

-

12

(1,216)

Impairment of Friendly Investment

-

22,713

-

-

-

Net

104,315

$           

95,576

$             

91,787

$             

94,182

$             

83,970

$             

Adjusted Franchising Margin

60.6%

56.2%

55.2%

59.7%

58.5%

FRANCHISING REVENUES AND ADJUSTED

FRANCHISING MARGINS (CONTINUED)

Source: Choice Internal Data, December 2007

22

1

ST

QUARTER FRANCHISING REVENUES AND

ADJUSTED FRANCHISING MARGINS

(Dollar amounts in thousands)

March 31

March 31

2008

2007 (1)

Franchising Revenues and Margins

Total Revenues

128,855

$    

114,929

$    

Adjustments:

     Marketing and Reservation 

(68,426)

(60,787)

     Hotel Operations

(1,042)

(1,096)

Franchising Revenues

59,387

$      

53,046

$      

Operating Income

34,052

$      

27,386

$      

Adjustment:

     Hotel Operations

(277)

(355)

Net

33,775

$      

27,031

$      

Franchising Margins

56.9%

51.0%

(1) 2007 franchising margins, operating income and EBITDA include approximately $3.7 million

      of severance costs related to the previously announced termination of certain executive officers.

Three Months Ended

Source: Choice Internal Data, March 2008

23

RETURN ON INVESTED CAPITAL

Source: Choice Internal Data, December  2007

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

($ in millions)

December 31,

December 31,

December 31,

December 31,

December 31,

December 31,

December 31,

December 31,

December 31,

December 31,

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Operating Income (a)

$85.2

$94.2

$92.4

$96.3

$104.7

$113.9

$125.0

$143.8

$166.6

$185.2

Tax Rate(a)

41.7%

39.5%

39.0%

35.0%

36.5%

36.1%

35.1%

33.0%

27.4%

36.0%

After-Tax Operating Income

49.7

57.0

56.4

62.6

66.5

72.8

81.1

96.3

121.0

118.5

+ Depreciation & Amortization

6.7

7.7

11.6

12.5

11.3

11.2

9.9

9.1

9.7

8.6

- Maintenance CAPEX

6.7

7.7

11.6

12.5

11.3

11.2

9.9

9.1

9.7

8.6

Net Op. Profit After-tax (NOPAT)

$49.7

$57.0

$56.4

$62.6

$66.5

$72.8

$81.1

$96.3

$121.0

$118.5

Total Assets

398.2

464.7

484.1

321.2

316.8

267.3

263.4

265.3

303.3

328.4

- Current Liabilities

64.7

88.7

93.8

71.2

84.3

102.2

102.1

120.3

139.8

147.5

Invested Capital

333.6

375.9

390.3

250.0

232.5

165.1

161.3

145.0

163.5

180.9

Return on Average Invested Capital

15.2%

16.1%

14.7%

19.5%

27.6%

36.7%

49.7%

62.9%

78.5%

68.8%

(a) Operating income and tax rate for the year ended December 31, 2001 have been adjusted to exclude the effect

of a $22.7 million (pre-tax) impairment charge related to the write-off of the company’s investment in Friendly Hotels.

24

FREE CASH FLOWS

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

December 31,

December 31,

($ in thousands)

2007

2006

2005

2004

2003

2002

Net Cash Provided by Operating Activities

146,135

$          

153,928

$       

133,588

$       

108,908

$       

115,304

$       

99,018

$         

Net Cash Provided(Used) by Investing Activities

(21,260)

(17,331)

(24,531)

(14,544)

27,784

(14,683)

Free Cash Flows

124,875

$          

136,597

$       

109,057

$       

94,364

$         

143,088

$       

84,335

$         

Source: Choice Internal Data, December  2007

25

FREE CASH FLOWS (CONTINUED)

Year Ended

Year Ended

Year Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

($ in thousands)

2001

2000

1999

1998

Net Cash Provided by Operating Activities

101,712

$       

53,879

$         

65,040

$         

38,952

$         

Net Cash Provided(Used) by Investing Activities

87,738

(16,617)

(36,031)

(9,056)

Free Cash Flows

189,450

$       

37,262

$         

29,009

$         

29,896

$         

Source: Choice Internal Data, December  2007

26

ADJUSTED EBITDA

Source: Choice Internal Data, December 2007

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

($ in thousands)

December 31,

December 31,

December 31,

December 31,

December 31,

2007

2006

2005

2004

2003

Operating Income

185,199

$        

166,625

$      

143,750

$      

124,983

$      

113,946

$    

Adjustments

Executive Termination Benefits

3,690

-

-

-

-

Product Sales

-

-

-

-

-

Impairment of Friendly investment

-

-

-

-

-

Depreciation and Amortization

8,637

9,705

9,051

9,947

11,225

Adjusted EBITDA

197,526

$        

176,330

$      

152,801

$      

134,930

$      

125,171

$    

27

ADJUSTED EBITDA (CONTINUED)

Source: Choice Internal Data, December 2007

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

($ in thousands)

December 31,

December 31,

December 31,

December 31,

December 31,

December 31,

2002

2001

2000

1999

1998

1997

Operating Income

104,700

$      

73,577

$        

92,427

$        

94,170

$        

85,151

$        

77,068

$        

Adjustments

Executive Termination Benefits

-

-

-

-

-

-

Product Sales

-

-

-

12

(1,216)

(1,037)

Impairment of Friendly investment

-

22,713

-

-

-

-

Depreciation and Amortization

11,251

12,452

11,623

7,687

6,710

9,173

Adjusted EBITDA

115,951

$      

108,742

$      

104,050

$      

101,869

$      

90,645

$        

85,204

$        

28

1

ST

QUARTER EBITDA

March 31

March 31

2008

2007

Operating Income

34,052

$   

27,386

$   

Adjustments

Depreciation and Amortization

2,057

2,115

EBITDA

36,109

$   

29,501

$   

Three Months Ended

Source: Choice Internal Data, March 2008

(Dollar  amounts in thousands)

29

Year Ended

Year Ended

Year Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

2006

2005

2004

2003

112,787

$              

87,565

$                 

74,345

$                 

71,863

$                 

217

-

433

-

-

-

-

-

(1,182)

-

-

1,192

-

-

-

-

-

(3,383)

-

-

-

-

100,213

$              

83,902

$                 

73,596

$                 

68,480

$                 

67,050

66,336

69,000

73,349

1.68

$                     

1.32

$                     

1.08

$                     

0.98

$                     

-

-

0.01

-

-

-

-

-

(0.19)

(0.08)

(0.02)

-

-

0.02

-

-

-

-

-

(0.05)

-

-

-

-

1.49

$                     

1.26

$                     

1.07

$                     

0.93

$                     

ADJUSTED DILUTED EARNINGS PER SHARE

Source: Choice Internal Data, December 2007

Year Ended

December 31,

(In thousands, except per share amounts)

2007

Net Income

111,301

$              

Adjustments:

Loss(Gain) on Extinguishment of Debt

-

Executive Termination Benefits, Net of Taxes

2,310

Resolution of Provisions for Income Tax Contingencies

(349)

Income Tax Expense Incurred Due to Foreign Earnings Repatriation

-

Loss(Gain) on Sunburst Note Transactions

-

Impairment of and Equity Losses in Friendly Hotels PLC Investment

-

Adjusted Net Income

113,262

$              

Weighted Average Shares Outstanding-Diluted

65,331

Diluted Earnings Per Share

1.70

$                     

Adjustments:

Loss(Gain) on Extinguishment of Debt

-

Executive Termination Benefits, Net of Taxes

0.04

Resolution of Provisions for Income Tax Contingencies

(0.01)

Income Tax Expense Incurred Due to Foreign Earnings Repatriation

-

Loss(Gain) on Sunburst Note Transactions

-

Impairment of and Equity Losses in Friendly Hotels PLC Investment

-

Adjusted Diluted Earnings Per Share (EPS)

1.73

$                     

(12,791)

(4,855)

30

ADJUSTED DILUTED EARNINGS PER SHARE

(CONTINUED)

Year Ended

Year Ended

Year Ended

Year Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

December 31,

(In thousands, except per share amounts)

2002

2001

2000

1999

1998

Net Income

60,844

$               

14,327

$               

42,445

$               

57,155

$               

55,305

$               

Adjustments:

Loss(Gain) on Extinguishment of Debt

-

-

-

-

(7,232)

Executive Termination Benefits, Net of Taxes

-

-

-

-

-

Resolution of Provisions for Income Tax Contingencies

-

-

-

-

-

Income Tax Expense Incurred Due to Foreign Earnings Repatriation

-

-

-

-

-

Loss(Gain) on Sunburst Note Transactions

-

-

4,721

-

-

Impairment of and Equity Losses in Friendly Hotels PLC Investment

-

37,166

7,532

-

-

Adjusted Net Income

60,844

$               

51,493

$               

54,698

$               

57,155

$               

48,073

$               

Weighted Average Shares Outstanding-Diluted

80,114

89,144

106,506

111,334

119,096

Diluted Earnings Per Share

0.76

$                     

0.16

$                     

0.40

$                     

0.51

$                     

0.46

$                     

Adjustments:

Loss(Gain) on Extinguishment of Debt

-

-

-

-

(0.06)

Executive Termination Benefits, Net of Taxes

-

-

-

-

-

Resolution of Provisions for Income Tax Contingencies

-

-

-

-

-

Income Tax Expense Incurred Due to Foreign Earnings Repatriation

-

-

-

-

-

Loss(Gain) on Sunburst Note Transactions

-

-

0.04

-

-

Impairment of and Equity Losses in Friendly Hotels PLC Investment

-

0.42

0.07

-

-

Adjusted Diluted Earnings Per Share (EPS)

0.76

$                     

0.58

$                     

0.51

$                     

0.51

$                     

0.40

$                     

Source: Choice Internal Data, December 2007