Baron Capital reports 20.5% Choice Hotels (CHH) stake via managed funds

Rhea-AI Filing Summary

Baron Capital Group, Inc., its affiliates, and Ronald Baron report significant ownership of Choice Hotels International, Inc. common stock. They collectively beneficially own 9,328,354 shares, representing 20.50% of the common stock. Of this, 20,000 shares are subject to sole voting and dispositive power, while 9,221,786 shares are subject to shared voting power and 9,308,354 shares are subject to shared dispositive power. Baron Generational Growth Fund holds 2,532,997 shares (5.57%), and Baron Partners Fund holds 3,992,835 shares (8.78%), both through shared voting and dispositive power.

Key Figures

Beneficial ownership: 9,328,354 shares Percent of class: 20.50 % Sole voting power: 20,000 shares +5 more

8 metrics

Beneficial ownership 9,328,354 shares Common stock beneficially owned by Baron Capital Group Inc., affiliates and Ronald Baron

Percent of class 20.50 % Portion of Choice Hotels common stock class beneficially owned

Sole voting power 20,000 shares Shares over which the filers have sole power to vote or direct the vote

Shared voting power 9,221,786 shares Shares over which the filers have shared power to vote or direct the vote

Sole dispositive power 20,000 shares Shares over which the filers have sole dispositive power

Shared dispositive power 9,308,354 shares Shares over which the filers have shared power to dispose or direct disposition

Baron Generational Growth Fund holding 2,532,997 shares Choice Hotels shares held with shared voting and dispositive power, 5.57% of class

Baron Partners Fund holding 3,992,835 shares Choice Hotels shares held with shared voting and dispositive power, 8.78% of class

Key Terms

beneficially owned, shared voting power, shared dispositive power, Investment Company Act of 1940, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 9,328,354"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 9,221,786.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 9,308,354.00"

Investment Company Act of 1940 regulatory

"shareholders of an investment company registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

parent holding company financial

"Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company"

FAQ

How much of Choice Hotels (CHH) does Baron Capital beneficially own?

Baron Capital Group, its affiliates, and Ronald Baron beneficially own 9,328,354 shares of Choice Hotels common stock, representing 20.50% of the outstanding class, with most shares under shared voting and dispositive power.

What voting power does Baron Capital report over Choice Hotels (CHH) shares?

They report 20,000 shares with sole voting power and 9,221,786 shares with shared voting power. Shared voting reflects securities held in advisory client accounts managed by BAMCO and Baron Capital Management.

Which Baron funds are major holders of Choice Hotels (CHH) stock?

Baron Generational Growth Fund holds 2,532,997 shares (5.57%), and Baron Partners Fund holds 3,992,835 shares (8.78%). Both positions are held with shared voting and dispositive power through BAMCO as investment adviser.

Who ultimately controls the Baron entities holding Choice Hotels (CHH) shares?

BAMCO and Baron Capital Management are subsidiaries of Baron Capital Group, Inc., and Ronald Baron owns a controlling interest in Baron Capital Group, making him an indirect beneficial owner of the reported holdings.

Do Baron Capital’s advisory clients directly benefit from the Choice Hotels (CHH) stake?

Yes. The advisory clients of BAMCO and Baron Capital Management have the right to receive or direct dividends and sale proceeds for the Choice Hotels shares held in their accounts, though no single client exceeds 5% of the class.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 10:44 AM Accepted by SEC EDGAR 08/14/2026 - 10:43 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 20)

Choice Hotels International, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

169905106

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 169905106

1

Names of Reporting Persons

BAMCO INC /NY/

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,524,688.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,611,256.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,611,256.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

18.93 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP Number(s): 169905106

1

Names of Reporting Persons

Baron Capital Group, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 20,000.00
6	Shared Voting Power 9,221,786.00
7	Sole Dispositive Power 20,000.00
8	Shared Dispositive Power 9,308,354.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,328,354.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

20.50 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 169905106

1

Names of Reporting Persons

Baron Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 20,000.00
6	Shared Voting Power 697,098.00
7	Sole Dispositive Power 20,000.00
8	Shared Dispositive Power 697,098.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

717,098.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.58 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP Number(s): 169905106

1

Names of Reporting Persons

Ronald Baron

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 20,000.00
6	Shared Voting Power 9,221,786.00
7	Sole Dispositive Power 20,000.00
8	Shared Dispositive Power 9,308,354.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,328,354.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

20.50 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): 169905106

1

Names of Reporting Persons

Baron Generational Growth Fund

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,532,997.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,532,997.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,532,997.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.57 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

CUSIP Number(s): 169905106

1

Names of Reporting Persons

Baron Partners Fund

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,992,835.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,992,835.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,992,835.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.78 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Choice Hotels International, Inc.
(b)	Address of issuer's principal executive offices: 915 Meeting Street, Suite 600, North Bethesda, MD 20852
Item 2.
(a)	Name of person filing: Baron Capital Group, Inc. ("BCG"), BAMCO, Inc. ("BAMCO"), Baron Capital Management, Inc. ("BCM"), Ronald Baron, Baron Generational Growth Fund ("BGGF"), Baron Partners Fund ("BPF")
(b)	Address or principal business office or, if none, residence: 767 Fifth Avenue, 49th Floor, New York, NY 10153
(c)	Citizenship: BCG, BAMCO, and BCM are New York corporations. BGGF is a series of a Massachusetts business trust. BPF is a series of a Delaware statutory trust. Ronald Baron is a citizen of the United States.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 169905106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 9,328,354
(b)	Percent of class: 20.50 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 20,000
	(ii) Shared power to vote or to direct the vote: 9,221,786
	(iii) Sole power to dispose or to direct the disposition of: 20,000
	(iv) Shared power to dispose or to direct the disposition of: 9,308,354
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The advisory clients of BAMCO and BCM have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Issuer's common stock in their accounts.To the best of the Filing Persons' knowledge, no such person has such interest relating to more than 5% of the outstanding class of securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. BAMCO and BCM are subsidiaries of BCG. BGGF and BPF are advisory clients of BAMCO. Ronald Baron owns a controlling interest in BCG.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Item 3.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

BAMCO INC /NY/

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2026

Baron Capital Group, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2026

Baron Capital Management, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	08/14/2026

Ronald Baron

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	08/14/2026

Baron Generational Growth Fund

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	08/14/2026

Baron Partners Fund

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	08/14/2026