Choice Hotels (CHH) holder Baron group reports 16.15% ownership stake

Rhea-AI Filing Summary

Baron Capital Group and related parties report a significant ownership stake in Choice Hotels International, Inc. common stock. As of the event date, they beneficially own 7,473,575 shares, representing 16.15% of the outstanding common stock. Ronald Baron, Baron Capital Group, Inc., BAMCO Inc., Baron Capital Management, Inc., and Baron Growth Fund are listed as reporting persons, with various combinations of sole and shared voting and dispositive power.

The filing states that the securities are held in the ordinary course of business and are not held for the purpose of changing or influencing control of Choice Hotels. BAMCO and Baron Capital Management act as advisers whose clients have the economic rights to dividends and sale proceeds, while Baron Capital Group and Ronald Baron are identified as controlling entities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 19)

Choice Hotels International, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

169905106

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 6,691,917.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,786,485.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,786,485.00

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)

14.67 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP No. 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 7,325,507.00
7	Sole Dispositive Power 20,000.00
8	Shared Dispositive Power 7,420,075.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,440,075.00

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)

16.04 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 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 633,590.00
7	Sole Dispositive Power 20,000.00
8	Shared Dispositive Power 633,590.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

653,590.00

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)

1.41 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP No. 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 53,500.00
6	Shared Voting Power 7,325,507.00
7	Sole Dispositive Power 53,500.00
8	Shared Dispositive Power 7,420,075.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,473,575.00

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)

16.15 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 169905106

1

Names of Reporting Persons

Baron 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 3,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,000,000.00

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)

6.48 %

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 Growth Fund ("BGF")
(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. BGF is a series of a Massachusetts business 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: 7,473,575
(b)	Percent of class: 16.15 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 53,500
	(ii) Shared power to vote or to direct the vote: 7,325,507
	(iii) Sole power to dispose or to direct the disposition of: 53,500
	(iv) Shared power to dispose or to direct the disposition of: 7,420,075
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. BGF is an advisory client 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:	01/07/2026

Baron Capital Group, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	01/07/2026

Baron Capital Management, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	01/07/2026

Ronald Baron

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	01/07/2026

Baron Growth Fund

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	01/07/2026

FAQ

What ownership stake in Choice Hotels (CHH) does the Baron group report?

The reporting persons disclose beneficial ownership of 7,473,575 shares of Choice Hotels International, Inc. common stock, representing 16.15% of the class.

Who are the reporting persons in this Schedule 13G/A for Choice Hotels (CHH)?

The filing lists Baron Capital Group, Inc., BAMCO Inc., Baron Capital Management, Inc., Ronald Baron, and Baron Growth Fund as reporting persons with various ownership and control roles.

Is the Baron group reporting a passive investment in Choice Hotels (CHH)?

Yes. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Choice Hotels.

How much Choice Hotels (CHH) stock does Baron Growth Fund hold?

Baron Growth Fund reports beneficial ownership of 3,000,000 shares of Choice Hotels common stock, which represents 6.48% of the class.

What voting and dispositive powers are disclosed over Choice Hotels (CHH) shares?

For the combined reporting persons, the filing notes 53,500 shares with sole voting and dispositive power and 7,325,507 shares with shared voting power, and 7,420,075 shares with shared dispositive power.

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

The filing explains that BAMCO and Baron Capital Management are subsidiaries of Baron Capital Group, Inc., that Baron Growth Fund is an advisory client of BAMCO, and that Ronald Baron owns a controlling interest in Baron Capital Group, Inc.

Do Baron advisory clients have economic rights to the Choice Hotels (CHH) shares?

Yes. The advisory clients of BAMCO and Baron Capital Management have the right to receive or direct the receipt of dividends and sale proceeds from the Choice Hotels common stock in their accounts.