Binding of an aryl phosphate ester with a dicationic cyclodextrin derivative was compared to that with an analogous, more conformationally restricted cyclodextrin. Binding of the latter host occurs with an unexpected increase in binding free energy, resulting from an increase in binding enthalpy. A structural basis for this difference involving ‘induced-fit’ binding is proposed based on NMR experiments with the free host and the complex. Copyright © 2004 John Wiley & Sons, Ltd.