2003 a Banner Year for AFM Hospitality Corp.'s New Interim Asset Management Division; Trigild Doubles Business, Expands Services and Specialties.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Feb. 11, 2004

The recent acquisition of Trigild, a San Diego-based hotel, restaurant and commercial property management firm, has been a boon for AFM Hospitality Corp. (TSX:AFM), one of North America's largest hotel companies.

According to Lawrence P. Horwitz, chairman and chief executive officer of AFM, the new division, Trigild International Inc., underwent a record-breaking year in 2003, handling 142 assignments representing a 100 percent increase in business from last year.

"AFM is extremely pleased with the rapid growth of this division," said Horwitz. "We purchased Trigild in January, 2003 and through this successful partnership, have been able to significantly expand our company's scope of services, while providing added shareholder value."

William J. Hoffman, president of Trigild International, now AFM's Interim Asset Management Group, said Trigild's extraordinary growth can be attributed to the company's successful track record and its increasing expertise in a broader range of industries -- from hotels to franchise restaurants to liquidating receiverships. "This past year shattered all records in Trigild's 27 year history, largely because our successes have enabled us to diversify the types of services we offer and the businesses we handle."

To that end, the assignments Trigild received in 2003 were varied in size and scope, and included 32 different clients -- mainly financial institutions -- handling a variety of asset types, including hotels, restaurants, gas and convenience stores, and multifamily and retail venues in 22 states and provinces in the United States and Canada.

Hoffman, who has earned an industry wide reputation as a "turnaround specialist," said the projects encompassed 39 receivership and bankruptcy appointments, the management of 78 different real estate assets and their businesses and 25 consulting projects.

While Trigild's core business continues to focus on hotel and restaurant management and turnaround management for underperforming assets, Hoffman said the company will continue to expand its services to include operational and property assessments, valuations, cash monitoring, and consulting on workout strategies.

Originally founded by Hoffman in 1976, Trigild International is now a market leader in turnaround management services, and has handled nearly 500 assignments for over 50 special servicers and lending institutions since its inception.

A noted author and lecturer as well as an attorney, certified hotel administrator and real estate broker, Hoffman has served as receiver or trustee for over 200 properties, including 100 hotels. He serves on the Hospitality Industry Liaison Subcommittee of the American Bar Association's Hotels, Resorts & Tourism Committee and is President of the San Diego Receivership Forum.

About Trigild International Inc.

AFM Asset Management Services Inc., a U.S. subsidiary of AFM Hospitality Corp. (TSX:AFM), provides interim asset management services through its subsidiaries Trigild International Inc., Staffing Services International Inc. and Special Asset Services Inc. AFM Asset Management Services is a hotel, restaurant and commercial property management company whose customer base consists primarily of financial institutions, and currently has more than 60 engagements generating annual sales revenues of more than $60 million. A specialist in providing receivership and turnaround management solutions for nationally franchised brands, Trigild has managed more than 300 hotels, restaurants, apartments, office buildings, gasoline stations, convenience stores and a variety of other businesses throughout its 27-year history. Current engagements include operation of such diverse brands as Arby's, Burger King and Sizzler restaurants; Holiday Inn, Hawthorn Suites and Ramada hotels; and gas & convenience stores and truck stops. For more information, visit www.trigild.com.

About AFM Hospitality Corp.

Through its subsidiaries, AFM Hospitality Corp. owns AFM Preferred Alliance Group Inc., AFM Asset Management Inc., AFM Hospitality (USA) Corp., Northwest Lodging International (USA) Inc., Northwest Lodging International (Canada) Inc., AFM Asset Management Services Inc., Trigild International Inc., Special Asset Services Inc. and Staffing Services International Inc. It is the exclusive Canadian Master Franchisor for Aston, Best Inns, Hawthorn Suites, Howard Johnson, Knights Inn, La Quinta, Park Plaza, Park Inn, Traveller's Inn and Villager Lodge. AFM Hospitality Corp. operates or has open and/or executed franchise and management agreements with more than 250 hotels, restaurants and other nationally franchised service businesses throughout North America. The company's focus is to increase the number of hotels franchised by the respective brands, franchise new brands, build the portfolio of hotel management agreements, provide valuable resources and hospitality experience to help hotel owners grow their business, and acquire other franchise businesses related to the hospitality industry, while making available property management services. AFM Hospitality Corp. is a publicly traded company listed on the Toronto Stock Exchange (TSX:AFM) and may be reached at www.afmcorp.com.

Forward Looking Information

This press release contains certain forward-looking statements and information from AFM Hospitality Corp. relating, but not limited, to the company's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan" or similar words suggesting future outcomes. The results or events predicted in these statements may differ materially from actual results or events. By its nature, AFM Hospitality Corp.'s forward-looking information involves numerous assumptions, inherent risks and uncertainties, including but not limited to the following factors: changes in business strategies; general global economic and business conditions; the effects of competition and pricing pressures; hotel industry overcapacity; shifts in market demand; changes in laws and regulation; uncertainties of litigation; labour disputes; timing of completion of capital or maintenance projects by both franchised and managed hotels; currency and interest rate fluctuations; various events which disrupt operations; and technological changes. AFM Hospitality Corp. undertakes no obligation to update publicly or otherwise revise forward-looking information, whether as a result of new information, future events or otherwise.