TORONTO AFM Hospitality Corporation said it will acquire management agreements and other assets of Seattle-based Northwest Lodging, to support management of 14 hotels and nearly 1,700 rooms, located primarily in the Pacific Northwest.
The hotels will be operated by AFM under the Northwest Lodging Int l. name as a subsidiary of AFM.
Under the terms of the agreement and subject to TSE approval, AFM will acquire selected assets from Northwest Lodging for CDN $4.5 million. The transaction is expected to close before the end of October 2000.
Andre Tatibouet and Lawrence Horwitz, respectively chairman and president/CEO of Northwest Lodging will be nominated to join the Board of Directors of AFM and, if so elected, Mr. Horwitz will assume the role of Chairman of the Board. (10/5/00)