SEATTLE Revenues grew 22% to CDN $2.7 million, or US$1.75 million in the first fiscal quarter of 2001, AFM Hospitality Corp., a hospitality services company with offices in Seattle and Toronto, reported.
Helping drive the revenue growth was a 10% growth in franchise fees across the company s nine lodging brands, due in part to an increase in the number of rooms under franchise, and growth of royalty fee rates. The results also reflect the company s entry last year into hotel management, with the acquisition of Northwest Lodging s portfolio of 14 hotel management contracts, comprising 1,700 rooms located in the U.S. Pacific Northwest.
Also highlighting the first quarter was the acquisition of the master license rights for the upscale Park Plaza and midscale Park Inn brands throughout Canada. (5/22/01)