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.
Logos, product and company names mentioned are the property of their respective owners.