Craig F. Maier, President and CEO of Frisch�s said, �As part of our strategic planning process, we have been upgrading both of our hotels in Cincinnati. The reflagging of the Riverview Hotel to the premium Clarion brand is in recognition of the new image and status that this property now commands and will enable us to penetrate a more upscale market. In the past four years, we have spent almost $10,000,000 renovating and upgrading the property. It now boasts one of the finest ballrooms in Greater Cincinnati and business-class rooms that are sure to appeal to visitors to Cincinnati. Also for the business community, we have the sixteenth floor conference center equipped with state of the art technologies.�

Donald M. Kolodz, Vice President and Brand Manager for the Clarion brand of Choice Hotels International said, �The extensive renovations to Frisch�s Riverview property better suit the hotel as a Clarion, our top of the line brand.�

The Riverview Hotel was completed in 1972 and, at that time, the revolving restaurant on its eighteenth floor was the largest revolving restaurant in the world. Today, the Riverview Room still provides its dinner guests with a spectacular view of the Cincinnati skyline.

In more recent years, the Riverview Revolving Restaurant and the Quality Hotel Riverview have constantly shown their excellence of menu and service by winning a variety of local and national awards.

Locally, entries in the Taste of Cincinnati Competition have won �Best of Taste� awards for six straight years, including the �Best Damn Dish� award each of the last two years. On the national level, the
hotel has been awarded Quality Inn�s �Inn of the Year� award twice. In 1997, the hotel became a Choice Hotel Platinum Award winner. Only seven hotels in the entire Choice Hotel family have ever won a
Platinum Award.

Frisch�s Restaurants, Inc. operates 88 family-style restaurants under the name of Frisch�s Big Boy in Indiana, Kentucky and Ohio and licenses another 38 restaurants. The Cincinnati-based Company operates two high-rise hotels with banquet facilities and dining rooms in metropolitan Cincinnati. The Company plans to own and operate 23 Golden Corral restaurants in the Cincinnati, Louisville and Dayton markets. Frisch�s has recorded positive net earnings for all 38 years the Company has been public and has paid 154 consecutive quarterly cash dividends.

Clarion Hotels is an international, upscale, full-service hotel chain franchised by Choice Hotels International (NYSE:CHH), headquartered in Silver Spring, Maryland, one of the largest hotel franchise companies in the world with almost 5,000 hotels currently open or under development in 36 countries. In addition to Clarion Hotels, Choice franchises hotels under the Comfort, Quality, Econo Lodge, MainStay Suites, Sleep Inn and Rodeway Inn brands. For more information about Choice, visit the web site www.choicehotels.com.

Statements contained in this press release which are not historical facts are forward looking statements as that item is defined in the Private Securities Litigation Act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company�s filings with the Securities and Exchange Commission.