New York, New York - October 29, 2002 - MONY Realty Capital, Inc., a Littleton, CO-based institutional investor, has sold the 182-room Holiday Inn Towne Center in Boca Raton, Florida, to Connecticut-based HEI Hospitality in a transaction valued at approximately $8.5 million.  Insignia/ESG Hotel Partners was the owner's exclusive representative in this sale.  Scott Stephens, managing director in Insignia/ESG Hotel Partners' Tampa office, and Tom Ives, senior managing director in Atlanta, oversaw the marketing and disposition of the asset.

Built in 1982, the Holiday Inn is located at 1950 Glades Road, walking distance from Boca's main retail and restaurant corridors.  The hotel sits on almost seven acres of prime commercial Boca Raton real estate. 

According to Mr. Ives, "The slump in Florida real estate markets and the disappearance of a peak season this year frightened many would-be buyers away from this asset.  But we were dealing with a seasoned investor who profited handsomely from well-timed investments during the last downturn, and who recognizes the huge potential for a repeat performance in this market.  Clearly the hotel needed a sprucing up, and its new owners plan to spend over $2 million retooling it as a first class Holiday Inn hotel."

Insignia/ESG Hotel Partners is a leading full-service real estate group focused exclusively on the hospitality industry.