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Eastham, Mass. Four Points Hotel Flipped
McElroy and O'Connell of Insignia/ESG Hotel Partners Sell
Leading Lower Cape Hotel

Boston, MA, May 21, 1998 -- Dave McElroy of the Boston office of Insignia/ESG Hotel Partners has announced the sale of the 107-room Four Points by Sheraton and 55-room Best Inn in Eastham, Mass., for an undisclosed price.  McElroy and Jim O'Connell represented the seller, Hotel Corporation of Cape Cod, and introduced the buyer to the hotels.  The buyer, South Bay Hotels, is led by principals Chris Gistis and Larry Kasser.  South Bay will engage Gistis' Linchris Hotels, a Boston-based lodging management company managing 17 properties in the Northeast, to manage both hotels.

The Four Points, a full-service property with 12,000 square feet of function space, outdoor and indoor swimming pools, tennis courts and atrium, has become a perennial draw for family vacationers, professional groups and local catering functions.  The properties are adjacent to each other on Route 6 in Eastham, less than one mile from the entrance to the Visitors Center of the Cape Cod National Seashore Park, one of the most popular national parks in the US.  Cape Cod National Seashore draws an estimated 5 million visitors annually to the pristine beaches of the Lower Cape.

"The Four Points is an excellent hospitality asset with a 21-year tradition of outstanding guest and community service.  It is in excellent condition and will continue to serve the Lower Cape market well for years to come," said McElroy.

Insignia/ESG is one of the largest commercial real estate services providers in the United States, with comprehensive brokerage, consulting, investment sales, property management and debt placement operations in many of America's top markets.  Insignia/ESG is a subsidiary of Insignia Financial Group, Inc., the largest fully integrated real estate services firm in the United States.  Insignia Financial Group is listed on the New York Stock Exchange under the symbol "IFS."

Insignia/ESG Hotel Partners is part of Insignia/ESG's Capital Advisors Group, which focuses on investment sales and debt financing for major properties of all types.  Insignia/ESG Hotel Partners is the leading full service real estate group for the hospitality industry worldwide, with brokerage, debt and equity financing and asset management operations in eight US and five overseas offices, including Atlanta, Boston, Chicago, Dallas, Frankfurt, Hong Kong, Honolulu, London, Los Angeles, Miami, New York, Singapore and Tokyo.

Jim Burba
Kurt Lindsey

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