|Newport Beach, CA, June 29, 1998 -- Insignia/ESG Hotel Partners,
Inc. has confirmed the sale of the 121-room Best Western Inn at Rio Rancho,
located in Rio Rancho, NM, an upscale suburban community northwest of Albuquerque.
The full-service Best Western was sold by a private partnership to an affiliate
of Tucson-based NCH Corp. for $5.1 million. The hotel will be managed
by Albuquerque-based American Property Management Corp. Michael Armstrong
and Bert Stevens of Insignia/ESG Hotel Partners represented the seller
in this transaction. Insignia/ESG Hotel Partners also arranged financing
for the buyer through Archon Financial.
The Best Western is located proximate to Intel Corporation's largest
manufacturing site. This transaction represents Armstrong's fifth
hotel sale in New Mexico in the last two years.
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., one of the largest fully integrated real estate services firms 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 a 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