Hotel Online Special Report
Albuquerque NM Best Western Inn at Rio Rancho Sold
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 Tokyo.

Jim Burba; 949.553.0808
Kurt Lindsey; 212.687.5500

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