| Newport Beach, CA, October 1, 1998 -- Insignia/ESG Hotel
Partners, Inc. has confirmed the sale of a portfolio of five upscale, limited-service
independent hotels located in Central and Southern California. The
599-room portfolio was sold by Channel
Islands Properties, a wholly-owned affiliate of Westbrook Partners,
to Rim Hotel Group, a holding company for The Rim Corporation's hotel assets,
for an undisclosed amount.
The portfolio includes Country Inns in the following California markets:
Calabasas, Camarillo, Port Hueneme, Ventura and the quaint Danish village
of Solvang. Each of the hotels is located on or very near Highway
101. Rim reportedly is considering several national franchise affiliations
for the hotels. The new owner has also voiced intentions to substantially
renovate the hotels. Jack Carr and Michael Armstrong of Insignia/ESG
Hotel Partners represented the seller, Channel Islands Properties, in the
transaction.
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, with brokerage, debt and
equity financing and asset management operations in offices located throughout
the world. Insignia/ESG Hotel Partners has nine offices in North
America, including Atlanta, Boston, Chicago, Dallas, Honolulu, Los Angeles,
Miami, New York and San Francisco. |