| San Francisco, CA June 29, 1999 Insignia/ESG
Hotel Partners is pleased to announce that real estate investors Rick Mariano
and Tom Callinan have purchased Laurel Motor Inn in San Francisco.
The 49-room property, which is located in San Francisco's Pacific Heights
district only blocks from the Presidio, sold above its listed price of
$6.75 million. The investors have named Chip Conley of Joie de Vivre
Hospitality to manage the property. Managing director Jeffrey Roe
of Insignia/ESG Hotel Partners represented the sellers in the transaction.
The circa 1960s motor lodge will undergo an extensive renovation.
"We hope to provide a boutique hotel that the neighborhood regards as stylish,
but relaxed, with first class amenities and levels of service," said Mr.
Mariano.
Insignia/ESG is one of the largest commercial real estate services providers
in the United States, with comprehensive brokerage, property management,
facilities management, consulting, investment sales and debt placement
operations in many of America's top markets. Insignia/ESG is a subsidiary
of Insignia Financial Group, Inc., a publicly traded real estate company
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, advisory and asset management operations in offices worldwide.
Insignia/ESG Hotel Partners has nine offices in North America, including
Atlanta, Boston, Chicago, Dallas, Honolulu, Los Angeles, Miami, New York
and San Francisco. |
