|Chicago, IL May 3, 1999 Bill Gudenau, executive
director, is pleased to announce that Insignia/ESG Hotel Partners has just
completed a record number of hotel transactions in one month. In
April, the firm closed 22 transactions. The properties range from
the upscale boutique Melrose Hotel in Dallas, TX, to a limited-service
motel on Cape Cod in Massachusetts.
This flurry of transactions activity at Insignia/ESG Hotel Partners
reflects larger nationwide trends, which show increases in hotel sales
following the 'dry period' of late 1998 and early 1999. According
to senior managing director Jim Burba, "The hotel transactions field has
stabilized, and the 'correction period' which started in mid-1998 appears
to be over. Greater caution, stringent due diligence and bottom-line
investment parameters have become the norm in the hotel sales arena, with
small to medium sized hotels currently representing the lion's share of
deals being completed."
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.