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 Hotel Sales Activity Currently Strong Following the 'Dry Period' of Late 1998 / Insignia/ESG
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.

Jim Burba 949.553.0808
Kurt Lindsey 212.687.5500
Also See: Ocean Hospitalities, Inc Acquires Historic Samoset Resort in Rockport, Maine / Feb 1999 
The 406 Room Quality Inn Downtown Chicago, Illinois is Sold / April 1999 

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