|Newport Beach, CA May 17, 1999 Insignia/ESG
Hotel Partners is pleased to announce the sale of the 795-room Maxim Hotel
& Casino in Las Vegas, NV. The property was sold by West Coast
Mortgage Limited Partnership to Premier Interval Resorts, Inc. for an undisclosed
price. The team of Jack Carr and Harry Pflueger of the Newport Beach
office of Insignia/ESG Hotel Partners represented the seller in this transaction.
The Maxim is located two blocks east of the premier Flamingo Road/Strip
intersection. According to Pflueger, "The Maxim's location so close
to the new mega-developments on the Strip was a primary selling point.
The strong comeback of tourism in Las Vegas this year helped move the deal
offers over 38,000 square feet of casino space and extensive food, beverage
and recreational facilities. After Premier Interval completes its
renovation of a portion of the hotel rooms to timeshare units, the Maxim
will be the first timeshare property in Las Vegas that offers an on-site
casino. Carr comments, "The conversion of this hotel to timeshare
represents a trend we are seeing emerge in the Las Vegas market.
Traditional hotels find it difficult to compete with the mega-resort properties,
and search for an alternative use."
Insignia/ESG Hotel Partners has extensive experience in selling gaming
properties. The Maxim is one of three major Las Vegas assignments
currently being handled by the firm's gaming practice.
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.