| BLOOMINGDALE, Ill. - (April 7,2000) - Montclair
Hotel Investors, headquartered in Bloomingdale, IL and its partner, Dallas
based Olympus Real Estate Corporation have sold Nordic Hills Resort in
Itasca, IL. to Amstar Group LTD, a Denver based investment firm. Terms
of the sale were not disclosed.
Montclair�s managing partners are Peter Cyrus and Dennis Langley.
According to Langley, �This transaction enables Montclair and Olympus to
achieve a very attractive return on its investment. Additionally,
we can now focus our efforts on the Chicago area�s largest resort, Indian
Lakes, which we own in partnership with Olympus.� Cyrus stated �We
are pleased that Amstar shares our optimistic outlook for the Chicago area�s
hotel investment prospects.�
Montclair and Olympus purchased Nordic Hills Resort in 1995 after its
foreclosure by Travelers Insurance Company. After an extensive renovation,
Nordic Hills enjoyed a significant resurgence in popularity and profitability.
�The turnaround at Nordic Hills represents one of the most successful revivals
in the Chicago area hotel industry in recent years,� Langley said.
Montclair and Olympus will continue to own and operate Indian Lakes
Resort in Bloomingdale as well as three properties in Wisconsin: The Park
Plaza Paper Valley Hotel in Appleton, The Park Plaza Valley Inn in Neenah
and the Pioneer Resort & Marina in Oshkosh. |
