|HAMPTON, N.H - Nov. 13, 1998 -- Latona Associates, a private
investment and advisory firm headed by Paul M. Montrone, together with
Monaco-based investor Toufic Aboukhater, today purchased the 619-room Loews
Monte Carlo Hotel from Loews Hotels Holding Corporation for an
undisclosed price. The hotel will be renamed the Monte Carlo Grand Hotel.
Last year, Latona was an advisor in the merger of Beacon Properties
and Sam Zell-controlled Equity Office Properties Trust, a transaction that
created the largest commercial real estate investment trust in the United
Carlo Grand Hotel, built in 1975, is a convention and resort complex whose
seven polygonal tiers jut into the Mediterranean or overlook the grand
Prix racetrak. It has 30 suites, several restaurants and bars, a
cabaret, a rooftop pool and a shopping arcade.
It is managed by Henri Lorenzi, general manager (president delegue),
who will continue in his present position.
Latona blends operating expertise and financial know-how derived from
a quarter-century of corporate experience in merges, acquisitions and the
development of public and private companies.