Excel Legacy Announces the Listing of Its Shares On American Stock Exchange.SAN DIEGO--(BUSINESS WIRE)--Nov. 16, 1998--Excel Legacy Corp. (AMEX AMEX See: American Stock Exchange :XLG XLG Extra Large XLG Export Lead Growth ) - Excel Legacy Corp. (Legacy) has announced that its shares will begin trading on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol XLG at the opening of business Tuesday, November 17. Gary B. Sabin Sa·bin , Albert Bruce 1906-1993. American microbiologist and physician who developed a live-virus vaccine against polio (1957), replacing the killed-virus vaccine invented by Jonas Salk. , chairman of Excel Legacy Corp., said, "This is a significant step towards creating long-term value for our shareholders. Excel Legacy has a very exciting pipeline of projects and we believe that the newly merged Nasdaq/AMEX market will provide an excellent venue for the exposure and trading of Legacy shares." Legacy was formed on Nov. 17, 1997 as a wholly-owned subsidiary of Excel Realty Trust Inc., (Excel) and on March 31, 1998 was "spun-off" as a separate company to the common shareholders of Excel. Since the spin-off on March 31, 1998 Legacy has completed construction on two 24-screen AMC (Advanced Mezzanine Card) See AdvancedTCA. theater complexes and obtained 20 year non-recourse, fixed-rate, fully-amortizing debt on the two projects. The company also acquired TenantFirst Real Estate Services Inc., a fully-integrated real estate development company providing development expertise, leasing, property management and construction management services. In July, the company announced the completion of the Grand Hotel at the entrance of the Grand Canyon Grand Canyon, great gorge of the Colorado River, one of the natural wonders of the world; c.1 mi (1.6 km) deep, from 4 to 18 mi (6.4–29 km) wide, and 217 mi (349 km) long, NW Ariz. . Legacy has projects totaling over $1.5 billion in the following categories: retail entertainment (9 projects), office/industrial, (4 projects); hotel/hospitality, (5 projects); and real estate related operating businesses (2 projects). Legacy is a public real estate company organized to create value through the acquisition, development and management of real property and real estate- related operating companies operating company A business that engages in transactions with outsiders. . The company is actively pursuing a variety of real estate opportunities including among others, developing long-term, premier-destination mixed-use retail/entertainment projects, engaging in short-term trading opportunities, investing in properties requiring significant restructuring or redevelopment in order to create substantial value, such as changing the use, tenant mix or focus of the property and acquiring single-tenant properties that can be leveraged with long-term fully-amortizing debt. |
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