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RESORT INCOME INVESTORS INC. ANNOUNCES FUNDING OF LOAN

 GOLDEN, Colo., Jan. 13 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today announced that the company has made a $12.9 million temporary investment loan to Christopher B. Hemmeter secured by junior mortgages on certain residential properties in Hawaii and California.
 The 12 percent one-year loan is being funded in two stages, with $10 million already received and the balance to be funded within 90 days. The borrower will use the proceeds for the retirement of senior mortgage debt on the collateral properties and working capital for gaming-related opportunities.
 Resort Income Investors Inc. operates as a real estate investment trust (REIT) under the provisions of the Internal Revenue Code. As such, it is required to distribute to shareholders at least 95 percent of its taxable income each year to continue to qualify as a REIT.
 Resort Income Investors Inc. is a lender specializing in resort and gaming developments. The Investment Manager of RII is RII Advisors, Inc. The Investment Manager is responsible for reviewing investment options and making investment recommendations to the RII board of directors.
 RII Advisors Inc. is an affiliate of Denver-based Hemmeter Enterprises Inc., a recently formed company succeeding Hemmeter Partners as the administrative entity responsible for future Hemmeter developments.
 Hemmeter Enterprises is currently developing a $180 million riverboat and entertainment complex in New Orleans.
 In addition to Bullwhackers Casinos in Central City and Black Hawk, previous developments of Hemmeter Enterprises include the Hyatt Regency Waikiki at Hemmeter Center in Honolulu, the Hyatt Regency Maui, the Western Kauai at Kauai Lagoons, the Westin Maui and the Hyatt Regency Waikoloa on the Big Island of Hawaii.
 -0- 1/13/94
 /CONTACT: Greg Hooper of Resort Income Investors, 303-271-2558; or Gary S. Maier of Pondel Parsons & Wilkinson, 310-207-9300/
 (RII)


CO: Resort Income Investors Inc. ST: Colorado IN: CNO SU:

JB-MF -- LA021 -- 1141 01/13/94 14:05 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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