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TWO ATLANTA HOTEL PROPERTIES INCLUDED IN SEALED BID SALE ON APRIL 16

 NEW YORK, Feb. 18 /PRNewswire/ -- The 180-room Travelodge and the 155-suite French Quarter Suites hotel are two Atlanta properties which will be offered in The Premier Hotel Properties Sealed Bid Sale. The sale includes a total of 23 hotel properties at aggregate reserve prices of $175 million and represents the largest offering to date of privately-owned investment grade hotels.
 The sale is being conducted by two leading international real estate companies and lodging industry advisory firm: Jones Lang Wootton, Kennedy-Wilson, and Geller & Co. The three companies have launched an international marketing campaign which includes advertising in 45 publications in 10 languages. All bids are due April 16 in Boston, Mass.
 "This timely Sealed Bid Sale provides investors with an excellent opportunity to acquire quality investment grade hotel properties at bargain prices," said Bill McMorrow, CEO of Kennedy-Wilson. Simon J. Milde, managing director of Jones Lang Wootton, added: "The two Atlanta hotels are consistent performers and we expect them to attract a great deal of national and international attention."
 The sellers are financial institutions and private companies, many of whom will provide seller financing. All of the properties in the sale are offered unencumbered by any existing management of franchise agreement. Local Property Representatives have been assigned to each property to assist with inspection, due diligence, bid submissions and close of escrow. A one and a half percent broker cooperation fee is available to all registered brokers.
 Located on Druid Hills Road and Interstate 85, five minutes east of Lenox Square and the Buckhead area, the recently renovated 9-story full- service Travelodge has an outdoor heated pool, restaurant, separate lounge, exercise room and sauna. It is situated on a 2.2 acre site including parking for 190 cars. Highly visible from all directions, the mid-market Travelodge hotel, built in 1970, is priced at a reserve of $3.4 million.
 Built in 1985, the French Quarter Suites is Atlanta's only four- diamond all suites hotel. Situated at the intersection of I285 and Cobb Parkway, a fashionable part of northwest Atlanta, this New Orleans style hotel, constructed with wrought iron architectural detail, has an interior atrium housing a restaurant and small bar. The elegant suites feature whirlpool tubs. The hotel is priced at a reserve of $7.5 million.
 "Having become a bustling tourist and business destination, Atlanta is a prime location for investors wishing to be part of the hospitality industry," said Larry Vogler, managing director of Geller & Co.
 The property catalog for The Premier Hotel Properties Sealed Bid Sale containing property descriptions and the terms and conditions of sale, can be obtained by calling 1-800-522-6664. Comprehensive due diligence packages are available for each property at a cost of $75 each. Those wishing to view the properties may contact:
 -- Travelodge -- Philip Davis of Cauble & Co., 404-888-9000
 -- French Quarter Suites -- Bob Webster of Hodges Ward Elliott, Inc., 404-233-6000
 -0- 2/18/93
 /CONTACT: Melanie Keenan, 212-427-8599, for Jones Lang Wootton, Kennedy-Wilson, and Geller & Co./


CO: Kennedy-Wilson, Inc.; Jones Lang Wootton; Geller & Co. ST: New York IN: REA SU:

LD -- NY004 -- 7659 02/18/93 08:02 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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