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DENVER AND DALLAS HOTELS FEATURED IN SEALED BID SALE ON APRIL 16

 NEW YORK, Feb. 18 /PRNewswire/ -- The 9-story, 209-room Travelodge hotel in Denver and the 376-room Summit Hotel in Dallas are the two southwestern hotels included in The Premier Hotel Properties Sealed Bid Sale on April 16. The Denver and Dallas hotels are priced at aggregate reserves of $2.5 million and $11 million respectively. Representing the largest offering to date of privately owned investment grade hotels, all 23 properties in the sale possess aggregate reserves of $175 million.
 The sale will be conducted by two leading international real estate companies and a lodging industry advisory firm: Jones Lang Wootton, Kennedy-Wilson, and Geller & Co. Jointly, the companies have launched a global marketing campaign to include advertising in 45 publications in 10 languages.
 "The Sealed Bid Sale is a rare opportunity for investors to purchase hotel properties at bargain prices," said Bill McMorrow, chief executive officer of Kennedy-Wilson. Simon J. Milde, managing director of Jones Lang Wootton noted, "The Denver and Dallas hotels are priced to sell and we are confident there will be considerable bidder interest from both national and international investors."
 The sellers are financial institutions and private companies, many of whom will provide seller financing. Each of the properties in the sale is offered unencumbered by any existing management or franchise agreement. Local Property Representatives have been assigned to the properties to assist with inspection, due diligence, and bid submissions. There is a one and half percent broker cooperation fee available to all registered brokers.
 Built in 1971, the Denver Travelodge located at 200 W. 48th Avenue, has a pool, lounge, restaurant, and three small meeting rooms. Set on 4.6 acres, the hotel enjoys excellent visibility and benefits from passing business traffic. It is offered at a reserve price of $2.5 million.
 The Dallas Summit at 2645 LBJ Freeway is a 4-diamond facility offering catering facilities, health club and indoor/outdoor pool. Built in 1979 and fully renovated in 1986, the hotel has over 10,000 square feet of meeting space and is on a site of 7.13 acres. The reserve price is $11 million.
 "These two properties are excellent buys," said Larry Vogler, managing director of Geller & Co. "They are sound investment opportunities for investors wishing to enter the hospitality industry in the Southwest."
 The Premier Hotel Properties Sealed Bid Sale catalog, containing property descriptions and the terms and conditions of sale, is available by calling 1-800-522-6664. Comprehensive due diligence packages can be purchased on the properties at a cost of $75 each. Those wishing to view the properties may call:
 -- Travelodge Viscount, Denver: Tom Swan
 AMCAL Real Estate
 303-297-2545
 -- Summit Hotel, Dallas: Alan Brock
 Alan Brock & Associates
 214-401-4198
 -0- 2/18/93
 /CONTACT: Melanie Keenan of Jones Lang Wootton, 212-427-8599/


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

LR-OS -- NY011 -- 7809 02/18/93 11:01 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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