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FORECLOSURE BEGUN ON LOANS TO GRAND TRAVERSE RESORT

 FORECLOSURE BEGUN ON LOANS TO GRAND TRAVERSE RESORT
 TRAVERSE CITY, Mich., April 8 /PRNewswire/ -- Grand Traverse Resort


announced that its primary lender, The General Retirement System of the City of Detroit, has started foreclosure of its loans to the resort. Negotiations are continuing at this time, and the resort is hopeful of reaching an agreement satisfactory to the retirement system in the near future.
 Despite hard times, aggravated by the Gulf War and the economic recession, the resort's Chief Operating Officer Dick Erb indicated that "the resort and its employees have not cut back on their service to customers, and it continues to operate at a profit."
 "We will continue to take every step to protect our customers, vendors, employees and lenders. Hopefully we can reach agreement with the retirement system. It has been my lifetime dream to help put northern Michigan 'on the map' and make a special statement for this state. I'm still working to complete that dream," commented Paul Nine, resort president.
 The resort is the largest and highest-rated resort and conference center of its kind in the Midwest, and it has had steady and impressive growth since it opened in 1980. Adding to its prestige is its renowned golf course, The Bear.
 In addition to the Gulf War and the recession, which have sorely curtailed spending by corporations and meeting planners, Nine said the Tax Reform Act of 1986 has also been detrimental to real estate development at the resort.
 "The future looks brighter for the resort this summer, as bookings are up over last year," said Erb.
 -0- 4/8/92
 /CONTACT: Anthony M. Franco of Anthony M. Franco, Inc., 313-567-2300, for Grand Traverse Resort/ CO: Grand Traverse Resort ST: Michigan IN: LEI SU:


DH -- DE008 -- 6137 04/08/92 10:15 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
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