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Hotels to be sold in sealed bid sale.

Two leading international real estate companies and a lodging industry advisory firm have joined forces to conduct the sale of 23 hotel properties at aggregate reserve prices of $175 million. These investment grade properties, including exclusive resorts, full-service and budget hotels, are located in North America and encompass nearly 6,000 rooms.

The hotel properties sealed bid sale represents the largest offering to date of privately owned investment grade hotels with reserve prices substantially below replacements costs.

Jones Lang Wootton, the international real estate investment and consulting firm; Kennedy & Wilson Inc., a leading real estate auction-marketing company; and Geller & Co., an international lodging industry advisory firm, confirmed that bid submissions for the sale will be unsealed in Boston, Massachusetts on April 16th. Successful bidders for the properties will be notified of results within one week of that date. The Sealed Bid Sale follows the successful International Auction of Commercial U.S. Real Estate conducted in Los Angeles last August by Jones Lang Wootton and Kennedy-Wilson. Building on that sale, in which hotels attracted the strongest interest of all the properties offered, an extensive worldwide marketing program will be conducted through Jones Lang Wootton's and Kennedy Wilson's national and international offices.

Many of the sellers -- financial institutions and private companies -- will provide financing based on current market terms. Hotels may be bid on separately or in groups. In all cases buyers will have the option of retaining or replacing the existing management. In addition, each hotel has been assigned a local property representative to assist prospects with due diligence. A one and a half percent broker cooperation fee is available to all registered brokers.
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Title Annotation:James Lang Wooton USA, Geller and Co. and Kennedy and Wilson Inc. to conduct sale in Boston, Massachusetts
Publication:Real Estate Weekly
Date:Feb 17, 1993
Previous Article:15-story apartment house sold.
Next Article:Bank buys Midtown building.

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