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LA QUINTA HOTEL, OWNED BY PRIVATE INVESTORS, WAS NOT SEIZED BY RTC

LA QUINTA HOTEL, OWNED BY PRIVATE INVESTORS, WAS NOT SEIZED BY RTC
 LA QUINTA, Calif., Sept. 17 /PRNewswire/ -- Contrary to a report carried by the Associated Press yesterday and picked up today by newspapers such as The Los Angeles Times, the Resolution Trust Corporation (RTC) did not seize the La Quinta Hotel last weekend when the RTC assumed control of three country clubs previously owned by Landmark Land Co. in the Coachella Valley.
 The 540-room La Quinta Hotel is owned by Hotel Associates of Palm Springs, L.P. (HAPS), a private investment group that is unrelated to Landmark Land.
 A Landmark subsidiary serves as manager of the hotel, and that management company is now being run by the RTC.
 Jim Pastore, a spokesperson for the HAPS partnership, said, "This celebrated 1920s-era hotel is being operated by the same on-site staff that has served the hotel for many years. La Quinta continues to be a first-class resort."
 -0- 9/17/92
 /CONTACT: James T. Pastore for Hotel Associates of Palm Springs, L.P., 301-231-0323/ CO: Hotel Associates of Palm Springs, L.P.; Resolution Trust
 Corporation ST: California IN: LEI FIN SU:


DC -- DC034 -- 0781 09/17/92 15:30 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
Words:199
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