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LANDMARK HOTEL & CASINO IN LAS VEGASINCLUDED IN SEALED BID SALE ON APRIL 16

 NEW YORK, Feb. 18 /PRNewswire/ -- The Landmark Hotel & Casino, a 21.3 acre development site and existing hotel tower across from the Las Vegas Convention Center, will be offered in The Premier Hotel Properties Sealed Bid Sale. Representing the largest offering to date of privately owned investment grade hotels, the sale includes a total of 23 properties in 11 states valued at aggregate prices of $175 million.
 The sale is being conducted by two leading international real estate companies and a 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.
 "We are confident that the investment grade hotel properties we have assembled for this sale will attract wide international investor interest," said Simon J. Milde, managing director of Jones Lang Wootton. "Purchasing the Landmark Hotel & Casino is a unique opportunity to obtain a prime development site zoned for a variety of commercial uses," said Bill McMorrow, CEO of Kennedy-Wilson.
 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 or 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.
 The Landmark Hotel & Casino site, at 364 Convention Center Drive, is one of the last remaining sites capable of accommodating a large casino hotel property.
 The existing facility can be renovated and operated as a gaming property. Alternatively, the site is zoned H-1 which allows for almost all types of commercial development uses including hotel casino, office, retail, residential, and a mixed-use facility combining two or more of the aforementioned uses.
 "Situated in such close proximity to the largest single-story convention center in the country, purchasing the Landmark Hotel & Casino site is a prime investment and development opportunity for an investor wishing to enter the hospitality industry in Las Vegas," 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 800-522-6664. Comprehensive due diligence packages are available for each property at a cost of $75 per package. Those wishing to view the Landmark & Casino site may contact:
 George Warner or Mike Mullin
 Americana Commercial Group
 702-796-8888
 -0- 2/18/93
 /CONTACT: Melanie Keenan, 212-427-8599, for Landmark Hotel & Casino/


CO: Landmark Hotel & Casino ST: Nevada IN: CNO SU:

PS -- NY014 -- 7808 02/18/93 11:00 EST
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Date:Feb 18, 1993
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