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Landauer arranges workout for 3 Atlas Hotel properties.

Landauer Realty Advisors, an affiliate of Landauer Associates, has negotiated the acquisition through foreclosure of two hotels and a related health club on behalf of the former lenders, now Hanalie/Mission Valley Parnership LP, a consortium of U.S. and international investors. Landauer Realty Advisors is also providing ongoing supervisory asset management for the investors as part of its work-out services.

The properties, Hanalei Hotel, Mission Valley Inn and a health club are located in San Diego, California. The work-out process included an initial analysis of the properties and their markets, review of legal and tax alternatives, preparation of business plans and the selection and supervision of a hotel management company.

The Boykin Management Company of Cleveland, which also manages other properties in the West as well as in New York, Florida and Ohio, was selected as the properties' manager. Improvement to date includes the establishment of the hotels as independent operating entities with their own marketing, reservations and human resources departments.
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Title Annotation:Landauer Realty Advisors negotiates acquisition of San Diego, California properties through foreclosures
Publication:Real Estate Weekly
Date:Feb 10, 1993
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