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NATIONAL HERITAGE HEADS PARTNERSHIP FOR SALE OF CHAPARRAL HOTEL

 NATIONAL HERITAGE HEADS PARTNERSHIP FOR SALE OF CHAPARRAL HOTEL
 LAS VEGAS, Aug. 20 /PRNewswire/ -- National Heritage Industries (NASDAQ: NHER), general partner of Heritage Hotel Limited Partnership I (HHLP), announced today that the partnership has entered into an escrow for the sale of the Chaparral Hotel. The buyer has made a non-refundable deposit into escrow of certain Bullhead City, Ariz., storage unit properties. In the event that the buyer fails to close escrow, these properties would revert to the partnership. The purchaser of the hotel has agreed to an all-cash purchase with a closing date of Sept. 18, 1992.
 On Nov. 13, 1991, HHLP filed for reorganization and protection from creditors under Chapter 11 of the United States Bankruptcy Code in the Federal Bankruptcy Court in Las Vegas. The filing of the Chapter 11 proceeding was prompted as a result of the pendency of the foreclosure notice on the hotel property. The financial problems of the hotel were created after United Coin Machine division of United Gaming Inc., the lessee for food, beverage, and gaming, was unable to perform its lease obligations. The hotel has been reopened and operating since May 1992.
 Valley Bank of Nevada, construction lender for the project and first mortgage holder on the hotel, has sought to have the bankruptcy court lift the stay of pending Nevada State Court foreclosure proceedings against the hotel. Hearing date for this action is Sept. 9, 1992.
 The Chaparral Hotel is located at 901 E. Desert Inn Road, 1/4 block from the Las Vegas Convention Center
 -0- 8/20/92
 /CONTACT: Fred Keiserman of National Heritage Industries, 702-382-1200/
 (NHER) CO: National Heritage Industries Inc.; Heritage Hotel Limited
 Partnership I ST: Nevada IN: LEI SU: TNM


BP-KJ -- LA031 -- 1973 08/20/92 20:41 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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