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PRIME HOTEL PROPERTIES TO BE SOLD IN SEALED BID SALE ON APRIL 16

 NEW YORK, Feb. 9 /PRNewswire/ -- 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 Premier Hotel Properties Sealed Bid Sale is a unique event representing the largest offering to date of privately owned investment grade hotels with reserve prices substantially below replacement costs.
 Jones Lang Wootton, the world's largest 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 today that bid submissions for the sale will be unsealed in Boston on April 16. Successful bidders for the properties will be notified of results within one week of that date.
 "This is a great opportunity for operators and investors to acquire first class, modern hotels at prices far below their replacement costs," said Simon J. Milde, managing director of Jones Lang Wootton. "These hotels are tremendous bargains, in an improving market," he added. Bill McMorrow, CEO of Kennedy-Wilson, noted, "The way to enter the hospitality industry today is to purchase existing performing hotels, since there's no way to justify the economics of new hotel construction given today's costs and required investment returns."
 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 1-1/2 percent broker cooperation fee is available to all registered brokers.
 The properties are located in Florida, California, Nevada, New Jersey, Minnesota, Texas, Georgia, Colorado, Maryland and the Province of Ontario. They range from the Lake Arrowhead Hilton, a four-star exclusive resort on a private lake northeast of Los Angeles; to the Landmark Hotel and Casino in Las Vegas, a 21-acre site located adjacent to the Las Vegas Convention Center; to the Miami Airport Travelodge, a budget hotel situated at the Miami International Airport.
 The benefits of a sealed bid sale include confidentiality for bidders; greater flexibility in structuring or negotiating purchases; completing due diligence prior to bid submissions; and a date certain sale.
 Larry Vogler, managing director of Geller & Co., said: "Investors of the 90's are looking at the bottom line. In our opinion, the hospitality industry has bottomed out. The Premier Hotel Properties Sealed Bid Sale provides buyers with an excellent opportunity to purchase quality hotels at historically unprecedented price levels."
 Investors based in the United States and Canada can obtain Sealed Bid Sale catalogs containing property descriptions and terms and conditions of sale by calling 1-800-522-6664. Comprehensive due diligence packages are available for each property at a cost of $75 (US).
 -0- 2/9/93
 /CONTACT: Melanie Keenan of Jones Lang Wootton, 212-427-8599/


CO: Jones Lang Wootton; Kennedy-Wilson, Inc.; Geller & Co. ST: New York IN: LEI SU: RLE

GK-AH -- NY003 -- 4403 02/09/93 07:00 EST
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Publication:PR Newswire
Date:Feb 9, 1993
Words:592
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