RECORD NUMBERS EXPECTED TO ATTEND RTC'S BIGGEST REAL ESTATE AUCTION EVER
RECORD NUMBERS EXPECTED
TO ATTEND RTC'S BIGGEST REAL ESTATE AUCTION EVER
Premier Commercial Auction Will Be Conducted
In Palm Springs on Thursday, Nov. 21
WASHINGTON, Nov. 19 /PRNewswire/ -- The DoubleTree Hotel in Palm Springs, Calif. (Cathedral City) will be the center of activity this week as interested bidders vie to become its new owner. The DoubleTree Resort & Desert Princess Country Club is just one of the 14 premier properties which will go on the Resolution Trust Corporation's (RTC) auction block Thursday, Nov. 21. The auction will be conducted at the hotel beginning at 1:00 p.m. PST.
This national real estate auction, the largest ever undertaken by the RTC, has attracted the attention of investors from as far away as Switzerland and Hong Kong. As of today, 6,034, 40-page, four-color catalogues have been requested. In addition, 740 "Due Diligence" packages have been purchased by potential buyers and cooperating brokers. Kennedy-Wilson Inc., a national real estate auction- marketing firm, and CB Commercial Inc. have teamed together to conduct the action.
The auction includes some of the finest properties in the RTC's commercial real estate portfolio, including investment quality office buildings in Phoenix, Dallas, San Antonio, Kansas City, Mo.,, a retirement home in Cincinnati, and shopping centers in Texas and southern Florida. The 14 properties are located in six states, California, Arizona, Texas, Missouri, Ohio and Florida. Reserve prices range from $2.7 million to $13.7 million.
The auction will be preceded by a Real Estate Symposium on Wednesday, Nov. 20. Presentations on the future of commercial real estate will be made by Norman D. Flynn, past president, National Association of Realtors; Jack Barthell, partner, Kenneth Leventhal & Co.; and John M. Stone, president, Commerical Investment Real Estate Institute. Don Kennedy of Kennedy-Wilson Inc. will discuss auction day procedures at 4:00 p.m. following the symposium.
To schedule an interview with RTC officials contact Barbara Casey at 310-457-3676. Auction results will be available throughout the afternoon Thursday, Nov. 21 from Casey & Sayre, 310-457-3676. Contact Casey & Sayre to arrange auction day coverage.
/CONTACT: Barbara Casey of Casey & Sayre, 310-457-3676/ CO: Resolution Trust Corporation ST: California IN: SU: DM -- LA018 -- 4974 11/19/91 13:06 EST