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RESORT INCOME INVESTORS INC. ANNOUNCES NEW ORLEANS INVESTMENT

    RESORT INCOME INVESTORS INC. ANNOUNCES NEW ORLEANS INVESTMENT
    LOS ANGELES, Nov. 22 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today announced that it has made a $2,600,000 demand loan to Canadian Pavilion Limited Partnership, an affiliate of Hemmeter Partners.  The investment will yield 9.5 percent annually and is secured by a collateral assignment of notes purchased by the borrower.  In addition, the investment is personally guaranteed by Christopher B. Hemmeter.  The interest rate is higher than the company is presently earning on its other temporary investments.
    The borrower is using the proceeds to acquire, through an affiliate, an interest in the Canadian Pavilion and to purchase the debt secured by the property.  The Canadian Pavilion is a wharf-front property on the Mississippi River in downtown New Orleans.  It was built as part of the International Pavilion for the 1984 World's Fair.  The borrower plans to renovate the building to be used as a staging area and storage facility for riverboat gaming.
    The company, based in Los Angeles, operates as a real estate investment trust (REIT) under the provisions of the Internal Revenue Code.  As such, it is required to distribute to shareholders at least 95 percent of its taxable income each year to continue to qualify as a REIT.
    Hemmeter Partners is an entity founded and headed by Christopher B. Hemmeter, a recognized leader in the development of luxury destination resorts.  Previous developments of the Hemmeter Organization include the Hyatt Regency at Waikiki, Hemmeter Center in Honolulu, the Hyatt Regency Maui, the Westin Kauai Lagoons, the Westin Maui and the Hyatt Regency Waikoloa on the Big Island of Hawaii.
    -0-                 11/22/91
    /CONTACT:  Greg Hooper of Hemmeter Partners, 310-557-1359; or Gary Maier of Erickson Consulting, 310-829-4601, for Resort Income Investors/ CO:  Resort Income Investors ST:  California IN:  FIN SU: EH-SE -- LA003 -- 6234 11/22/91 08:31 EST
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Publication:PR Newswire
Date:Nov 22, 1991
Words:312
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