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RESORT INCOME INVESTORS INC. ANNOUNCES NEW SINT MAARTEN LOAN; TEMPORARY NEW ORLEANS INVESTMENT AND NEW BOARD MEMBER

 RESORT INCOME INVESTORS INC. ANNOUNCES NEW SINT MAARTEN LOAN;
 TEMPORARY NEW ORLEANS INVESTMENT AND NEW BOARD MEMBER
 LOS ANGELES, May 18 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today announced that it has made a new loan in the amount of $12,900,000. The loan is secured by a second mortgage on a 28-acre, ocean-front site on the island of Sint Maarten, Netherlands, Antilles, and replaces Resort Income Investors' previous loan to R.C.H. Investments, N.V.
 The new Sint Maarten loan will have a term of approximately one year and bear interest at 12 1/2 percent, or 4 percent over prime, whichever is greater. The loan is an increase of two percentage points over the prior loan on the same property.
 R.C.H. Investments, N.V. has paid Resort Income Investors points in the amount of $258,000 and agreed to pay bonus interest equal to 22 1/2 percent of the increase in value of the collateral property upon maturity of the loan.
 Resort Income Investors also announced that the board of directors has approved a temporary investment in the amount of $900,000 to affiliates of the company. The funds will be used to acquire options on property suitable for gaming-related developments in New Orleans. The investment is secured by a leasehold mortgage on the International Marketplace, an upscale retail center in Honolulu. In addition, the loan is guaranteed by Christopher B. Hemmeter and an assignment of the affiliated borrower's interest as the sublessor of the International Marketplace.
 In addition, J. Thomas Talbot has been nominated to Resort Income Investor's board of directors. He brings almost 20 years of experience as an investor and real estate developer. He replaces Peter V. Ueberroth who has stated that he will not stand for re-election at the company's June 18 annual meeting. Ueberroth cited business and personal commitments for his decision.
 The company 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.
 Resort Income Investors Inc. is a Los Angeles-based REIT. RII is a lender specializing in resort and gaming developments. The investment manager, which is an affiliate of Hemmeter Partners, is responsible for reviewing investment options and making investment recommendations to the RII board of directors.
 Hemmeter Partners is an entity founded and headed by Christopher B. Hemmeter, a recognized leader in the development of fantasy vacation destinations. Previous developments of the Hemmeter Organization include the Hyatt Regency in 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- 5/18/92
 /CONTACT: Greg Hooper of Hemmeter Partners, 310-557-1359; or Gary Maier of Erickson Consulting Group, 310-829-4601, for Resort Income Investors/
 (RII) CO: Resort Income Investors ST: California, Hawaii IN: FIN SU: PER


SE-EH -- LA015 -- 1123 05/18/92 08:31 EDT
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Publication:PR Newswire
Date:May 18, 1992
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