WASHINGTON -- The Resolution Trust Corp. said it had completed its largest sale of hotel assets.
A Dallas-based investment group - Chequers Investment Association - will acquire the $237 million package, which consists of six hotel properties, eight performing loans secured by hotel assets, and 41 nonperforming loans.
Chequers is owned by Ashford Financial Corp., whose principal shareholder is Montgomery Bennett, and Chartwell Hotels LP, a partnership of members of the Fisher family of New York and an affiliate of Gordon P. Getty.
The hotels in the RTC package include the Radisson Inn, Warner-Robbins, Ga.; the Rexton Inn, Vero Beach Fla.; and an Econo Lodge in Columbia, S.C.
Chequers has contrasted with Remington Hotel Corp., a Dallas hotel management concern headed by Archie Bennett Jr., to manage the properties.
An RTC spokesman said the deal should close within 30 days. He said the agency expected to recover 55% of the book value on the assets, a proportion consistent with what it has been getting for commercial properties.
The agency is also gearing up for several other hotel sales that will have a total book value of about $500 million, the spokesman said.