WASHINGTON - The Resolution Trust Corp. closed the sale of a $354.2 million-asset hotel portfolio from Home Federal Savings of Kansas City, Mo., according to Secured Capital Corp., financial adviser for the transaction.
Secured Capital said three pools of 47 loans attracted 21 bids from 11 bidders and realized $208.1 million - about 60% of book value or 148% of the RTC's derived investment value.
The winning bidder, Fisher & Getty Group, used the RTC step-rate financing program.
The three pools consisted of nonperforming and subperforming mortgage loans of 69 hotels with 10,524 rooms nationwide.
Among the chains were Hilton. Red Lion, Hampton Inn, Holiday Inn. Days Inn, Residence Inn, and Howard Johnson.