Hotel Investors Trust to Sell 3 Vagabond Hotels

Hotel Investors Trust in Woodland Hills said it has agreed to sell its three remaining Vagabond motor hotels to Northview Corp. for $11.5 million in cash. The hotels are in Woodland Hills, Rosemead and Sacramento.

Northview Corp. formerly was headed by Ivan Boesky, who is serving a prison sentence for insider trading. Northview was recently acquired by Calmark Financial Corp. in Los Angeles.

Hotel Investors Trust, a real estate investment trust that specializes in the lodging industry, said it will make about $1 million profit on the sale, which is expected to be completed in January.

The sales are part of an effort by Hotel Investors Trust to reduce investments in hotels not operated by Hotel Investors Corp., a related hotel management company in San Diego. Hotel Investors Trust and Hotel Investors Corp. report combined net income and are traded on the New York Stock Exchange as Hotel Investors.

The two companies announced they had earned $1.2 million, or 10 cents a share for the first quarter that ended March, 31, 1988 compared to $1.3 million, or 10 cents a share, a year earlier. Revenue was up 11.9% to $19.7 million from $17.6 million the year before.