Firms to Sell Interest in 31 Hotels for $185.8 Million

Hotel Investors Trust, a real estate investment trust based in Woodland Hills, and Hotel Investors Corp., a San Diego hotel management company, said they agreed to sell their interest in 31 hotels for $185.8 million to Park Plaza Inc., an affiliate of EIE International Corp. of Japan. The trust and the corporation, whose shares are paired and trade on the New York Stock Exchange, have been stung by declining profits and previously announced plans to sell their 36 hotels.

Completion of the sale is subject to certain conditions, such as inspection of the properties, market studies, analysis of financial information, an opinion from Hotel Investors’ adviser, Salomon Brothers Inc., that the deal is fair, approval by shareholders of Hotel Investors and government clearances.

The Hotel Investors trust and corporation also said they are continuing to look for buyers of their two casino properties in Las Vegas.