Hotel Investors Companies Post $60.3-Million Loss

Hotel Investors Trust and Hotel Investors Corp. reported a $60.3-million loss for 1989 and revised a plan to sell most of their hotels.

Woodland Hills-based Hotel Investors Trust invests in hotels and gaming properties, and Hotel Investors Corp. manages them. The companies’ stocks are paired and trade together, and they jointly report their financial results.

The companies said the loss last year included $55.8 million in “valuation reserves,” which is an accounting charge that reflects how much less the companies expect to get for selling the hotel and gaming properties compared with how much the properties are currently valued on the companies’ books.

The loss compared with net income of $1.34 million in 1988, and Hotel Investors’ revenue last year climbed to $115.5 million from $94 million.

Meanwhile, the companies said they now plan to sell 27 hotels for $152.2 million to Park Plaza Inc., an affiliate of EIE International Corp. of Japan. Previously, they had agreed to sell 31 hotels to Park Plaza for $185.5 million.

Also, Hotels Investors had tentatively agreed to sell three additional hotels to a buyer that was not identified. But Hotel Investors said that deal is suspended because Northview Corp., which nowleases and operates the hotels, has filed for reorganization under federal bankruptcy laws.

Hotel Investors Trust and Hotel Investors Corp. also have hired the investment firm Salomon Bros. to help them with the sale of their two Las Vegas hotel-casinos.