Hotel Investors Rejects Proposal: Los Angeles-based Hotel...

Hotel Investors Rejects Proposal: Los Angeles-based Hotel Investors Trust, a real estate investment trust, and its affiliated Hotel Investors Corp. said they rejected a recent proposal by Park Plaza Inc. and EIE International Corp. for an alternative transaction to the previously agreed purchase of 27 Hotel Investors hotels by Park Plaza for about $152 million. Under the proposed alternative, Park Plaza would have purchased a portion of such hotels, while its affiliate Park Inns leased the balance of the hotels with an agreement for their future purchase by Park Inns.