OTHER NEWS - Oct. 3, 1994
From Times Staff and Wire Reports
Ritz-Carlton Huntington Hotel Sale Completed: The $14.3-billion Los Angeles County Employees Retirement Assn. confirmed that it completed the purchase of the venerable Ritz-Carlton Huntington Hotel in Pasadena from Dai-Ichi Kangyo Bank Ltd. of Japan. Brentwood-based Lowe Enterprises Inc., an investment manager for the fund, handled the $40-million to $45-million sale for the fund, said Ted Leary, president of Lowe Enterprises Investment Management, Lowe’s pension fund advising subsidiary. In August, The Times quoted sources saying that the pension fund had made the winning bid for the hotel, which had been taken over by Dai-Ichi Kangyo after the original owners defaulted on a $100-million loan.
