REAL ESTATE
<i> Times Staff and Wire Reports</i>
Hotel Bel-Air Sold for $60 Million: As expected, the secluded, 92-room hotel in Bel-Air Estates was sold to a company owned by Prince Jeffrey, the brother of the Sultan of Brunei. The sale represents a $50-million loss for the Sazale Group of Tokyo, which bought the hotel in 1989 when Japanese investors were on a U.S. real estate buying spree. Sazale was forced to turn over the Bel-Air to its lender, the Long-Term Credit Bank of Japan, when it could not make debt payments on the property.
