-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EdNNMM0GdBTEGQ1OmeossnjQEw8V16i4npNLh7zG/uCSHc8q0VrH9IvYW7iS8+Ts yC/p1PGRxXw1KFFjK3y9CA== 0000769129-96-000010.txt : 19961115 0000769129-96-000010.hdr.sgml : 19961115 ACCESSION NUMBER: 0000769129-96-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GROWTH HOTEL INVESTORS CENTRAL INDEX KEY: 0000769129 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942964750 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15347 FILM NUMBER: 96662480 BUSINESS ADDRESS: STREET 1: 1 INSIGNIA FINANCIAL PLAZA PO BOX 1089 STREET 2: C/O INSIGNIA FINANCIAL GROUP INC CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032391000 MAIL ADDRESS: STREET 1: 1 INSIGNIA FINANCIAL PLAZA PO BOX 1089 STREET 2: C/O INSIGNIA FINANCIAL GROUP INC CITY: GREENVILLE STATE: SC ZIP: 29602 FORMER COMPANY: FORMER CONFORMED NAME: MRI BUSINESS HOTEL INVESTORS 85 DATE OF NAME CHANGE: 19850819 10-Q 1 FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 Quarterly or Transitional Report (As last amended by 34-32231, eff. 6/3/93.) U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the quarterly period ended September 30, 1996 [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period.........to......... Commission file number 0-15347 GROWTH HOTEL INVESTORS (Exact name of registrant as specified in its charter) California 94-2964750 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Insignia Financial Plaza Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 (Issuer's phone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports ), and (2) has been subject to such filing requirements for the past 90 days. Yes X. No . PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) GROWTH HOTEL INVESTORS CONSOLIDATED BALANCE SHEETS (in thousands, except unit data) September 30, December 31, 1996 1995 (Unaudited) (Note) Assets Cash and cash equivalents $ 4,884 $ 3,600 Restricted cash 252 189 Deferred costs 674 739 Receivables and other assets 285 231 Investment in unconsolidated joint venture 8,440 8,153 Investment properties: Land 3,098 3,098 Buildings and related personal property 20,995 20,234 24,093 23,332 Less accumulated depreciation (9,402) (8,734) 14,691 14,598 Total assets $ 29,226 $ 27,510 Liabilities and Partners' Equity Liabilities Accounts payable and other liabilities $ 713 $ 562 Notes payable 5,417 5,433 Minority interest in joint ventures 56 76 Partners' Equity (Deficit): General partner (923) (1,034) Limited partners' (36,932 units outstanding at September 30, 1996 and December 31, 1995) 23,963 22,473 Total partners' equity 23,040 21,439 Total liabilities and partners' equity $ 29,226 $ 27,510 Note: The balance sheet at December 31, 1995, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See Notes to Consolidated Financial Statements b) GROWTH HOTEL INVESTORS CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data)
Three Months Ended Nine Months Ended September 30, September 30, 1996 1995 1996 1995 Revenues: Hotel operations $ 2,323 $ 2,384 $ 6,046 $ 6,254 Equity in unconsolidated joint venture operations 614 708 1,759 1,732 Interest revenue 33 31 101 112 Total revenues 2,970 3,123 7,906 8,098 Expenses: Hotel operations 1,428 1,331 3,849 3,637 Interest 150 206 495 615 Depreciation 236 185 668 518 General and administrative 138 80 519 307 Total expenses 1,952 1,802 5,531 5,077 Net income before minority interest in joint ventures' operations 1,018 1,321 2,375 3,021 Minority interest in joint ventures' operations 11 (13) 20 (35) Net income $ 1,029 $ 1,308 $ 2,395 $ 2,986 Net income allocated to general partner $ 71 $ 91 $ 166 $ 209 Net income allocated to limited partners 958 1,217 2,229 2,777 $ 1,029 $ 1,308 $ 2,395 $ 2,986 Net income per limited partnership unit $ 25.94 $ 32.93 $ 60.35 $ 75.19 Cash distributions per limited partnership unit $ -- $ -- $ 20.00 $ 20.85 See Notes to Consolidated Financial Statements
c) GROWTH HOTEL INVESTORS CONSOLIDATED STATEMENT OF PARTNERS' (DEFICIT) EQUITY (Unaudited) (in thousands, except unit data)
Limited General Limited Partnership Partner's Partners' Total Units Deficit Equity Equity Partners' (deficit) equity at December 31, 1995 36,932 $ (1,034) $ 22,473 $ 21,439 Net income for the nine months ended September 30, 1996 -- 166 2,229 2,395 Cash distributions for the nine months ended September 30, 1996 -- (55) (739) (794) Partners' (deficit) equity at September 30, 1996 36,932 $ (923) $ 23,963 $ 23,040 See Notes to Consolidated Financial Statements
d) GROWTH HOTEL INVESTORS CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine Months Ended September 30, 1996 1995 Cash flows from operating activities: Net income $ 2,395 $ 2,986 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 733 585 Equity in unconsolidated joint venture operations (1,759) (1,732) Minority interest in joint ventures' operations (20) 35 Deferred income -- (38) Deferred costs paid -- (775) Change in accounts: Receivables and other assets (55) (209) Accounts payable and other liabilities 151 (88) Net cash provided by operating activities 1,445 764 Cash flows from investing activities: Properties and improvements additions (761) (1,162) Unconsolidated joint venture distributions 1,473 1,596 Restricted cash (increase) decrease (63) 72 Net cash provided by investing activities 649 506 Cash flows from financing activities: Cash distributions to partners (794) (825) Notes payable principal payments (16) (25) Net cash used in financing activities (810) (850) Net increase in cash and cash equivalents 1,284 420 Cash and cash equivalents at beginning of period 3,600 4,899 Cash and cash equivalents at end of period $ 4,884 $ 5,319 Supplemental information: Interest paid $ 445 $ 615 See Notes to Consolidated Financial Statements e) GROWTH HOTEL INVESTORS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE A - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Growth Hotel Investors (the "Partnership") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of NPI Realty Management Corp. ("NPI Realty" or the "Managing General Partner"), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 1996, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 1996. For further information, refer to the financial statements and footnotes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 1995. Certain reclassifications have been made to the 1995 information to conform to the 1996 presentation. NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES The Partnership has no employees and is dependent on the Managing General Partner and its affiliates for the management and administration of all partnership activities. The Partnership Agreement provides for reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. The general partner of the Partnership is Montgomery Realty Company-85 ("MRC- 85"), a California general partnership. The general partners of MRC-85 are Fox Realty Investors ("FRI"), a California general partnership, and NPI Realty. On February 13, 1996, NPI Realty, which acquired its interest in MRC-85 from Montgomery Realty Corporation on November 15, 1995, became the managing general partner of MRC-85. On January 19, 1996, all of the issued and outstanding shares of stock of National Property Investors, Inc. ("NPI"), the sole shareholder of both NPI Equity Investments II, Inc. ("NPI Equity"), the managing general partner of FRI, and NPI Realty was acquired by an affiliate of Insignia Financial Group, Inc. ("Insignia"). In connection with these transactions, affiliates of Insignia appointed new officers and directors of NPI Equity and NPI Realty. The following transactions with affiliates of Insignia, NPI, and affiliates of NPI were charged to expense in 1996 and 1995: For the Nine Months Ended September 30, 1996 1995 Reimbursement for services of affiliates (included in general and administrative expenses) $180,000 $90,000 NOTE C - RESTRICTED CASH Restricted cash at September 30, 1996, and December 31, 1995, represents funds provided for and maintained by certain properties pursuant to the related notes payable agreements, to meet future capital requirements and debt service payments. NOTE D - AMENDMENT TO SERVICE AGREEMENT The Partnership paid $775,000 in January 1995 to Metric Management, Inc. ("MMI") amending their services agreement to provide for a reduction in the monthly asset management fee from $29,750 to $5,500. This amendment eliminated fees payable to MMI for its assistance in refinancing and sales of properties owned by the Partnership and provides the Partnership with the ability to terminate MMI's services at will. The buyout of the service contract is being amortized over the remaining term of the services agreement of 10 years. For the nine months ended September 30, 1996, $58,000 has been amortized and is included in general and administrative expenses. NOTE E - DISTRIBUTIONS The Partnership made a distribution in June 1996 of approximately $794,000, including $739,000 distributed to the limited partners ($20 per limited partnership unit) and $55,000 to the general partner. NOTE F - INVESTMENT IN UNCONSOLIDATED JOINT VENTURE The following are the condensed balance sheets as of September 30, 1996, and December 31, 1995, and condensed statements of operations for the three and nine month periods ended September 30, 1996 and 1995, for the Partnership's investment in Growth Hotel Investors Combined Fund No. 1 (the "Combined Fund"), which is reported under the equity method of accounting. GROWTH HOTEL INVESTORS COMBINED FUND NO. I CONDENSED BALANCE SHEETS (in thousands) September 30, December 31, 1996 1995 (Unaudited) (Note) Assets Cash and cash equivalents $ 3,958 $ 3,657 Restricted cash 64 570 Deferred costs and other assets 1,666 1,100 Investment Properties Land 10,369 10,369 Buildings and related personal property 79,260 77,031 Less: Accumulated depreciation (30,331) (27,313) Investment properties, net 59,298 60,087 Total assets $ 64,986 $ 65,414 Liabilities and Partners' Equity Liabilities Accounts payable and other liabilities $ 1,658 $ 1,552 Due to an affiliate of the joint venture partner 705 756 Notes payable 40,343 40,836 Minority interest in consolidated joint venture (4,931) (4,037) Partners' Equity GHI 8,440 8,153 GHI II 18,771 18,154 Total partners' equity 27,211 26,307 Total Liabilities and Partners' Equity $ 64,986 $ 65,414 Note: The balance sheet at December 31, 1995, was derived from audited financial statements at such date. GROWTH HOTEL INVESTORS COMBINED FUND NO. 1 CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (in thousands)
Three Months Ended Nine Months Ended September 30, September 30, 1996 1995 1996 1995 Revenues $ 10,607 $ 10,149 $ 29,793 $ 28,489 Expenses (8,570) (8,220) (24,537) (23,030) Income before minority interest in joint venture's operations 2,037 1,929 5,256 5,459 Minority interest in joint venture's operations (102) 287 1 305 Net income $ 1,935 $ 2,234 $ 5,543 $ 5,460 Allocation of income: GHI $ 614 $ 708 $ 1,759 $ 1,732 GHI II 1,321 1,526 3,784 3,728 Net income $ 1,935 $ 2,234 $ 5,543 $ 5,460 ITEM 2. MANAGEMENT'S DISCUSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INVESTMENT PROPERTIES: A description of the hotel properties in which the Partnership has an ownership interest, together with occupancy and room rate data follows: Average Average Daily Occupancy Rate Room Rate For Nine Months Ended For Nine Months Ended September 30, September 30, Name and Location 1996 1995 1996 1995 Growth Hotel Investors: Hampton Inn-Syracuse 59% 64% $ 59.51 $ 54.82 East Syracuse, New York Hampton Inn-Brentwood 82% 83% 69.21 60.89 Nashville, Tennessee Hampton Inn-Aurora 74% 82% 59.20 56.84 Aurora, Colorado Hampton Inn-Albuquerque North 74% 84% 56.67 54.99 Albuquerque, New Mexico Growth Hotel Investors Combined Fund No. 1: Hampton Inn-Memphis I40 East 78% 82% 53.91 53.20 Memphis, Tennessee Hampton Inn-Columbia-West 79% 85% 59.45 54.05 West Columbia, South Carolina Hampton Inn-Spartanburg 65% 72% 54.13 47.27 Spartanburg, South Carolina Hampton Inn-Little Rock, North 79% 82% 52.56 48.64 North Little Rock, Arkansas Hampton Inn-Amarillo 69% 78% 54.54 51.14 Amarillo, Texas INVESTMENT PROPERTIES: (continued) Average Average Daily Occupancy Rate Room Rate For Nine Months Ended For Nine Months Ended September 30, September 30, Name and Location 1996 1995 1996 1995 Growth Hotel Investors Combined Fund No. 1: (continued) Hampton Inn-Greenville 78% 81% $ 58.80 $ 52.10 Greenville, South Carolina Hampton Inn-Charleston-Airport 80% 79% 55.82 53.70 North Charleston, South Carolina Hampton Inn-Memphis-Poplar 84% 86% 67.39 64.34 Memphis, Tennessee Hampton Inn-Greensboro 83% 89% 63.69 57.54 Greensboro, North Carolina Hampton Inn-Birmingham 78% 84% 61.11 58.42 Birmingham, Alabama Hampton Inn-Atlanta-Roswell 78% 84% 67.49 58.43 Roswell, Georgia Hampton Inn-Chapel Hill 87% 88% 61.97 55.90 Chapel Hill, North Carolina Hampton Inn-Dallas-Richardson 80% 78% 56.71 50.39 Richardson, Texas Hampton Inn-Nashville- 83% 90% 67.61 61.98 Briley Parkway Nashville, Tennessee Hampton Inn-San Antonio-Northwest 67% 67% 59.38 58.85 San Antonio, Texas Hampton Inn-Madison Heights 75% 73% 59.08 53.56 Madison Heights, Michigan Hampton Inn-Mountain Brook 81% 79% 62.75 57.95 Birmingham, Alabama Hampton Inn-Northlake 76% 82% 62.94 54.39 Atlanta, Georgia The Partnership's net income for the three and nine month periods ended September 30, 1996, was approximately $1,029,000 and $2,395,000, respectively, as compared to $1,308,000 and $2,986,000, respectively, for the corresponding periods of 1995. The decrease in net income is attributable to a decrease in hotel operations revenue and an increase in general and administrative expenses, hotel operating expenses, and depreciation expense. The decrease in hotel operations revenue is due to decreases in occupancy at the Partnership's Syracuse, Albuquerque and Aurora properties. The decrease in occupancy at the properties was partially offset by increases in room rates. The decrease in occupancy at the Albuquerque property is related to the construction of new hotels in the area. The decrease in occupancy at Aurora was due to rooms being out of service for renovations. The decline in occupancy at Syracuse is due to the tough market conditions and competition in the area. There will be a decrease in the rates at Syracuse in an effort to increase occupancy. The increase in general and administrative expenses is due to an increase in professional fees and cost reimbursements. As noted in "Item 1, Note B - Transactions with Affiliated Parties," the Partnership reimburses the Managing General Partner and its affiliates for its costs involved in the management and administration of all partnership activities. While overall expense reimbursements have increased during the three and nine month periods ended September 30, 1996, the recurring expenses subsequent to the transition efforts to the new administration are expected to more closely approximate historical levels. The increase in expense reimbursements during the three and nine month periods ended September 30, 1996, is directly attributable to the combined transition efforts of the Greenville, South Carolina, and Atlanta, Georgia, administrative offices during the year-end close, preparation of the 1995 10-K and tax return (including the limited partner K-1's), filing of the first two quarterly reports and transition of asset management responsibilities to the new administration. The increase in depreciation expense in 1996 is due to additions to property and improvements during the third and fourth quarters of 1995, as well as, the purchase of assets in 1996 related to renovations at the Partnership's Hampton Inn - Albuquerque property. Interest expense decreased during the nine month period ended September 30, 1996, due to the pay off of the mortgage encumbering the Hampton Inn-Brentwood property on December 1, 1995. As part of the ongoing business plan of the Partnership, the Managing General Partner monitors the hotel market environment of its investment properties to assess the feasibility of increasing rates, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses. As part of this plan, the Managing General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rates and maintaining a high overall occupancy level. However, due to changing market conditions, which can result in the use of concessions and room rate reductions to offset softening market conditions, there is no guarantee that the Managing General Partner will be able to sustain such a plan. At September 30, 1996, the Partnership had unrestricted cash of $4,884,000 as compared to $5,319,000 at September 30, 1995. Net cash provided by operating activities increased due to the Partnership incurring costs of $775,000 during the first quarter of 1995 in relation to a buyout agreement as discussed in "Item 1. Financial Statements-Note D". Cash provided by investing activities increased for the nine month period ended September 30, 1996, due to a reduction in property improvements which was partially offset by a reduction in cash distributions received from the Partnership's unconsolidated joint venture and increases in restricted cash. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the properties to adequately maintain the physical assets and other operating needs of the Partnership. Such assets are currently thought to be sufficient for any near-term needs of the Partnership. The mortgage indebtedness of approximately $5,417,000 includes mortgages with maturity dates in 1997. A balloon payment on the mortgage encumbering the Partnership's Hampton Inn - Aurora property is due in January 1997 in the amount of approximately $3,046,000. The Partnership's Hampton Inn - Albuquerque has a balloon payment due in May 1997, in the amount of approximately $2,375,000. The mortgages encumbering the Partnership's unconsolidated joint venture, the Combined Fund's, Hampton Inn-Mountain Brook and Hampton Inn-Northlake properties in the amounts of $2,554,000 and $2,376,000, respectively matured on August 1, 1996. The Managing General Partner has been successful in extending the Hampton Inn-Northlake loan. The extension for the Hampton Inn-Mountain Brook loan is still in the process of negotiation, however, the Managing General Partner is confident that it will be granted. The Combined Fund has balloon payments due in December 1996 of approximately $35,323,000. The Managing General Partner is discussing with the lender options for extending these mortgages, however, there can be no assurance that this will be achieved in which case, the properties will either be sold, or could be foreclosed. Future cash distributions will depend on the levels of cash generated from operations, property sales and the availability of cash reserves. A cash distribution was made in the second quarter of 1996 totalling $794,000 of which $739,000 was distributed to the limited partners and $55,000 was distributed to the general partner. On February 15, 1996, Devon Associates, a New York general partnership, commenced a tender offer (the "Offer") for up to 15,000 of the outstanding Units at a purchase price of $705.00 per Unit. Due to the participation in the tender offer by affiliates of NPI Realty, and the Managing General Partner's related, existing and potential conflicts of interest, the Partnership, in its Schedule 14D-9 filed with Securities and Exchange Commission and sent to limited partners, expressed no opinion and made no recommendation as to whether limited partners should tender their Units pursuant to the Offer. The expiration of the tender offers described above was midnight, New York time, on March 25, 1996. See Items 2-4 of the Schedule 14D-9 of the Partnership, as filed with the Commission on February 29, 1996, as amended by "Amendment No. 1" thereto, as filed with the Commission on March 7, 1996, and as further amended by "Amendment No. 2" thereto, as filed with the Commission on March 14, 1996, and as further amended by "Amendment No. 3" thereto filed with the Commission on March 18, 1996 (collectively, the "Schedule 14D-9"), for additional information with respect to the Offer and the current and potential conflicts of interest of MRC-85, which Items 2-4 are incorporated herein by reference. Devon Associates acquired 13,396 units with respect to this offer. On March 13, 1996, the Partnership received a letter advising that the Partnership's and Growth Hotel Investors II ("GHI II") joint venture partner in certain of the hotel properties was offering $147,000,000 in cash for all 28 hotel properties directly or indirectly owned by the Partnership and GHI II. See "Amendment No. 2" to the Partnership's Statement on Schedule 14D-9, as filed with the Commission on March 14, 1996, for a more complete description of this offer, which "Amendment No. 2" is hereby incorporated by reference herein. By the terms of the offer, the offer expired on March 31, 1996. The Managing General Partner determined that before the offer could be recommended, if at all, to the Partnership's limited partners, further analysis of the hotel properties and their value was needed. The Partnership and GHI II (The Partnership's joint venture partner in the Combined Fund) have begun marketing their properties for sale as required by the settlement agreement entered into in connection with the class action brought in February 1996 relating to the Offer. The Managing General Partner has retained an investment advisor to assist in the sale of these properties. Pursuant to its joint venture agreements with Hampton Inns, Inc. ("Hampton"), the Partnership notified Hampton in writing on October 22, 1996 of its intention to sell the eighteen Hampton Inn properties owned by Hampton/GHI Associates No. 1, and the North-Dallas Hampton Inn owned by Hampton/GHI Associates No. 2 on certain terms and conditions. Hampton has thirty days from receipt of the letter to accept or decline the offers. In the event that Hampton rejects or fails to timely accept these offers, the Managing General Partner will have the right to enter into one or more agreements with any third party purchaser or purchasers for the sale of the hotels on terms not more favorable to the purchaser than the terms set forth in the letters. PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K: None filed during the quarter ended September 30, 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GROWTH HOTEL INVESTORS By: MONTGOMERY REALTY COMPANY-85, Its General Partner By: NPI REALTY MANAGEMENT CORP. Its Managing General Partner By: /s/William H. Jarrard, Jr. William H. Jarrard, Jr. President and Director By: /s/Ronald Uretta Ronald Uretta Principal Financial Officer and Principal Accounting Officer Date: November 13, 1996
EX-27 2
5 This schedule contains summary financial information extracted from Growth Hotel Investors 1996 Third Quarter 10-Q and is qualified in its entirety by reference to such 10-Q filing. 0000769129 GROWTH HOTEL INVESTORS 1,000 9-MOS DEC-31-1996 SEP-30-1996 4,884 0 0 0 0 0 24,093 (9,402) 29,226 0 5,417 0 0 0 23,040 29,226 0 7,906 0 5,531 0 0 495 0 0 0 0 0 0 2,395 60.35 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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