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Three Monterey Hotels Sell to Local Investors

MONTEREY, CA-The sales price was not disclosed, but an outside source reported that it went for nearly $40 million. USB Warburg LLC put the hotels on the market in January of this year.

By Michelle Savage | Updated on September 14, 2001

MONTEREY, CA-A group of Monterey investors has purchased three Peninsula hotel properties. The hotels are part of a six-property hotel portfolio, and were sold on behalf of affiliates of USB Warburg, LLC.

Jones Lang LaSalle Hotels, who dealt directly with the Cannery Row Company, arranged the sale. The Cannery Row Company headed the group of investors in the transaction.

The Cannery Row Company holds more than 80% ownership in the sale, with additional investors owning the remaining percentage. The investors include Ted Balestreri, Bert Cutino, George Zarounian and Harry Davidian.

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