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Northview's Profits Climb 109% in Year

April 03, 1985|BILL RITTER | San Diego County Business Editor

SAN DIEGO — Profiting from its investment income activities, Northview Corp., formerly known as Vagabond Hotels Inc., reported Tuesday that its net income increased 109% for the year ended Dec. 31, 1984. Earnings were nearly $3.1 million on revenue of $38.1 million, compared to earnings in 1983 of $1.5 million on revenue of $35.7 million.

The company, controlled by New York financier Ivan F. Boesky, reported $6.2 million in income from its investment activities and a $5.3-million gain from the operation and sale of its Beverly Heritage Hotel in Milpitas, Calif.

Income from Northview's hotel operations was $7.6 million, an increase of 3.1% over 1983.

Offsetting earnings was a $3.1-million loss from the sale of Northview's stock in Financial Corp. of Santa Barbara. Northview's plan to acquire majority control of that company for about $40 million fell through last summer.

The 1984 figures represent Northview's first full year of activity as more than just a hotel company. Since the fall of 1983, when a $96-million public offering of stock and debentures gave Boesky the ability to use up to $35 million for merchant banking and investment purposes, Northview has become an aggressive investor.

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