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Beverly Heritage Hotel Is Sold by RTC

April 16, 1993

COSTA MESA — The Beverly Heritage Hotel was sold Thursday to Encino investment group Amgreen Partners and the Wyndham Gardens Hotel chain for $10.5 million, less than half the price it fetched just five years ago.

The Resolution Trust Corp. took possession of the 238-room hotel about a year ago and sought a buyer through a sealed-bid auction. The hotel, near South Coast Plaza in Costa Mesa, was built in 1986 to coincide with the debut of the nearby Orange County Performing Arts Center.

The hotel has suffered in an overbuilt market and has a tumultuous history. Its developer, Northview Corp., was headed by Ivan F. Boesky until 1987, when the New York financier was forced to step down in light of insider trading charges. Fargo Industries, a real estate company in La Jolla, bought the property in 1988 for $21.6 million. It had defaulted on payments to its lender, First Network Savings Bank in Los Angeles, when the RTC seized the thrift in 1990.

The hotel will be renamed the Wyndham Gardens.

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