In addition, Arlington Hospitality will participate in future appreciation of the two properties over the next five years, which could cost Holtz an additional $340,000.
While the hotel company continues to search for Holtz's successor, chief financial officer James B. Dale has been anointed interim chief executive officer. The company expects to name a permanent replacement later this year.
Holtz and the Arlington Hospitality board of directors hope to close the hotel sales by the end of the year. Holtz will then step down as a board member and officer of the company. However, the sale is subject to mortgage and appraisal contingencies.
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