IRVINE, CA-Locally based Atlas Hospitality Group has landed anassignment to market the 299-room Marriott Ontario Airport Hotel inOntario, CA, the second assignment the Irvine-based firm has landedrecently to market distressed hotel assets. The Marriott is one ofthree hotels owned by the San Clemente-based Sunstone HotelInvestors REIT that have been handed over to receivers recently,according to an SEC filing by Sunstone.

Atlas president Alan X. Reay tells that the MarriottOntariio, which was opened in 1986, has been renovated with $7.3million in capital expenditures since 2003 and represents "anopportunity to acquire one of the few full-service hotels in theOntario market," one that has consistently been a top performer inboth average daily rate and occupancy. The hotel is adjacent to theOntario Convention Center and just north of Ontario InternationalAirport.

The other recent Atlas assignment to market distressed hotelassets is a portfolio of nine sub-performingloans secured by six hotels in California and three in otherstates totaling 806 rooms with a total portfolio loan balance ofnearly $23.8 million. When Atlas won the assignment recently, Reaytold that it marked one of the first indications thatlenders are beginning to take action on some of the loans that havebeen languishing on their balance sheets for some time.

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