Jones Lang LaSalle Hotels, who dealt directly with the CanneryRow Company, arranged the sale. The Cannery Row Company headed thegroup of investors in the transaction.
The Cannery Row Company holds more than 80% ownership in thesale, with additional investors owning the remaining percentage.The investors include Ted Balestreri, Bert Cutino, George Zarounianand Harry Davidian.
The hotel package consisted of the Spindthrift Inn, Monterey BayInn and Victorian Inn. Two of the hotels are oceanfront propertieson Cannery Row, while the third is located less than 2 blocks away.With this purchase, the hotel portfolio is left with only oneremaining property, the Hotel Pacific in Monterey, for sale.
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