Premier Properties, LLC. Arranges Sale between Musselman Hotels and Encore Enterprises Portfolio of 4 Limited Service Hotels Sell for $18Million

Gulfport, Miss- January 9, 2004- The long awaited sale of 4 limited service hotels closed on January 9, 2004. The Buyer, Encore Enterprises, led by Chairman, Dr. Bharat Sangani, and President and CEO, Patrick Barber, paid approximately $18M for the properties.

Premier Properties.
1201 25th Avenue, #200      
Gulfport, MS 39501   
(228) 275 - 7653

CONTACT: Stacey Eleuterius
Broker
Premier Properties
(228) 275 - 7653
seleuterius@premierpropertiesinfo.com

Gulfport, Miss (PRWEB) January 20 2004--The long awaited sale of 4 limited service hotels closed on January 9, 2004. The Buyer, Encore Enterprises, led by Chairman, Dr. Bharat Sangani, and President and CEO, Patrick Barber, paid approximately $18M for the properties. Encore Enterprises, Inc., is a developer and owner of hotels and commercial real estate in the Southeast. The acquisition expands Encores growth in the hotel industry to 17 hotels under leading brand names such as Fairfield Inn by Marriott, Fairfield Inn & Suites by Marriott, Towneplace Suites by Marriott, and Courtyard by Marriott. With this acquisition, Encore now has hotels in eight states within the southeastern region: including Texas, Mississippi, Georgia, Louisiana, Florida, Tennessee, Indiana and Kentucky. Pineapple Management Services, Encores management company will operate the hotels through a long term management contract.

Stacey Eleuterius, Broker for Premier Properties, acted as exclusive agent for the Seller and Receiver of the hotels. The purchase confirms Encores confidence in the industry and their expectations for an improving economic climate" commented Mrs. Eleuterius. It has been a pleasure working with both groups throughout this transaction. Encore is a progressive company with aggressive goals, and Im excited to assist them in meeting their goals". Premier Properties is a full service Brokerage firm located in Gulfport, MS, and is licensed in numerous other states as well. The Companys core services include a Hotel Division, a Commercial Division, and a Residential Division. Premier Properties is the Exclusive Agent for Encore Enterprises and is currently working on future acquisitions.

The acquired hotels are as follows:

Fairfield Inn by Marriott, Jeffersonville, IN
Towneplace Suites by Marriott, Jeffersonville, IN
Fairfield Inn & Suites by Marriott, Hopkinsville, KY
Fairfield Inn by Marriott, Mount Sterling, KY