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Previous: CORESTAFF INC, 424B4, 1997-08-12 |
Next: NOVAVAX INC, 10-Q, 1997-08-12 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Date of Report (Date of earliest event reported) June 9, 1997
Essex Hospitality Associates IV L.P.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York
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(State of other jurisdiction of incorporation)
33-96716 16-1485632
- -------------------------- ----------------------------------
(Commission File Number) (IRS Employer Identification No.)
100 Corporate Woods, Suite 300, Rochester, NY 14623
- ----------------------------------------------- -----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 272-2300
------------------
An exhibit index is presented on page 2.
<PAGE>
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 9, 1997, the Registrant sold 1.05 limited partnership units of its
interest in Essex Glenmaura L.P. (Glenmaura) for $105,000. The sale price per
unit was the same as its original price per unit, $100,000. Prior to the sale of
the 1.05 units, the Registrant had a 54% interest in Glenmaura, after the sale,
the Registrant's interest in Glenmaura was reduced to 49.8%. Prior to the sale,
the financial statements of the Registrant were consolidated with those of
Glenmaura. As of December 31, 1996, the assets of Glenmaura represented 61% of
the consolidated assets of the Registrant. After June 9, 1997, the Registrant
will account for the its interest in Glenmaura by the equity method.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) The balance sheet of the Registrant as of June 30, 1997 is presented.
(c) Exhibits
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ESSEX HOSPITALITY ASSOCIATES IV L.P.
(Registrant)
Dated: August 12, 1997 By: /s/ Lorrie L. LoFaso
------------------------------
Lorrie L. LoFaso
Vice President
Essex Partners Inc.
(Managing General Partner)
<PAGE>
<TABLE>
<CAPTION>
Essex Hospitality Associates IV L.P.
Balance Sheet
June 30, 1997
(unaudited)
ASSETS 1997
------ ----
<S> <C>
Investments in real estate, at cost:
Land $2,074,526
Construction in progress 4,806,188
----------
6,880,714
Less accumulated depreciation -
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Net investments in real estate 6,880,714
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Investment in partnership 529,494
Cash and cash equivalents 11,013
Deferred costs:
Debt issuance 610,147
Franchise 85,000
Other 73,224
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768,371
Less accumulated amortization (97,840)
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670,531
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Other assets 8,411
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Total assets $8,100,163
==========
LIABILIITIES AND PARTNERS' CAPITAL
----------------------------------
Liabilities
Accounts payable - construction $1,566,637
Accounts payable and accrued expenses -
Due to affiliate 596,156
Subordinated notes payable 5,298,000
Construction loan payable -
Notes payable -
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Total liabilities 7,460,793
----------
Commitments and contingencies (note 5)
Partners' capital 677,812
Less notes receivable from partners (38,442)
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Total partners' capital 639,370
----------
Total liabilities and partners' capital $8,100,163
==========
</TABLE>
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