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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-QSB

	[X]	Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2000
	[   ]	Transition report under Section 13 or 15(d) of the Exchange Act For the transition period from ________ to ________

Commission file number 0-8901

CASA MUNRAS HOTEL PARTNERS, L.P.
(Exact name of small business issuer as specified in its charter)

5525 Oakdale Avenue, Suite 300, Woodland Hills, California 91364
(Address of principal executive offices)

(818) 888-6500
(Issuer’s telephone number, including Area Code)

      Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [  ]

Transitional Small Business Disclosure Format:

Yes [  ] No [X]

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CASA MUNRAS HOTEL PARTNERS, L.P.
(A LIMITED PARTNERSHIP)

BALANCE SHEETS

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CASA MUNRAS HOTEL PARTNERS, L.P.
(A LIMITED PARTNERSHIP)

STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)

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CASA MUNRAS HOTEL PARTNERS, L.P.
(A LIMITED PARTNERSHIP)

STATEMENTS OF CHANGES IN PARTNERS’ DEFICIT
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)

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CASA MUNRAS HOTEL PARTNERS, L.P.
(A LIMITED PARTNERSHIP)

STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(Unaudited)

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Results of Operations for the Three and Nine Months Ended September 30, 2000 and 1999

      For the three and nine months ended September 30, 2000 as compared to the same period of the prior year, occupancy rates at the Registrant’s hotel were 79% and 64% versus 82% and 70% and average room rates were $130.76 and $121.46 versus $115.68 and $99.24, resulting in an increase in room revenue totaling $124,041 and $406,917 for the three and nine months ended September 30, 2000 as compared to the comparable period in 1999, respectively. The increase in room rates for the three and nine months ended September 30, 2000 as compared to the same period of the prior year reflects management’s decision to charge more for rooms as a result of the capital improvements program and a one time increase in room rates in June 2000 as a result of the United States Open Golf Tournament held at Pebble Beach on the Monterey Peninsula. Food and beverage revenues decreased $4,657 and $36,159 for the three and nine months ended September 30, 2000 as compared to 1999, respectively. Occupancy decreased 3% and 6% for the three and nine months ended September 30, 2000 as compared to 1999, respectively. The decrease in occupancy is attributed to reduced group business at the property in 2000 as compared to 1999. Food and beverage revenues have decreased in 2000 over the comparable 1999 period primarily due to decreased patrons in the restaurant which number of patrons is impacted by occupancy of the hotel.

      Operating expenses totaled $1,278,726 and $3,425,896 for the three and nine months ended September 30, 2000 as compared to $1,234,624 and $3,370,344 for the three and nine months ended September 30, 1999. Management fees increased $13,718 and $57,134 for the three and nine months ended September 30, 2000 as compared to 1999 due to increased revenues and net income on which management fees are calculated. Operating expenses in total, for the three and nine months ended September 30, 2000 and 1999 were approximately equal, due to the minimal change in occupancy of the hotel.

      Net income increased $78,092 and $318,887 to $540,250 and $804,660 for the three and nine months ended September 30, 2000 as compared to 1999, respectively. The increase in the net income is principally attributed to increased revenue due to increased room rates while operating expenses have remained approximately equal to the prior period.

Liquidity and Capital Resources

      The Registrant’s primary source of cash is revenues from the operation and leasing of the hotel facility. The Registrant’s primary uses of cash are to fund hotel operating expenses, payments on the first mortgage, renovations and to pay distributions to Partners.

      During the nine months ended September 30, 2000, the Registrant generated $942,047 in

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net cash flow provided by operating activities. Reductions in long-term debt totaled $80,059 and impound escrow accounts decreased $24,374 during the first nine months of 2000.

      Acquisition of property and equipment during the nine months ended September 30, 2000 totaled $480,916. It is estimated that approximately $300,000 more will be expended in the remainder of calendar 2000 for ongoing renovations of existing assets.

      Distributions totaling $247,500 were declared during the nine month period ended September 30, 2000.

      The General Partner intends, to the extent cash from operations is available and such distributions are permitted under the first mortgage payable, to continue making cash distributions to the Partners at amounts approximating the Registrant’s net income.

PART II — OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

      (a) Exhibits:

      (b) Reports on Form 8-K:

None.

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SIGNATURE

In accordance with the requirements of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 13, 2000

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EXHIBIT INDEX