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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

[  ]       Transition report under Section 13 or 15(d) of the Exchange Act

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 SIX MONTHS ENDED JUNE 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 SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)

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

STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 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 Six Months Ended June 30, 2000 and 1999

      For the three and six months ended June 30, 2000 as compared to the same period of the prior year, occupancy rates at the Registrant’s hotel were 69% and 57% versus 72% and 63% and average room rates were $128.19 and $114.94 versus $91.21 and $88.45, resulting in an increase in room revenue totaling $340,800 and $282,876 for the three and six months ended June 30, 2000 as compared to the comparable period in 1999, respectively. The increase in room rates for the three and six months ended June 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 $12,428 and $31,502 for the three and six months ended June 30, 2000 as compared to 1999, respectively. Occupancy decreased 3% and 7% for the three and six months ended June 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 $1,178,102 and $2,147,170 for the three and six months ended June 30, 2000 as compared to $1,127,421 and $2,135,720 for the three and six months ended June 30, 1999. Operating expenses for the three and six months ended June 30, 2000 and 1999 were approximately equal, due to the minimal change in occupancy of the hotel. Management fees increased $52,712 and $43,416 for the three and six months ended June 30, 2000 as compared to 1999 due to increased revenues and net income on which management fees are calculated.

      Net income increased $278,959 and $240,795 to $408,588 and $264,410 for the three and six months ended June 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 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 six months ended June 30, 2000, the Registrant generated $247,879 in net cash flow from operating activities. Reductions in long-term debt totaled $52,859 and impound

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escrow accounts decreased $38,067 during the first six months of 2000.

      Acquisition of property and equipment during the six months ended June 30, 2000 totaled $383,522. It is estimated that approximately $300,000 more will be expended in 2000 for ongoing renovations of existing assets.

      Distributions totaling $135,000 were paid during the six month period ended June 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:

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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.

CASA MUNRAS HOTEL PARTNERS, L.P.

CASA MUNRAS GP, LLC General Partner

By /s/ JOHN F. ROTHMAN     John F. Rothman, Managing Member

Dated: August 10, 2000

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EXHIBIT INDEX