FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
December 10, 1996
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Date of Report
(Date of earliest event reported)
Metric Partners Growth Suite Investors, L.P.
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(Exact name of registrant as
specified in its charter)
0-17660 California 94-3050708
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(Registration (State or Other (IRS Employer
File Jurisdiction of Identification
Number) Incorporation) Number)
One California Street, San Francisco, California 94111-5415
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(415) 678-2000
(800) 347-6707 Wats line for all states
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ITEM 5. OTHER EVENTS
This letter from Registrant to investors dated December 10, 1996, filed herewith
as Exhibit 20.1 is hereby incorporated by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
20.1 Letter dated December 10, 1996 from Registrant to its investors.
<PAGE>
SIGNATURE
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, thereunto duly authorized.
METRIC PARTNERS GROWTH SUITE INVESTORS, L.P.,
a California Limited Partnership
By: Metric Realty
an Illinois general partnership
its Managing General Partner
By: Metric Realty Corp.
a Delaware corporation
its managing general partner
By: /s/ Margot M. Giusti
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Margot M. Giusti
Executive Vice President, Finance and
Administration; Principal Financial
and Accounting Officer of Metric Realty Corp.
Date: December 10, 1996
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December 10, 1996
To: The Investors of Metric Partners Growth Suite Investors, L.P. ("GSI" or the
"Partnership")
RE: Important Information Concerning the Marketing for Sale of the Partnership's
Portfolio
Dear Investor:
This letter has been prepared to provide you with up-to-date information
regarding the status of your investment in Metric Partners Growth Suite
Investors, L.P.
As previously reported to you, the hotel industry and the operations of the
Partnership's Portfolio have improved over the past several years resulting in
increased property values. In light of this improvement, and considering the age
of the properties and increasing competition in each of the markets, Metric has
decided to proceed with the marketing for sale of the nine remaining Residence
Inn hotels in the Partnership's Portfolio. At this time, it appears there are a
number of potential purchasers of hotels currently active in the marketplace,
buying hotels similar to those owned by the Partnership. It is the intention of
Metric to market the properties early in 1997, following receipt of the updated
appraised values of the properties and compilation of the year-end operational
data for the individual hotels.
The Partnership originally anticipated holding its hotel properties, which were
acquired from 1988 through 1990, for a period of five to ten years. The actual
term of ownership, however, is dependent upon market conditions and prevailing
economic factors. Metric Realty, the Managing General Partner of GSI, has
continued to carefully monitor the individual markets where the Partnership's
hotels are located, as well as local and national economic factors which impact
the value and timing of the potential sale of the properties. As you will
recall, the Partnership completed its first property sale of the Residence Inn -
Atlanta (Perimeter West) during the fourth quarter of 1995, as it believed the
market conditions were optimum.
Metric will continue to prudently manage the Portfolio and carefully monitor the
efforts of the hotel operators to enhance performance results. The next
quarterly cash distribution from operations is scheduled to be paid on or about
February 17, 1997, and is anticipated to be made at a rate of 4% per annum of
the original investment, or $10 per Assignee Limited Partnership Unit.
Investors will be kept apprised as to the status of Partnership operations and
the potential sale of the Portfolio, either through regularly scheduled reports
or special communications. The 1996 Annual Report for GSI, which will include
the Form 10-K, as filed with the Securities and Exchange Commission, is
scheduled to be mailed in April, 1997.
Should you have any questions concerning this communication or your investment
in GSI, please contact the Partnership's Investor Representative at Metric
Realty, at (800) 347-6707. Questions regarding services for your investment,
including tax reporting information (Schedules K-1), or transfer or registration
documents should be directed to the Partnership's Servicing Agent, Gemisys, at
(800) 955-3025.
METRIC REALTY
Managing General Partner
