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
January 13, 1998
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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 Juriisdiction 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 January 13, 1998, filed herewith
as Exhibit 20.3 is hereby incorporated by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
20.3 Letter dated January 13, 1998 from Registrant to its investors.
<PAGE>
SIGNATURE
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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: SSR Realty Advisors, Inc.
a Delaware corporation
its managing general partner
By: /s/ William A. Finelli
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William A. Finelli
Managing Director, Principal Financial
and Accounting Officer of
SSR Realty Advisors, Inc.
Date: January 13, 1998
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January 13, 1998
To: The Investors of Metric Partners Growth Suite Investors, L.P.
("GSI" or the "Partnership")
RE: Important Information Regarding the Sale of Eight Properties and
Distribution of Sales Proceeds
Dear Investor:
We are pleased to announce that the sale of eight of the Partnership's nine
remaining Residence Inn Hotels was completed on December 30, 1997. Investors
were notified of the potential sale in a special communication dated December
26, 1997. The Managing General Partner has decided to distribute a portion of
the net proceeds of this sale, in the amount of $275.00 per Unit. This
distribution is enclosed, unless your investment is part of a retirement plan in
which case it is forwarded to your trustee, or you have pre-specified your
brokerage firm or an alternate destination for your checks.
As indicated in the letter of December 26, 1997, the Partnership was required by
the purchaser under the terms of the sales contract not to distribute $7.5
million for a period of one year. Additionally, GSI will retain a reserve of
approximately $4.5 million for operating contingencies, including the potential
payment of all or part of the outstanding mortgage on the Residence Inn -
Nashville. This mortgage, totaling approximately $8.5 million, is due April 1,
1998. As discussed in previous communications, a motion for a temporary
injunction prohibiting the Partnership from distributing sales proceeds has been
filed against the Partnership, and a hearing on this motion has now been
rescheduled for January 14, 1998. Future distributions could be affected by the
decision on this motion.
The Partnership also anticipates a distribution from fourth quarter 1997
operations in the amount of $10 per Unit, or four percent annualized, to
Unitholders as of December 31, 1997 during the week of January 26, 1998.
Investors will be provided further information as available regarding the
above-mentioned legal proceedings, as well as the status of Partnership
operations.
Questions relating to Partnership performance or the information provided in
this letter should be directed to the Investor Representative at SSR Realty, at
(800) 347-6707, extension 2025, or in writing to GSI, c/o SSR Realty Advisors,
Inc., One California Street, Suite 1400, San Francisco, CA 94111. Operational
questions regarding your investment should be directed to the Partnership's
Servicing and Transfer Agent, Gemisys, at (800) 955-3025.
Sincerely,
METRIC REALTY
Managing General Partner
