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
September 7, 1999
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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 September 7, 1999, filed herewith
as Exhibit 20.6 is hereby incorporated by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits:
20.6 Letter dated September 7, 1999 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: September 7, 1999
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September 7, 1999
To: The Investors of Metric Partners Growth Suite Investors, L.P.
("GSI" or the "Partnership")
RE: Distribution of Sales Proceeds
Dear Investor:
As you are aware, the Partnership retained a portion of the proceeds of the
December 30, 1997 sale of eight of its hotels due to uncertainties relating to
the mortgage on the Residence Inn - Nashville and to legal matters impacting the
Partnership. With the June 1999 foreclosure of the Residence Inn - Nashville and
upon review of the remaining issues concerning GSI, the managing general partner
has determined that the Partnership can distribute additional sales proceeds, in
the amount of approximately $5,200,000. Therefore, enclosed please find a check
representing your pro rata share of this distribution in the amount of $85 per
original $1,000 Unit. If your investment is part of a retirement plan or if you
have pre-specified your brokerage firm or an alternate destination for your
checks, your distribution has been forwarded to your custodian, trustee, or
brokerage firm.
Total cash distributions to date have ranged from $6,961 to $7,894 per original
$10,000 investment, depending upon the individual investor's date of acceptance
to the Partnership. These distributions have included a total of $3,951 per
original $10,000 investment in proceeds from the sale of the Partnership's
hotels. Currently, GSI has a cash balance of approximately $7,000,000; however a
Tennessee Court has enjoined the Partnership from conveying, transferring, or
otherwise disposing of $5,000,000 for potential payment of any judgement awarded
with respect to certain litigation in Tennessee concerning the Partnership.
Additionally, as previously reported, the Partnership may be liable to Marriott
for contract termination fees of approximately $1,415,000 and other amounts
pursuant to the Partnership's management contract for the Residence Inn -
Nashville. Future distributions will be primarily dependent upon the outcome of
these matters.
Questions regarding Partnership matters should be directed to the Investor
Services Department at SSR Realty Advisors, One California Street, Suite 1400,
San Francisco, California 94111, or via telephone at (800) 347-6707, extension
2025.
Questions regarding services for your investment, including distribution
payments, tax reporting information or transfer documents should be directed to
the Partnership's Servicing and Transfer Agent, Gemisys. The address is as
follows: GSI c/o Gemisys, 7103 South Revere Parkway, Englewood, Colorado
80112-3936. The toll-free telephone number is (800) 955-3025.
METRIC REALTY
Managing General Partner
