FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarter Ended March 31, 1995
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Commission file number 33-11096
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CRI HOTEL INCOME PARTNERS, L.P.
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(Exact name of registrant as specified in charter)
Delaware 52-1500621
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(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization No.)
11200 Rockville Pike, Rockville, Maryland 20852
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(Address of principal executive officer) (Zip Code)
(301) 468-9200
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(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at March 31, 1995
- --------------------------------- --------------------------------------------
(Not applicable) (Not applicable)
CRI HOTEL INCOME PARTNERS, L.P.
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED March 31, 1995
Page
PART I. Financial Information (Unaudited)
Item 1. Financial Statements
Balance Sheets - March 31, 1995
and December 31, 1994 . . . . . . . . . . . . 1
Statements of Income - for the three months
ended March 31, 1995 and 1994 . . . . . . . . 3
Statement of Changes in Partners' Capital (Deficit)
- for the three months ended March 31, 1995 . 5
Statements of Cash Flows - for the three months
ended March 31, 1995 and 1994 . . . . . . . . 6
Notes to Financial Statements . . . . . . . . . 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . 11
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K . . . . . . . 15
Signature . . . . . . . . . . . . . . . . . . . . . . . 16
PART I. FINANCIAL INFORMATION
---------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------
CRI HOTEL INCOME PARTNERS, L.P.
BALANCE SHEETS
ASSETS
March 31, December 31,
1995 1994
------------ ------------
(Unaudited)
Property and equipment - at cost
Land $ 1,574,490 $ 1,574,490
Buildings and site improvements 13,112,968 13,112,968
Furniture, fixtures and equipment 4,220,949 4,194,226
Leasehold improvements 1,382,000 1,382,000
------------ ------------
20,290,407 20,263,684
Less: accumulated depreciation
and amortization (7,090,545) (6,891,531)
------------ ------------
13,199,862 13,372,153
Asset held for sale 1,135,998 1,135,556
Cash and cash equivalents 638,767 537,352
Working capital reserve 115,000 150,000
Receivables, reserve for replacements
and other assets 820,700 727,480
Acquisition fees, principally paid to
related parties, net of accumulated
amortization of $244,424 and $235,923,
respectively 775,680 784,181
Property purchase costs, net of
accumulated amortization of $43,323
and $41,804, respectively 138,944 140,463
------------ ------------
Total assets $ 16,824,951 $ 16,847,185
============ ============
The accompanying notes are an integral part
of these financial statements.
-1-
PART I. FINANCIAL INFORMATION
---------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------
CRI HOTEL INCOME PARTNERS, L.P.
BALANCE SHEETS
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
March 31, December 31,
1995 1994
------------ ------------
(Unaudited)
Distributions payable $ 452,059 $ 452,059
Accounts payable and accrued expenses 225,333 184,953
Hotel trade payables 295,114 390,541
Accrued salaries and wages 68,039 76,435
Building lease payable 94,202 91,608
Sales tax payable 93,727 66,763
Accrued management fees 41,205 95,797
Accrued property taxes 123,033 65,722
------------ ------------
1,392,712 1,423,878
------------ ------------
Notes payable 7,021,121 6,865,486
------------ ------------
Total liabilities 8,413,833 8,289,364
------------ ------------
Commitments and contingencies
Partners' capital (deficit):
General Partner (221,608) (218,674)
Beneficial Assignee Certificates (BACs)
Series A; 868,662 BACs issued and
outstanding 8,632,726 8,776,495
------------ ------------
Total partners' capital 8,411,118 8,557,821
------------ ------------
Total liabilities and partners'
capital $ 16,824,951 $ 16,847,185
============ ============
The accompanying notes are an integral part
of these financial statements.
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PART I. FINANCIAL INFORMATION
---------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------
CRI HOTEL INCOME PARTNERS, L.P.
STATEMENTS OF INCOME
(Unaudited)
For the three months ended
March 31,
-------------------------------
1995 1994
------------ ------------
Revenue:
Rooms $ 2,581,847 $ 2,466,907
Rental and other 109,070 99,216
Telephone 104,849 124,779
Food 13,793 11,428
Interest and other income 5,737 1,332
------------ ------------
Total revenue 2,815,296 2,703,662
------------ ------------
Expenses:
Rooms 686,026 618,532
General and administrative 307,155 325,099
Marketing 247,678 237,579
Depreciation and amortization 212,989 266,691
Property operations and maintenance 151,966 138,183
Energy 144,809 149,351
Property taxes 150,368 141,048
Building lease expense 229,477 227,799
Management fees 97,932 93,999
Telephone 35,084 50,837
Rental and other 36,254 47,417
Base asset management fee, paid to
related parties 26,250 26,250
Food and beverage 14,098 12,388
Professional fees 10,364 14,959
Miscellaneous, net 11,725 9,753
------------ ------------
Total operating costs and expenses 2,362,175 2,359,885
------------ ------------
Operating income 453,121 343,777
------------ ------------
The accompanying notes are an integral part
of these financial statements.
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PART I. FINANCIAL INFORMATION
---------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------
CRI HOTEL INCOME PARTNERS, L.P.
STATEMENTS OF INCOME - Continued
(Unaudited)
For the three months ended
March 31,
-------------------------------
1995 1994
------------ ------------
Other income (expenses):
Interest expense (155,635) (142,287)
Cash flow guarantees 7,870 5,057
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Total other expenses (147,765) (137,230)
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Net income $ 305,356 $ 206,547
============ ============
Net income allocated to General
Partner (2%) $ 6,107 $ 4,131
============ ============
Net income allocated to BAC
Holders (98%) $ 299,249 $ 202,416
============ ============
Net income per BAC based on 868,662
BACs outstanding $ 0.34 $ 0.23
============ ============
The accompanying notes are an integral part
of these financial statements.
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PART I. FINANCIAL INFORMATION
---------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------
CRI HOTEL INCOME PARTNERS, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
For the three months ended March 31, 1995
(Unaudited)
Beneficial
Assignee
General Certificate
Partner Holders Total
--------- ------------ ------------
Balance, December 31, 1994 $(218,674) $ 8,776,495 $ 8,557,821
Distributions paid or accrued
of $0.51 per BAC (9,041) (443,018) (452,059)
Net income 6,107 299,249 305,356
--------- ------------ ------------
Balance, March 31, 1995 $(221,608) $ 8,632,726 $ 8,411,118
========= ============ ============
The accompanying notes are an integral part
of these financial statements.
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PART I. FINANCIAL INFORMATION
---------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------
CRI HOTEL INCOME PARTNERS, L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
For the three months ended
March 31,
----------------------------
1995 1994
------------ ------------
Cash flows from operating activities:
Net income $ 305,356 $ 206,547
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 212,989 266,691
Accrued interest on notes payable 155,635 142,287
Changes in assets and liabilities:
Increase in receivables and other
assets, net (40,478) (254,340)
Increase in accounts payable and
accrued expenses 40,380 195,306
(Decrease) increase in hotel trade
payables (95,427) 56,088
Decrease in accrued salaries and
wages (8,396) (27,693)
Increase (decrease)in building lease
payable 2,594 (334,110)
Increase in sales tax payable 26,964 36,829
Increase in accrued property taxes 57,311 58,457
(Decrease) increase in accrued
management fees (54,592) 30,826
------------ ------------
Net cash provided by operating
activities 602,336 376,888
------------ ------------
Cash flows from investing activities:
Purchase of property and equipment (27,165) (25,633)
Net deposits to reserve for replacements (56,697) (55,004)
Decrease in working capital reserves 35,000 --
------------ ------------
Net cash used in investing
activities (48,862) (80,637)
------------ ------------
The accompanying notes are an integral part
of these financial statements.
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PART I. FINANCIAL INFORMATION
---------------------
ITEM 1. FINANCIAL STATEMENTS
--------------------
CRI HOTEL INCOME PARTNERS, L.P.
STATEMENTS OF CASH FLOWS - Continued
(Unaudited)
For the three months ended
March 31,
----------------------------
1995 1994
------------ ------------
Cash flows from financing activities:
Distributions paid to BAC Holders and
General Partner (452,059) (240,216)
------------ ------------
Net increase in cash and cash equivalents 101,415 56,035
Cash and cash equivalents, beginning of
period 537,352 715,947
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Cash and cash equivalents, end of period $ 638,767 $ 771,982
============ ============
The accompanying notes are an integral part
of these financial statements.
-7-
CRI HOTEL INCOME PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION
In the opinion of CRICO Hotel Associates I, L.P. (the General Partner), the
accompanying unaudited financial statements of CRI Hotel Income Partners, L.P.
(the Partnership) contain all adjustments of a normal recurring nature necessary
to present fairly the Partnership's financial position as of March 31, 1995 and
December 31, 1994, and the results of its operations for the three months ended
March 31, 1995 and 1994 and its cash flows for the three months ended March 31,
1995 and 1994.
These unaudited financial statements have been prepared pursuant to the
rules and regulations of the Securities and Exchange Commission. Certain
information and note disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted. While the General Partner believes that the disclosures
presented are adequate to make the information not misleading, it is suggested
that these financial statements be read in conjunction with the financial
statements and the notes included in the Partnership's Annual Report filed on
Form 10-K for the year ended December 31, 1994.
Certain amounts in the 1994 financial statements have been reclassified to
conform to the 1995 presentation.
2. COMMITMENTS
a. Hotel operations management agreements
--------------------------------------
The Partnership entered into management agreements with Buckhead in
connection with operations of the hotels. Each agreement was for an initial
term of ten years, with a five-year renewal option. The agreements called
for a base management fee of 2.5% of gross revenue from operations, a
marketing fee of 1.5% of net room revenues, and a reservation fee of 2.3%
of gross revenues from rental of hotel guest rooms. The agreements also
called for incentive management fees generally equal to 25% of net cash
flow available after payment of a preferred cash flow return to the
Partnership equal to 11% of the aggregate purchase price for the hotels
owned by the Partnership.
On January 1, 1993, the management agreements between the Partnership
and Buckhead were amended to extend the existing term of each agreement for
an additional two to five years and increase the base management fee from
2.5% to 3.5% of gross revenue. The Partnership accepted these
modifications to the management agreements in lieu of having the agreements
terminated by Buckhead in the Bankruptcy. Had the Partnership contracted
another management agent, costs (which would have included franchise fees
currently not payable because of Buckhead's management of the hotels) were
expected to exceed the increase in management fees. The amendments for the
Clearwater Days Inn and the Scottsdale Days Inn included a modification to
the method of calculating the incentive management fee. No incentive
management fees were earned or paid for the first quarter of 1995 or 1994.
These agreements were amended as part of the bankruptcy process.
-8-
CRI HOTEL INCOME PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
2. COMMITMENTS - Continued
b. Ground lease agreement
----------------------
The Partnership entered into a lease with Vicorp Restaurants, Inc.
(Vicorp) effective January 1991, for a portion of the Minneapolis Days Inn
property to operate a restaurant (Baker's Square). Gross rental income
pursuant to the lease agreement, which is included in rental and other
revenue on the accompanying statements of income, was $12,192 and $11,780
for the three months ended March 31, 1995 and 1994, respectively.
3. DISTRIBUTIONS TO BAC HOLDERS
The following distributions were paid or accrued to BAC Holders of record
during the first quarters of 1995 and 1994:
1995 1994
Distributions to Distributions to
BAC Holders BAC Holders
------------------- -----------------
Quarter Ended Total Per BAC Total Per BAC
------------- --------- ------- --------- -------
March 31 $ 443,018 $ 0.51 $ 349,557 $ 0.40
========= ======= ========= =======
The distribution for the quarter ended March 31, 1995 is expected to be
made on May 30, 1995. The General Partner anticipates the distribution for the
quarter ended June 30, 1995 to range from $0.45 to $0.53 per BAC. Due to the
expiration of the remaining cash flow guarantees during 1993, distributions are
dependent on the net cash flow produced from hotel operations, net of
Partnership expenses. The cash flow from certain hotels may be materially
affected by changing market conditions and by seasonality.
4. RELATED PARTY TRANSACTIONS
The Partnership, in accordance with the terms of the Partnership Agreement,
is obligated to reimburse the General Partner or its affiliates for their direct
expenses in connection with managing the Partnership. The Partnership paid or
accrued $11,535 and $13,153 for the three months ended March 31, 1995 and 1994,
respectively, to the General Partner or its affiliates as direct reimbursement
of expenses incurred on behalf of the Partnership. Such reimbursements are
included in general and administrative expense on the statements of income.
The amount of the base asset management fee earned by the General Partner
or its affiliates is equal to 0.50% of the weighted average balance of the
adjusted partnership investment during the period, as defined in the Partnership
Agreement. During each of the three-month periods ended March 31, 1995 and
1994, the Partnership paid or accrued a base asset management fee of $26,250.
-9-
CRI HOTEL INCOME PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
5. HOTEL OWNED BY THE PARTNERSHIP
On October 20, 1994, a contract for the sale of the Kankakee hotel was
signed. The sale is expected to be completed in 1995. Accordingly, the assets
of this hotel are classified as an Asset Held for Sale on the balance sheets as
of March 31, 1995 and December 31, 1994. The estimated sales price of the
property of approximately $1.2 million is expected to generate sufficient
proceeds to the Partnership to retire the purchase money note obligation of the
Partnership with respect to such property. The sale, if completed as currently
negotiated, is expected to result in a net financial statement loss and a net
tax loss of approximately $600,000. As such, an additional reserve for loss on
the sale of Kankakee of $400,000 was recognized in 1994. A reserve for loss on
the sale of Kankakee of $200,000 was recognized in 1993, based on actual net
cash flow and net cash flow projections for the property at that time. There is
no assurance that the sale will occur as expected, as the prospective purchasers
have not yet been able to obtain commitments for the full amount of the
financing.
On February 21, 1995 and May 10, 1995, the Partnership advanced $35,000 and
$42,000, respectively, from the working capital reserves to the Kankakee hotel
to fund the hotel's short-term working capital needs. These advances are
expected to be repaid from sales proceeds of the Kankakee hotel, as discussed
above.
-10-
PART I. FINANCIAL INFORMATION
---------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS
-----------------------------------
Financial Condition/Liquidity
------------------------------
CRI Hotel Income Partners, L.P. (the Partnership) expects that the hotels
in the aggregate will generate sufficient cash to achieve a positive cash flow
after operating expenses. Other than the periodic replacement of fixed assets,
which are funded from the replacement reserves, there are no material
commitments for capital expenditures.
Due to the expiration of all remaining cash flow guarantees in 1993, the
Partnership's liquidity and future results of operations are primarily dependent
upon the performance of the underlying hotels. Hotel operations may be
materially affected by changing market conditions and by seasonality caused by
variables such as vacations, holidays and climate. The Partnership closely
monitors its cash flow position in an effort to ensure that sufficient cash is
available for operating requirements and distributions to BAC Holders. The
Partnership's net cash provided by operating activities for the three months
ended March 31, 1995, was adequate to support operating, investing and financing
requirements and the distributions to BAC Holders and the General Partners. The
Partnership estimates that existing cash and cash equivalents along with future
cash flows from the hotels' operations, in the aggregate, will be sufficient to
pay operating expenses and short term commitments, fund replacement reserves,
and make distributions to BAC Holders. Short-term commitments of $1,374,984
decreased slightly from December 31, 1994.
The Partnership's notes payable, including accrued interest, are scheduled
to mature in 1997 and 1998. The Managing General Partner is currently
investigating refinancing options. There is no assurance that a refinancing
will be complete.
On October 20, 1994, a contract for the sale of the Kankakee hotel was
signed. The sale is expected to be completed in 1995. Accordingly, the assets
of this hotel are classified as an Asset Held for Sale on the balance sheets as
of March 31, 1995 and December 31, 1994. The estimated sales price of the
property of approximately $1.2 million is expected to generate sufficient
proceeds to the Partnership to retire the purchase money note obligation of the
Partnership with respect to such property. The sale, if completed as currently
negotiated, is expected to result in a net financial statement loss and a net
tax loss of approximately $600,000. As such, an additional reserve for loss on
the sale of Kankakee of $400,000 was recognized in 1994. A reserve for loss on
the sale of Kankakee of $200,000 was recognized in 1993, based on actual net
cash flow and net cash flow projections for the property at that time. There is
no assurance that the sale will occur as expected, as the prospective purchasers
have not yet been able to obtain commitments for the full amount of the
financing.
On February 21, 1995 and May 10, 1995 , the Partnership advanced $35,000
and $42,000, respectively, from the working capital reserves to the Kankakee
hotel to fund the hotel's short-term working capital needs. These advances are
expected to be repaid from sales proceeds of the Kankakee hotel, as discussed
above.
-11-
PART I. FINANCIAL INFORMATION
---------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS - Continued
-----------------------------------
The following distributions were paid or accrued to BAC Holders of record
during the first quarters of 1995 and 1994:
1995 1994
Distributions to Distributions to
BAC Holders BAC Holders
------------------- ------------------
Quarter Ended Total Per BAC Total Per BAC
------------- --------- ------- --------- -------
March 31 $ 443,018 $ 0.51 $ 349,557 $ 0.40
========= ======= ========= =======
The distribution for the quarter ended March 31, 1995 is expected to be
made on May 30, 1995. The General Partner anticipates the distribution for the
quarter ended June 30, 1995 to range from $0.45 to $0.53 per BAC. Due to the
expiration of the remaining cash flow guarantees during 1993, distributions are
dependent on the net cash flow produced from hotel operations, net of
Partnership expenses. The cash flow from certain hotels may be materially
affected by changing market conditions and by seasonality.
Results of Operations
---------------------
The Partnership's net income, which consists principally of hotel
operations, increased during the three months ended March 31, 1995 from the
comparable period in 1994 primarily due to a 4.7% increase in room revenue.
Room revenue increased in 1995 primarily due to an increase in average occupancy
at two of the six hotels, as well as an increase in average room rates at
certain hotels. Contributing to the increase in net income was a decrease in
depreciation and amortization expense as a result of the reclassification of the
Kankakee hotel as an Asset Held for Sale. Partially offsetting the increase in
net income was an increase in room expenses, resulting from the increase in
occupancy, as discussed above.
Hotels' Results of Operations
-----------------------------
The hotels' results of operations are affected by changing market
conditions and by seasonality caused by variables such as vacations, holidays
and climate. Based on the hotels' operating budgets, the following months
should provide the highest gross operating income and net cash flow:
-12-
PART I. FINANCIAL INFORMATION
---------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS - Continued
-----------------------------------
Hotel Location Peak Months
-------------- ---------------------
Clearwater, FL October through April
Kankakee, IL May through October
Minneapolis, MN May through October
Plymouth, MN June through October
Roseville, MN May through October
Scottsdale, AZ January through May
The Statements of Operations include operating results for each of the
hotels as outlined below. Gross Operating Income represents total revenue less
departmental expenses. Net Cash Flow (Deficit) represents cash flow after
operating expenses. The operating results and average occupancy for the hotels
for the three months ended March 31, 1995 and 1994 are as follows:
Gross Operating Income
---------------------------
For the three months ended
March 31,
---------------------------
1995 1994
------------ ------------
Hotel Location
--------------
Clearwater, FL $ 362,457 $ 345,740
Kankakee, IL 38,207 99,099
Minneapolis, MN 355,647 316,022
Plymouth, MN 171,863 123,827
Roseville, MN 192,613 177,165
Scottsdale, AZ 905,388 905,892
------------ ------------
Total $ 2,026,175 $ 1,967,745
============ ============
-13-
PART I. FINANCIAL INFORMATION
---------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS - Continued
-----------------------------------
Net Cash Flow (Deficit)
---------------------------
For the three months ended
March 31,
---------------------------
1995 1994
------------ ------------
Hotel Location
--------------
Clearwater, FL $ 197,931 $ 173,478
Kankakee, IL (65,959) (7,669)
Minneapolis, MN 121,924 96,120
Plymouth, MN 18,733 (19,236)
Roseville, MN 22,126 5,050
Scottsdale, AZ 333,421 344,783
------------ ------------
Total $ 628,176 $ 592,526
============ ============
Average Occupancy
---------------------------
For the three months ended
March 31,
---------------------------
1995 1994
------------ -----------
Hotel Location
--------------
Clearwater, FL 86% 90%
Kankakee, IL 25% 41%
Minneapolis, MN 84% 85%
Plymouth, MN 73% 56%
Roseville, MN 85% 78%
Scottsdale, AZ 98% 98%
------------ -----------
Total(1) 78% 77%
============ ===========
(1) The totals for average occupancy are based on a weighted average taking
into consideration the number of rooms at each location.
-14-
PART I. FINANCIAL INFORMATION
---------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
-------------------------------------------------
CONDITION AND RESULTS OF OPERATIONS - Continued
-----------------------------------
Gross operating income and net cash flow for the Clearwater hotel for the
three months ended March 31, 1995 increased from the same period in 1994
primarily due to an increase in average room rates and managements
implementation of cost-control strategies. Gross operating income and net cash
flow for the Kankakee hotel for the three months ended March 31, 1995 decreased
from the same period in 1994 primarily due the re-opening of a nearby
competitor, as well as the opening of a new competitor in 1994. Gross operating
income and net cash flow for the Minneapolis hotel for the three months ended
March 31, 1995 increased from the same period in 1994 primarily due to an
increase in room rates resulting from management's marketing programs. Gross
operating income and net cash flow for the Plymouth hotel for the three months
ended March 31, 1995 increased from the same period in 1994 primarily due to an
increase in occupancy and room rates resulting from increased group volume.
Gross operating income and net cash flow for the Roseville hotel for the three
months ended March 31, 1995 increased from the same period in 1994 primarily due
to an increase in occupancy resulting from increased room demand in the
Roseville area. Gross operating income and net cash flow for the Scottsdale
hotel for the three months ended March 31, 1995 did not change significantly
from the same period in 1994.
PART II. OTHER INFORMATION
-----------------
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
--------------------------------
No reports on Form 8-K were filed with the Commission during the quarter
ended March 31, 1995.
All other items are not applicable.
-15-
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
CRI HOTEL INCOME PARTNERS, L.P.
By: CRICO Hotel Associates I, L.P.
General Partner
By: CRI, Inc.
General Partner
May 11, 1995 By: /s/ Richard J. Palmer
- --------------------- -------------------------------------
Date Richard J. Palmer
Senior Vice President/Finance
Signing on behalf of the Registrant
and as Principal Accounting Officer
-16-