EXHIBIT 99.3
                                FAIRNESS OPINION
    




May 19, 1998



Super 8 Economy Lodging IV, Ltd.
c/o The Famous Host Companies
2030 J Street
Sacramento, California  95814

Attn: Mr. Philip Grotewohl


Dear Mr. Grotewohl:

Pursuant to your  request,  we have  analyzed the proposed  transaction  whereby
Tiburon Capital  Corporation would acquire the following hotel which is owned by
Super 8 Economy Lodging IV, Ltd.

                                    Super 8 Motel
                                    5375 Owens Court
                                    Pleasanton, California

As we understand it, Tiburon Capital  Corporation would acquire this property on
an all cash basis for a total consideration of $7,600,000. Based on our analysis
of the above hotel property, we are of the opinion that the proposed transaction
is fair and equitable from a financial standpoint to the limited partners of the
Partnership.

If you  have  any  questions  on the  foregoing,  or if I can be of any  further
assistance, please don't hesitate to contact me directly.

                                          Very truly yours,

                                          PKF Consulting


                                          /s/ THOMAS E. CALLAHAN
                                          -------------------------------
                                          Thomas E. Callahan, CPA, CRE, MAI
                                          Executive Vice President


TEC/klk