Americana Hotels & Realty Corporation

Americana Hotels & Realty Corporation is a real estate investment trust which prior to its adoption of a complete liquidation, invested in hotels and resorts throughout the United States and abroad. On June 28, 1988 the corporation approved a Plan of Liquidation whereby all of the investments held by the Corporation would be disposed of and the proceeds distributed to stockholders. As of December 31, 1995 the Corporation's remaining real estate investments consist of ownership interest in a non-operating hotel property and a restructured first mortgage loan. The Corporation is pursuing transactions for the disposition of these remaining investments.