<PAGE>

                                                                  Exhibit 10.1.2

                                 PROMISSORY NOTE

U.S. $60,500,000                                          Executed and Delivered
                                                                  in the City of
                                                              New York, New York
                                                          As of January 31, 1995

            1. FOR VALUE RECEIVED, the undersigned parties, having an address at
Servico Centre South , 1601 Belvedere Road, West Palm Beach, Florida 33406
(each, a "Maker" and collectively, "Makers"), promise to pay to the order of
COLUMN FINANCIAL, INC., a Delaware corporation, having an office at 3414
Peachtree Road, N.E., Suite 1140, Atlanta, Georgia 30326-1113, or its successors
or assigns (collectively, the "Payee"), the principal sum of SIXTY MILLION FIVE
HUNDRED THOUSAND Dollars ($60,500,000), in lawful money of the United States of
America with interest thereon from the date of this Note at the Interest Rate
(hereinafter defined).

            2. The interest rate (the "Interest Rate") shall be Ten and
59/100ths (10.59%) percent per annum. Interest on the principal sum of this Note
shall be calculated on the basis of a 360 day year consisting of twelve (12)
months of thirty (30) days each. However, interest due and payable for a period
of less than a full calendar month shall be calculated by multiplying the actual
number of days elapsed in such period by a daily rate based on a 360-day year.

            3. Makers shall make (a) a payment of interest only in the amount of
Four Hundred Sixty Two Thousand Seven Hundred Twenty Four and 17/100ths Dollars
($462,724.17) on March 1, 1995 and (b) thereafter monthly payments of principal
and interest on the unpaid principal balance, payable in arrears, in the amount
of Six Hundred Seven Thousand Six Hundred Eighty One and 78/100ths Dollars
($607,681.78) on the first Business Day (as hereinafter defined) of each
calendar month (the "Due Date"). The unpaid principal sum and all interest
thereon and all other sums and fees then payable under this Note shall be due
and payable on the first Business Day of March, 2010 (the "Maturity Date"). All
payments under this Note shall be paid directly into the Central Account (as
defined in the Loan Agreement (as hereinafter defined)) by wire transfer of
immediately available funds to:

<PAGE>

            The First National Bank of Chicago
            Chicago, Illinois
            ABA #071000013
            Credit Clearing A/C No. BNF=7521-7623/DES
            Ref: 192023932/LSU

or to such other designated bank or place, or in such other manner, as Payee may
reasonably specify in writing from time to time. The term "Business Day" shall
mean any day other than a Saturday, Sunday or any other day on which national
banks in New York, New York are not open for business.

            4. The whole of the principal sum of this Note, together with all
interest accrued and unpaid thereon, and all other sums and fees payable
hereunder and under the Loan Agreement, the Mortgage (as hereinafter defined)
and the other Loan Documents (as defined in the Loan Agreement) (such amounts
hereinafter collectively referred to as the "Indebtedness") shall become
immediately due and payable at the option of Payee on the happening of any Event
of Default (as defined in the Loan Agreement), subject to Section 8.1(b) of the
Loan Agreement.

            5. (a) The outstanding principal balance of this Note may not be
prepaid, in whole or in part, on or prior to the fourth anniversary of the date
hereof (the "Lock-Out Date"), except in connection with the application by
Lender of (i) any Loss Proceeds (as defined in the Loan Agreement) to the
principal amount of the Indebtedness pursuant to Section 2.7.8 of the Loan
Agreement, including any payments made with respect to a release of any
Individual Property (as defined in the Loan Agreement) from the lien of the
Mortgage pursuant to Section 2.7.8(d) of the Loan Agreement in connection with
such application of Loss Proceeds, (ii) any amounts on deposit in the Capital
Expenditure Sub-Account to the Indebtedness during any DSCR Restricted Period or
Franchise Restricted Period (as such terms are defined in the Loan Agreement)
pursuant to Section 2.7.7(f) of the Loan Agreement, (iii) any amounts on deposit
in the Curtailment Reserve Fund Sub-Account to the Indebtedness during any
Operative Period (as such terms are defined in the Loan Agreement) pursuant to
Section 2.7.7(g) of the Loan Agreement and (iv) any prepayments of the
outstanding principal amount of the Indebtedness made pursuant to the Mortgage
in connection with a change in control of Servico, Inc. After the Lock-Out
Date, and provided that no Event of Default shall have occurred and be
continuing under the Loan Documents, Makers may, on any Due Date, upon not less
than thirty (30) days prior written notice to Payee, prepay the principal amount
of the Indebtedness, in whole or in part, by wire transfer to the Central
Account as provided in Paragraph 3 above of (A) the portion of the principal
amount of the Indebtedness to be prepaid, (B) interest accrued and unpaid on the
outstanding principal balance of the Indebtedness to and including the date of
such prepayment, (C) the Yield Maintenance Premium, if any, payable with respect
to such


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prepayment, and (D) any other amounts which have accrued and are owing under the
Loan Documents through the date of such prepayment. Each notice of a voluntary
prepayment of all or any portion of the principal amount of the Indebtedness
shall specify (I) the prepayment date, (II) the amount of such prepayment and
the amount of interest thereon and other amounts to be delivered in connection
therewith, (III) the amount of the Yield Maintenance Premium believed by Makers
to be payable in connection with such prepayment, and (IV) whether Makers intend
to obtain a release of the Mortgage encumbering any Individual Property in
connection with such prepayment. The amount of the Yield Maintenance Premium,
interest and other amounts payable in connection with any prepayment shall be
subject to confirmation by Payee.

            (b) The term "Yield Maintenance Premium" shall mean an amount to be
paid to Payee upon the prepayment of the Indebtedness in whole or in part at any
time before the first Due Date (the "l0th Anniversary Due Date") following the
tenth (l0th) anniversary of the date hereof for any reason, whether said
prepayment is made voluntarily or involuntarily or before, upon or after the
acceleration of the Indebtedness by Payee following the occurrence of an Event
of Default (provided, however, that no Yield Maintenance Premium shall be
payable in connection with any prepayment made as a result of Lender's
application to the Indebtedness of Loss Proceeds pursuant to Section 2.7.8 of
the Loan Agreement or of amounts on deposit in the Capital Expenditure
Sub-Account pursuant to Section 2.7.7(f) (ii) of the Loan Agreement), which
amount shall be equal to the greater of: (i) (A) with respect to a prepayment
made prior to the first Due Date (the "5th Anniversary Due Date") following the
fifth (5th) anniversary of the date hereof, two percent (2%) or (B) with respect
to a prepayment made on or after the 5th Anniversary Due Date but before the
10th Anniversary Due Date, one percent (1%) of the portion of the principal
balance of the Loan being prepaid, or (ii) the product of (A) the excess, if
any, of (I) the present value (as determined by discounting at a rate equal to
(y) the Treasury Constant Maturity Yield Index published during the second full
week preceding the date on which such Yield Maintenance Premium is payable for
instruments having maturity coterminous with the remaining term of this Note
plus (z) fifty (50) basis points) of the stream of payments of principal and
interest that would be made on the Indebtedness if such prepayment of principal
were not made, including any payment due on the Maturity Date, over (II) the
principal balance of the Indebtedness immediately prior to such prepayment,
multiplied by (B) a fraction of which the numerator is the amount of principal
so prepaid and the denominator is the principal balance immediately prior to
such prepayment. The determination of the Yield Maintenance Premium shall be
made by Payee and shall, absent manifest error, be final, conclusive and binding
upon all parties. The term "Treasury Constant Maturity Yield Index" shall mean
the average yield for "This Week" as reported by the Federal


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Reserve Board in Federal Reserve Statistical Release H.15(519). If there is no
Treasury Constant Maturity Yield Index for instruments having a maturity
coterminous with the remaining term of this Note, then the index referred to in
clause (ii) (A) (I) above shall be equal to the weighted average yield to
maturity of the Treasury Constant Maturity Yield Indices with maturities next
longer and shorter than the remaining term of the Note, calculated by averaging
(and rounding upward to the nearest whole multiple of 1/100 of 1% per annum, if
the average is not such a multiple) the yields of the relevant Treasury Constant
Maturity Yield Indices (rounded, if necessary, to the nearest 1/100 of 1%, with
any figure of 1/200 of 1% or above rounded upward).

            6. Makers agree that (a) if any amount payable under this Note, the
Loan Agreement or any other Loan Document is not paid within the grace period
provided with respect to such payment under Section 8.1 of the Loan Agreement
or, if no grace period is provided thereunder with respect to such payment, on
the date on which such payment is due, whether by acceleration or otherwise,
Makers shall pay interest at the Default Rate (as hereinafter defined) with
respect to such amount, upon demand from time to time, to the extent permitted
by applicable law, from the date such amount was due until such amount has been
paid by Makers and (b) upon the occurrence of any Event of Default, Payee shall
have the option, upon three (3) Business Days' notice given to Makers, of
increasing the rate of interest on the entire unpaid principal balance of this
Note (provided, however, that such rate of interest shall be increased
automatically and without notice for all such amounts as hereinafter provided,
upon the occurrence of any of the events set forth in Section 8.1(a) (vi), (vii)
and (viii) of the Loan Agreement), effective from the date of Makers' initial
default with respect to such Event of Default without allowance for any
applicable notice and/or grace period, to the Default Rate. The term "Default
Rate" shall mean a rate of interest equal to the greater of (a) fifteen percent
(15%) per annum or (b) 500 basis points above the "Prime Rate" published in The
Wall Street Journal as of the date notice is sent to Makers, which interest
Makers agree to pay and which interest shall be secured by the Mortgage. For
purposes of the foregoing, if more than one Prime Rate is published in The Wall
Street Journal for the applicable day, the average of the Prime Rates shall be
used. The Prime Rate (or the average of Prime Rates) will be rounded up to the
nearest one-fourth of one percent. In the event that The Wall Street Journal
should cease or temporarily interrupt publication, then the Prime Rate shall
mean the daily average prime rate published in another business newspaper, or
business section of a newspaper, of national standing chosen by Payee. In the
event that a prime rate is no longer generally published or is limited,
regulated or administered by a governmental or quasi-governmental body, then
Payee shall select a comparable interest rate index which is readily available
and verifiable to Makers but is beyond Payee's control. This substitute index
will also be rounded up to the


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nearest one-fourth of one percent. Notwithstanding the foregoing, if the unpaid
principal sum or any other amount required to be paid on the Maturity Date or
upon acceleration of the Indebtedness is not paid when due, then interest shall
thereafter be computed and paid at the Default Rate without notice to Maker. The
preceding sentence shall not be construed as an agreement or privilege to extend
the date of the payment of the Indebtedness, nor as a waiver of any other right
or remedy accruing to Payee by reason of the occurrence of an Event of Default.

            7. This Note is given to evidence a loan (the "Loan") by Payee to
Makers pursuant to that certain Loan Agreement dated the date hereof (the "Loan
Agreement") between Payee and Makers and is secured by, among other things,
those certain Mortgages, Security Agreements and Assignments of Leases and
Rents, Leasehold Mortgage, Security Agreement and Assignment of Leases and Rents
and Deeds of Trust, Security Agreements and Assignments of Leases and Rents,
(collectively, the "Mortgage") dated the date hereof given by Makers to Payee
covering ten (10) certain premises more particularly described in the Mortgage.

            8. Notwithstanding any provision herein, the total liability for
payments in the nature of interest hereunder shall not exceed the applicable
limits imposed by any applicable State or Federal interest rate laws. If any
payments in the nature of interest, additional interest, and other charges made
hereunder are held to be in excess of the applicable limits imposed by any
applicable State or Federal laws, the amount held to be in excess of such limits
shall be considered payment of principal and the Indebtedness shall be reduced
by such amount of principal in the inverse order of maturity so that the total
liability for payments in the nature of interest, additional interest and other
charges shall not exceed the applicable limits imposed by any applicable State
or Federal interest rate laws. For the purposes of calculating the actual amount
of interest, additional interest and other amounts paid and/or payable
hereunder, in respect of laws pertaining to usury or such other laws, all sums
paid or agreed to be paid to the holder hereof for the use, forbearance or
detention of the Indebtedness outstanding from time to time shall, to the extent
permitted by applicable law, be amortized, prorated, allocated and spread from
the date of disbursement of the proceeds of this Note until payment in full of
all of the Indebtedness, so that the actual rate of interest on account of the
Indebtedness is uniform through the term hereof. The terms and provisions of
this Paragraph 8 shall control and supersede every other provision of all
agreements between Makers or any endorser and Payee.

            9. If any monthly principal and interest payment or any other
amounts payable under this Note, the Mortgage, the Loan Agreement or the other
Loan Documents is not paid in full within the grace period provided with respect
to such payment under


                                      -5-
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Section 8.1 of the Loan Agreement or, if no grace period is provided thereunder
with respect to such payment, on the date on which such payment is due, then a
late charge equal to the lesser of five percent (5%) of such unpaid amount, or
the maximum amount permitted by applicable law (the "Late Payment Charge") shall
be deemed to be immediately assessed and shall be immediately due and payable.
Such Late Payment Charge shall automatically become due to Payee without notice
and shall be paid to defray the expenses incurred by Payee in handling and
processing such delinquent payment, and to compensate Payee for the loss of the
use of such delinquent payment, and such amount shall be secured by the
Mortgage. Such charges shall be in addition to interest at the Default Rate and
all other rights and remedies available to Payee upon the occurrence of an Event
of Default or a default under this Note, the Mortgage, the Loan Agreement or the
other Loan Documents.

            10. Notwithstanding any provision herein or in any of the Loan
Documents (other than the Environmental indemnity (as defined in the Loan
Agreement)) to the contrary, Payee shall not enforce the obligations contained
in this Note, the Loan Agreement, the Mortgage or the other Loan Documents by
any action or proceeding wherein a money judgment shall be sought against any
Maker except that Payee may bring a foreclosure action, an action for specific
performance or any other appropriate action or proceeding to enable Payee to
realize upon the Mortgaged Property (as defined in the Mortgage) and any other
collateral given to Payee to secure the Indebtedness, including, without
limitation, any action to obtain a deficiency judgment against any Maker or
Makers, provided that such deficiency judgment shall be enforced only against
the Mortgaged Property and such other collateral, except as otherwise expressly
provided hereinafter. The provisions of this Paragraph 10 shall not, however,
limit the liability of Makers for loss, costs or damage arising out of the
following matters: (i) any failure to apply the Revenue (as defined in the Loan
Agreement) of the Mortgaged Property to pay the operating expenses of the
Mortgaged Property or to fulfill the then current obligations of Makers under
this Note, the Loan Agreement, the Mortgage or any other Loan Document; (ii) any
misapplication of Loss Proceeds (as defined in the Loan Agreement), security
deposits or trust funds in violation of applicable law or the provisions of the
Loan Agreement or any other Loan Document; (iii) any collection of rent for more
than one month in advance of the time when the same becomes due; (iv) failure to
pay all real estate taxes and assessments prior to the date on which such
payments become delinquent (subject to Lender's obligation to make disbursements
from the Basic Carrying Costs Sub-Account (as defined in the Loan Agreement));
(v) any willful misrepresentation by any Maker (or any constituent partner or
shareholder of any Maker) in connection with Makers' application, negotiation or
documentation of the Loan; (vi) a fraudulent conveyance or a fraudulent transfer
of the Mortgaged Property or any part thereof or any other properties or assets
of


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any Maker; or (vii) any material misrepresentation or breach of warranty or
covenant made by any Maker under the Environmental Indemnity. Nothing herein
shall be deemed (w) to be a waiver of any right which Payee may have under any
bankruptcy law of the United States or of any State in which any part of the
Mortgaged Property is located to file a claim for the full amount of the Loan or
to require that all of the Mortgaged Property and any other collateral given to
secure the Loan shall continue to secure all of the Indebtedness; (x) to impair
the validity of the Indebtedness; (y) to impair the right of Payee as mortgagee
or secured party to foreclose any lien or security interest or (z) impair the
right of Payee to obtain the Recourse Distributions received by Makers,
including, without limitation, the right to proceed against any constituent
partner or shareholder of any Maker to the extent any such Recourse Distribution
has actually theretofore been distributed to such constituent partner or
shareholder. The provisions of this Paragraph 10 shall be inapplicable to any
Maker if any petition for bankruptcy, reorganization or arrangement pursuant to
federal or state law shall be filed by, consented to or acquiesced in by or with
respect to such Maker or if such Maker shall institute any proceeding for the
dissolution or liquidation of such Maker or if such Maker shall make an
assignment for the benefit of creditors, in which event Payee shall have
recourse against all of the assets of such Maker and the Recourse Distributions
received by the constituent partners and shareholders of such Maker. For
purposes of this Paragraph 10, the term "Recourse Distributions" shall mean the
Revenues arising from the Mortgaged Property to the extent received by any Maker
(or actually received by any partner or shareholder of any Maker if not actually
received by any Maker) after the occurrence and written notice (including any
Consultant's Notice (as defined in the Loan Agreement)) of an Event of Default.

            11. This Note may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the
part of Makers or Payee, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought. Any such written waiver or consent
shall be effective only in the specific instance, and for the purpose, for which
given. Except as otherwise expressly provided herein, no notice to, or demand
on, Makers shall entitle Makers to any other or future notice or demand in the
same, similar or other circumstances.

            12. The obligations and liabilities of Makers and each Maker
hereunder shall be joint and several.

            13. Each Maker and all other persons or parties who may become
liable for the payment of all or any part of the Indebtedness does hereby
expressly and unconditionally waive (a) presentment and demand for payment,
notice of dishonor, protest,


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notice of protest and non-payment and notice of any kind, including, without
limitation, any notice of intention to accelerate and notice of acceleration,
except as expressly provided herein, and (b) in connection with any suit, action
or proceeding brought by Payee on this Note, any and every right it may have to
(i) interpose any counterclaim therein (other than a counterclaim which can only
be asserted in the suit, action or proceeding brought by Payee on this Note and
cannot be maintained in a separate action) and (ii) have the same consolidated
with any other or separate suit, action or proceeding. Except as provided in the
Loan Agreement, no release of any security for the Indebtedness or extension of
time for payment of this Note or any installment hereof, and no alteration,
amendment or waiver of any provision of this Note, the Mortgage, the Loan
Agreement or any other Loan Document made by agreement between Payee and any
such other person or party shall release, discharge, modify, change or affect
the liability of Makers, and any other person who may become liable for the
payment of all or any part of the Indebtedness, under any other provision of
this Note or the Mortgage. EACH MAKER WAIVES THE RIGHT TO TRIAL BY JURY IN ANY
ACTION OR PROCEEDING OF ANY KIND ARISING OUT OF OR RELATING TO THIS NOTE OR THE
INTERPRETATION, BREACH OR ENFORCEMENT HEREOF.

            14. In the event that it should become necessary to employ counsel
to collect the Indebtedness or to protect or foreclose the security hereof, or
pursue its rights under the Loan Documents, Maker agrees to pay reasonable
attorneys' fees for the services and disbursements of such counsel whether or
not suit be brought.

            15. All of the terms, covenants and conditions contained in the Loan
Agreement, the Mortgage and all other Loan Documents are hereby made part of
this Note to the same extent and with the same force as if they were fully set
forth herein.

            16. (a) This Note was negotiated in New York, and executed and
delivered by Makers and accepted by Payee in the State of New York, and the
proceeds of the Note delivered pursuant hereto were disbursed from New York,
which State the parties agree has a substantial relationship to the parties and
to the underlying transaction embodied hereby, and in all respects, including,
without limiting the generality of the foregoing, matters of construction,
validity and performance, this Note and the obligations arising hereunder shall
be governed by, and construed in accordance with, the laws of the State of New
York applicable to contracts made and performed in such State and any applicable
law of the United States of America, except that at all times the provisions for
the creation, perfection, and enforcement of the liens and security interests
created pursuant to the Loan Agreement, the Mortgage and the other Loan
Documents shall be governed by and construed according to the law of the State
in which the applicable Individual Property (as defined in the Loan Agreement)
is located, it being understood


                                      -8-
<PAGE>

that, to the fullest extent permitted by law of such State, the law of the State
of New York shall govern the validity and the enforceability of all Loan
Documents, and the Indebtedness or obligations arising hereunder or thereunder.
To the fullest extent permitted by law, each Maker hereby unconditionally and
irrevocably waives any claim to assert that the law of any other jurisdiction
governs this Note and the Loan Agreement and this Note and the Loan Agreement
shall be governed by and construed in accordance with the laws of the State of
New York pursuant to 5-1401 of the New York General Obligations Law.

            (b) Any suit, action or proceeding against Makers or Payee arising
out of or relating to this Note shall be instituted in any federal or state
court in New York, New York, pursuant to 5-1402 of the New York General
Obligations Law, or, at Payee's discretion, in any state where the Mortgaged
Property is located and each Maker waives any objection which it may now or
hereafter have to the laying of venue of any such suit, action or proceeding,
and each Maker hereby irrevocably submits to the jurisdiction of any such court
in any suit, action or proceeding. Makers do hereby designate and appoint C.T.
Corporation System, 1633 Broadway, New York, New York 10019, as their authorized
agent to accept and acknowledge on their behalf service of any and all process
which may be served in any such suit, action or proceeding in any federal or
state court in New York, New York, and agree that service of process upon said
agent at said address and written notice of said service of Makers mailed or
delivered to Makers in the manner provided in the Mortgage, shall be deemed in
every respect effective service of process upon Makers, in any such suit, action
or proceeding in the State of New York. Makers (i) shall give prompt notice to
the Payee of any changed address of their authorized agent hereunder, (ii) may
at any time and from time to time designate a substitute authorized agent with
an office in New York, New York (which office shall be designated as the address
for service of process), provided that all Makers shall have the same authorized
agent with the same address and (iii) shall promptly designate such a substitute
if its authorized agent ceases to have an office in New York, New York or is
dissolved without leaving a successor.

            17. Wherever possible, each provision of this Note shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Note shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Note.


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            IN WITNESS WHEREOF, Maker has duly executed this Note the day and
year first above written.

                                   BORROWERS:

                                   HILTON HEAD MOTEL ENTERPRISES,
                                   INC., a South Carolina corporation

                                   By: David Buddemeyer
                                      -----------------------------------------
                                       David Buddemeyer, President


                                   SERVICO HOTELS I, INC., a Florida
                                   corporation

                                   By: David Buddemeyer
                                      -----------------------------------------
                                       David Buddemeyer, President


                                   SERVICO HOTELS II, INC., a Florida
                                   corporation

                                   By: David Buddemeyer
                                      -----------------------------------------
                                       David Buddemeyer, President


                                   MOON AIRPORT MOTEL, INC.,
                                   a Pennsylvania corporation

                                   By: David Buddemeyer
                                      -----------------------------------------
                                       David Buddemeyer, President


                                   SERVICO FORT WAYNE, INC., a Florida
                                   corporation

                                   By: David Buddemeyer
                                      -----------------------------------------
                                       David Buddemeyer, President


                                      -10-
<PAGE>

                                   WASHINGTON MOTEL ENTERPRISES, INC.,
                                   a Pennsylvania corporation

                                   By: /s/ David Buddemeyer
                                      -----------------------------------------
                                      David Buddemeyer, President


                                   SERVICO HOTELS III, INC., a Florida
                                   corporation

                                   By: /s/ David Buddemeyer
                                      -----------------------------------------
                                      David Buddemeyer, President


                                   SERVICO HOTELS IV, INC., a Florida
                                   corporation

                                   By: /s/ David Buddemeyer
                                      -----------------------------------------
                                      David Buddemeyer, President


                                   NEW ORLEANS AIRPORT MOTEL ASSOCIATES, LTD.,
                                   a Florida limited partnership

                                   By  New Orleans Airport Motel Enterprises,
                                       Inc., a Louisiana corporation

                                   By: /s/ David Buddemeyer
                                      -----------------------------------------
                                      David Buddemeyer, President


                                   WILPEN, INC.,
                                      a Pennsylvania corporation

                                   By: /s/ David Buddemeyer
                                      -----------------------------------------
                                      David Buddemeyer, President


                                      -11-