Complex sentence: Paine Webber Realty acted as the agent for Value Enhancement Fund III, a group of Japanese institutional investors, who hired the Lancaster Group, owner and manager of luxury hotels nationwide, to manage the firm when Narva's contract expired in 1990.
Split into simpler sentences: Paine Webber Realty acted as the agent for Value Enhancement Fund III, a group of Japanese institutional investors. The fund subsequently hired the Lancaster Group, owner and manager of luxury hotels nationwide, to manage the hotel when Narva's contract expired in 1990.