These annual estimates reflect deterioration from a 3.4 percent RevPAR increase in the first quarter to a 3.6 percent decline in the second quarter and further to a range of 7.0 percent to 10.0 percent decline in the second half of 2001. Even with the record declines in RevPAR forecast, there will not be an industry aggregate loss. Investors in the fund include foundations, college endowments, pension funds and high net worth individuals. The acquisition represents a major component of Insignia s corporate strategy to achieve leadership positions in key European business centers and to serve corporate and institutional clients on a global basis. The transaction is expected to close during the fourth quarter of 2001.
Insignia expects the transaction to be immediately accretive to annual earnings.
Led by Answerthink president and co-founder Allan R. Frank, the facility includes office space for over 200 consultants and internal staff, the company's advanced technology lab, client software development center and its global consulting service delivery support operations. Based at the new Millennium complex on the Schulkyll River, the Conshohocken office is also home to Answerthink's client support data center, internal knowledge management service organization and training facilities.