Business: Santa Fe Financial Corp.'s principal business is to purchase and manage real estate operations. The real estate properties include the land, improvements and leaseholds at 750 Kearny Street, San Francisco, California, the Holiday Inn Financial District/Chinatown. The interest in this property is held by the Justice Investors partnership. The most significant income source is a lease between the partnership and Felcor Lodging Trust, Inc. for the hotel portion of the property. The partnership also derives income from its lease of the garage. Santa Fe and Portsmouth jointly oversee their interest in the operations of the hotel and the parking garage. The Company's operations also include a controlling interest in a 27-unit multi-family apartment complex and a 3-unit apartment building located in Los Angeles, California.