by Radisson-Olympus Capital Partners;
To Be Rebranded Radisson Hotel Richardson
|DALLAS and MINNEAPOLIS - Oct. 10, 2000-- Radisson-Olympus Capital Partners
(ROCP), a strategic alliance formed this summer between Olympus Real Estate
Corporation and Carlson Hotels Worldwide to acquire hotels for conversion
and management under Carlson’s Radisson and Regent International Hotel
brands, today announced its first acquisition, a 296-room full-service
hotel in Richardson, Texas. Financial terms of the transaction were not
The hotel, which is currently operating as a Clarion Hotel, will be managed by Radisson Corporation. The hotel will undergo a major refurbishment after which it will be renamed the Radisson Hotel Richardson. This conversion is expected to be completed by the end of the first quarter of 2001.
“The hotel is an excellent match for our criteria for strategic growth and investment,” said Eric Danziger, chairman of Radisson-Olympus Capital Partners and president and chief operating officer of Carlson Hotels Worldwide. “The hotel has great potential and is situated in one of the fastest growing area’s of the Dallas/Fort Worth Metroplex in what is known as the Telecom Corridor. This high concentration of telecommunications companies makes Richardson a strong market where Carlson’s reservations delivery systems, global customer base and sister-companies Carlson Wagonlit Travel and Carlson Marketing Group create great demand.”
David B. Deniger, President and Chief Executive Officer of Olympus Real Estate Corporation, said: “Our alliance with Carlson Hotels is off to a great start. We have acquired a property with significant upside potential in a strong growth community. By combining Carlson’s Radisson flag with a major renovation program, this property will be ideally repositioned to capitalize on the many outstanding characteristics of Richardson and of the greater Dallas market.”
ROCP unites Olympus’ investment and corporate development expertise with Carlson’s strength in the area of global hotel and travel industry brand building. The partnership is actively seeking additional investments in existing full-service hotel properties in the top 25-30 major domestic metropolitan markets in both city centers and primary suburbs that can be repositioned within the Radisson and Regent brands. The partnership believes that the greatest investment opportunity over the next three years exists in the acquisition, refurbishment and conversion of hotels from the mid-market hotel segment where many properties are under managed and under branded.
The Clarion Hotel in Richardson meets the partnership’s targeted product goals. It is a full-service hotel with more than 200 rooms, a restaurant and lounge and between 8,000-20,000 square feet of meeting space.
Messrs. Deniger and Danziger added, “The timing is excellent for this investment strategy. There is a window of opportunity that has been opened for acquisition as public companies and investment funds have announced the selling off of non-core assets as a result of the past consolidation of the industry’s largest hotel companies. The consolidation has caused market duplication and left many hotels without strategic direction.”
“Radisson-Olympus Capital Partners is a fully funded partnership with
debt and equity in place and the ability to move quickly,” said Stephen
Miller, executive vice president-development and acquisitions for Radisson-Olympus
Olympus Real Estate Corporation, with offices in Dallas and New York, invests in real estate equities, mortgages and securities in major markets throughout the United States. Olympus was formed in May 1994 by Hicks, Muse, Tate & Furst Incorporated and David B. Deniger. Since its formation, Olympus has completed more than $4 billion in real estate investments including numerous hotels and commercial, residential and golf-related projects throughout the United States and abroad.
Olympus Real Estate Corporation
Kekst and Company
Carlson Hotels Worldwide
|Also See||Franchise Development and Acquisition Program Focus of Olympus and Carlson Hotels Strategic Alliance / June 2000|
|Olympus Real Estate Corporation Acquires the Equinox, Historic Resort in Manchester Village, Vermont; Resort to Become Part of Rockresort Brand / June 2000|