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 Olympia Equity Investors Acquires The 117-Room
Hampton Inn Portland-Airport

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Portland, Maine, September 7, 2004.  Olympia Equity Investors announced the acquisition of the 118-room Hampton Inn Portland-Airport in South Portland, Maine. 

Situated along the well traveled Maine Mall and Portland Airport corridor at 171 Philbrook Avenue, South Portland, Maine, the Hampton Inn Portland-Airport is located adjacent to the Maine Mall and Airport, 10 minutes from Downtown Portland and 2 hours from Boston, MA.  Portland and the surrounding communities offer a unique blend of leisure activities including nearby beaches, shopping, cultural events and art museums. 

Olympia Equity Investors is planning significant improvements to the property with the addition of a new indoor pool, exercise room, and the renovation of all guest bathrooms and lobby areas.  This upgrade will bring the property in compliance with Hilton’s “Make It Hampton” program, which Olympia sees as an important tactical initiative to keep the Hampton Inn brand on the leading edge of the limited service sector.

Olympia Development, an affiliate of Olympia, which recently completed the new Hilton Garden Inn Downtown Waterfront in the historic district of Portland, will manage the hotel’s Property Improvement Plan (PIP). This project was awarded “Deal of the Year” by Hilton Garden Inn for 2003. Olympia Development manages all design and construction related activities for Olympia Equity Investors facilities as well as third party construction.  Olympia Development is currently the design/construction manager for the 131-room Hilton Garden Inn in Portsmouth, NH to open spring of 2006 and for the renovation of the renowned Inn by the Sea in Cape Elizabeth, Maine scheduled to be complete in the spring of 2005. 

Olympia’s operations arm, Olympia Hotel Management, will immediately take over operations of the Hampton Inn Portland-Airport.  Olympia Hotel Management currently operates more than 1,300 rooms in 12 franchised and independent lodging establishments, grossing over $30,000,000 in 2003. 

Olympia Equity Investors and its affiliates have been in business for over 30 years owning and operating hotels from Maine to Florida.  Its principals have a combined 100 years’ experience from Starwood Hotels, Host Marriott, Intercontinental Hotel Group, Canadian Pacific, Choice Hotels and independent resorts. 


 
Contact:
Marc R. Dugas
Director Business Development
Olympia Equity Investors
50 Monument Square, 2nd Floor
Portland, Maine 04101
207-874-9990 
mdugas@olympiaequity.com
www.olympiaequity.com
Also See: Hart Hotel's Portland Harbor Hotel Recognized as Portland’s Best / February 2004
Hilton Garden Inn Names Performance Award Winners for 2003; Rita Arnold, Hilton Garden Inn Orlando East -- Florida, Receives Brand's General Manager of the Year Award / February 2004


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