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Olympia Companies Restructures; Daniel J. Flaherty
Named President of Olympia Hotel Management

.

Portland, Maine � January 2005 � Olympia Equity Investors and The Erin Companies have been restructured to form The Olympia Companies. Kevin P. Mahaney, formerly CEO of both companies, will serve as the CEO of The Olympia Companies. The Olympia Companies will include three divisions - Hotel Management, Development and Investment. This new structure was created, to accommodate the company�s rapid growth while maintaining a strong focus on its commitment to excellence and creating value for its customers.  The new company�s three distinct divisions will do the following:

1. Olympia Hotel Management � This division will manage all current Erin, Inc. and Olympia hotels. It will also manage all new hospitality ventures under third party contracts.  Daniel J. Flaherty has been named President of Olympia Hotel Management and will be responsible for all hotel operations. John Schultzel will serve as Vice President of Hotel Operations.  The Hotel Services Team will remain intact. 

2. Olympia Development � This division will manage all future development projects. James H. Brady has been named President of Olympia Development and will be responsible for overseeing all development and capital projects. 

3. Olympia Equity Investors � This division will be responsible for identifying new investment opportunities, raising equity, securing financing and ultimately becoming the asset manager. Kevin Mahaney will principally focus his energy on the Olympia Equity Investors division of The Olympia Companies.  Assisting Kevin will be Marc Dugas, Director of Development, whose principal responsibility will be to identify new hotel acquisitions and development opportunities. 

The Olympia Companies employs over 700 people and owns and manages over $100 million of assets in New England and Virginia.  Since taking over the company in 1997, Kevin Mahaney has grown the business by adding 3 hotels and 3 Class A office buildings. Two additional hotel projects are in development at this time - 100-room Hampton Inn and Suites that will open in early spring 2006 in North Conway, NH, and a 131-room Hilton Garden Inn with an attached residential housing component in Portsmouth, NH, slated to open in May 2006. Olympia is developing and will eventually manage the Portsmouth project for a third party owner from Massachusetts. 


 
Contact:

Olympia Hotel Management � Dan Flaherty
[email protected]
Olympia Development � Jim Brady
[email protected]
Olympia Equity Investors � Marc Dugas
[email protected]

The Olympia Companies
280 Fore Street, Suite 202
Portland, Maine 04101
P 207-874-9990 F 207-874-9993

Also See: Hilton Garden Inn Names Performance  Award Winners for 2003; Olympia Equity Investors Presented
with the Deal of the Year / February 2004


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