|DALLAS - May 5, 1999--Olympus Real Estate Corporation, a
leading real estate investment firm, today announced that it has acquired
a majority interest in the Casa Madrona Hotel, a 34-room luxury hotel in
Sausalito, California, and Village Fair, a four-story structure adjacent
to the hotel. John Mays, proprietor of the hotel since 1977, will retain
an ownership stake and will be Olympus' partner in the expansion and operation
of the hotel. Financial terms of the transaction were not disclosed.
Originally built in 1885 and now listed in the National Register of Historic Places, Casa Madrona is situated on the main thoroughfare of Sausalito, directly across the street from the ferry terminal that serves San Francisco. The Village Fair, which is currently used as retail space, will be utilized to expand Casa Madrona to a total of 71 rooms, including an 85-seat restaurant and an exclusive spa facility. The expansion project is expected to commence immediately and to be completed during the year 2000.
David B. Deniger, President and Chief Executive Officer of Olympus Real Estate Corporation, said: "We are pleased to add the Casa Madrona Hotel to our portfolio of hotel and resort assets, and to partner with John Mays, who has demonstrated his strong commitment to the property over the past twenty two years. The hotel is regarded as one of Northern California's elite properties and is located in a unique and extremely attractive tourist market. The simultaneous acquisition of the Village Fair will allow us to expand the hotel in a manner that will address the market's strong demand and to add other features that will enhance the overall value of the property."
Michael G. Medzigian, Managing Director of Olympus Real Estate Corporation, said: "The Casa Madrona Hotel is already a market leader in Sausalito, one of the most sought out areas to live and visit in the San Francisco bay area. The expanded Casa Madrona, with its waterside setting, luxurious rooms and spa, and world-class food and beverage offerings, will set a new standard of excellence in the region."
Mr. Mays, who will lead the conversion of Village Fair, added: "Our goal is to give Village Fair a 'Mediterranean hideaway' feel, consistent with the European flavor of Sausalito, which we believe will enhance the desirability of Sausalito and the property among travelers worldwide. I am pleased to partner with Olympus to realize this vision."
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 nearly $3 billion in real estate investments including numerous hotels, commercial, residential and golf-related projects throughout the United States and abroad. Hospitality investments to date have included The Boca Raton Resort and Club, The Ritz-Carlton Rancho Mirage in Southern California, The Fairmont Copley Plaza in Boston, The Cheeca Lodge in the Florida Keys, The Algonquin Hotel in midtown Manhattan, and La Posada Resort and Spa in Santa Fe.
|Also See:||Olympus Real Estate Corporation Acquires Washington State's Rosario Resort / Nov 1998|
|Olympus Real Estate's Park Plaza International Completes Acquisition of Major Stake in Kemayan Hotels of Australia / June 1998|
|Olympus Real Estate Corporation's Park Plaza International Acquires Historic Warwick Hotel in Houston / May 1998|