Hotel Online Special Report

Olympus Real Estate Corporation Acquires the Equinox, 
Historic Resort in Manchester Village, Vermont; 
Resort to Become Part of Rockresort Brand 

DALLAS - June 22, 2000-- Olympus Real Estate Corporation, a leading real estate investment firm, today reported that it has acquired The Equinox, a 183-room resort located in Manchester Village, Vermont. Equinox Resort Associates, LP (ERA), an affiliate of the Galesi Group and Callaghan & Partners, and the previous owner of the resort, will participate in the transaction alongside Olympus. Financial Terms of the transaction were not disclosed.

Established in 1769, The Equinox is listed on The National Register of Historic Places and has been rated several times as one of the nation’s leading resort destinations by a number of publications. The hotel building includes two food and beverage outlets, 11,000 square feet of meeting space, and a spa and workout facility with indoor and outdoor pools. In addition to the hotel building, The Equinox includes the Charles Orvis Inn, an adjacent facility with 9 luxury suites; the Gleneagles Golf Course and Clubhouse, one of the top 50 courses in the United States; and Equinox Village Shops, 22,800 square feet of specialty retail space. An adjacent 900-acre mountain parcel includes the Pond House, where lakeside outdoor functions can be held, and hiking, fly-fishing, falconry and horseback riding are available on the site. Winter activities on the mountain include snowshoeing and cross-country skiing.

The Equinox will be managed by Olympus Hospitality Group, Olympus Real Estate’s hotel investment and management subsidiary. In addition to the Equinox name, the property will be branded as a Rockresort, one of Olympus Hospitality’s luxury flags. Olympus will continue the renovation of The Equinox that was initiated by ERA, focusing on expansion of the resort’s spa facilities, improvement of the Marsh Tavern restaurant, and renovation of guest rooms, meeting spaces and other public areas.

David B. Deniger, President and Chief Executive Officer of Olympus Real Estate Corporation, said: “We are delighted to add The Equinox to our portfolio and the Rockresort brand. This historic property is situated in the high-growth New England vacation market, with proximity to the New York, Boston, Hartford and Montreal markets, which we believe will support the expansion and enhancements we are planning for the resort.

“We are also pleased that ERA will be our partner in The Equinox. Under ERA’s ownership, the Equinox has cemented its place as one of the leading leisure travel destinations in New England, and continued its long tradition of providing visitors with world-class facilities and impeccable service. Even more important, ERA has high regard for the Manchester Village community, of which The Equinox is a focal point and a source of great pride. We are committed to working with ERA to build upon that special distinction and to enhance the value of this elite property,” Mr. Deniger concluded.

Francesco Galesi, Chairman and majority shareholder of ERA, said: “We are pleased to partner once again with Olympus Real Estate. We have the highest regard for the firm and believe that under its ownership and affiliation with the Rockresorts flag, the Equinox will continue to be one of the nation’s premier resorts.”

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 approximately $5 billion in real estate investments including numerous hotels, commercial, residential and golf-related projects throughout the United States and abroad.

Kekst and Company, New York
Mark Semer, 212/521-4802

Also See Olympus Hospitality Group Breathing New Life into a Legendary Name in the World of International Resorts; Rockresorts / Mar 2000 
Richard S. Verruni Named Managing Director of the Reopened Rockresort La Posada de Santa Fe Resort & Spa / May 2000 

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