DALLAS / SCOTTSDALE, Ariz. / SYDNEY, Australia - June 10, 1998 - Olympus Real Estate Corporation and Park Plaza International Hotels, Inns and Resorts today announced that a unit of Park Plaza has completed its previously announced acquisition of a major stake in Kemayan Hotels Leisure Limited (KHL), of Sydney, Australia. In addition, the Company's name has been changed to Park Plaza Kemayan Limited to reflect the group's combined hotel, tourism and leisure activities, as well as its major hotel branding strategy.

Under the terms of the transaction, which has been approved by KHL's shareholders, Park Plaza, with the financial support of Olympus, has increased its ownership interest in KHL from 13.1% to approximately 55% through an investment of AUS$23.4 million (Australian dollars).

Olympus Real Estate, a leading real estate investment firm that acquired a majority interest in Park Plaza last October, and Park Plaza, a full-service international hotel company, are both privately held. Park Plaza Kemayan will continue to be publicly traded on the Australian Stock Exchange.

Park Plaza Kemayan Limited is an integrated hotel management, travel and tourism company with operations throughout the Asia Pacific Region, including offices in Kuala Lumpur, Malaysia; Jakarta, Indonesia; Sydney, Australia; Melbourne, Australia; Manila, The Philippines; Hong Kong, China; and Seoul, South Korea. KHL currently manages 24 Park Plaza hotels in five countries, holds a 49% equity interest in two hotels in Australia, and operates Morning Star Travel Tours, one of the Philippines' top five tourism companies.

Founded in 1986, Park Plaza International Hotels, Inns and Resorts is a full-service hotel company providing operating, management, marketing, licensing and design services. Currently ranked as the 28th largest hotel management group worldwide, Park Plaza has more than 180 hotels in operation or under contract in 21 countries in Europe, Asia, the Middle East, Central America, Africa, the United States and Canada. Park Plaza International Hotels, Inns and Resorts includes the Park Inn International chain and the upscale Park Plaza Hotel brand.

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 and 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 in Santa Fe.