Olympus Real Estate Corp. and Windsor Capital Group Acquire Luxury Hotel in Orange County, California

Business Wire, Oct 31, 1996

DALLAS and LOS ANGELES--(BUSINESS WIRE)--Oct. 31, 1996--Olympus Real Estate Corporation, of Dallas, a private real estate equity firm, and Windsor Capital Group, Inc., of Los Angeles, one of the nation's largest Embassy Suites franchisees, today announced that a partnership composed of affiliates of Olympus and Windsor has acquired The Windsor Suites Hotel, a 302-suite hotel in Orange County, California. Financial terms of the transaction were not disclosed. Windsor Capital Group, which is and will continue to be the hotel's operator, is also privately held. Through a franchise agreement with Embassy Suites, the acquired property has been reflagged as the Embassy Suites Orange County Airport North.

Built in 1986, The Windsor Suites Hotel is located two miles north of Orange County (John Wayne) Airport at the intersection of Newport Freeway (Route 55) and Dyer Road. It is immediately accessible to more than 30 million square feet of office space and 50 million square feet of industrial space in the vicinity of the airport. Nearby tourist attractions include Disneyland and Knott's Berry Farm, the Orange County Performing Arts Center, world-famous ocean beaches including Newport Beach and Laguna Beach, and the San Juan Capistrano Mission.

David B. Deniger, Olympus Real Estate President and Chief Executive Officer, said: "This is Olympus's sixth acquisition of a hotel property in California this year, and our twelfth hotel investment since Olympus was formed in May 1994. We are very pleased to be partnering with Patrick Nesbitt and his colleagues at Windsor Capital Group to acquire this outstanding property in one of the nation's top markets. The Embassy Suites Orange County Airport is an excellent addition to our growing real-estate portfolio."

Patrick Nesbitt, Chief Executive Officer of Windsor Capital Group, said: "This transaction brings the number of Embassy Suites hotels owned and operated by Windsor Capital Group to fourteen. We are delighted to add Orange County to the major destinations we serve."

Last month, as previously announced, Olympus Real Estate Corporation and His Royal Highness Prince Al Waleed Bin Talal Bin Abdulaziz Al Saud of Saudi Arabia acquired The Copley Plaza Hotel in Boston. Hotel investments by Olympus also include, among others, The Ritz-Carlton, Rancho Mirage, in California; The Boca Raton Resort & Club, in Florida; The Westward Look Resort, in Tucson, Arizona; Indian Lakes Resort and Nordic Hills Resort, both in Illinois; the Inn at Laguna Beach, in California; and Hotel Pacific, also in California.

In addition to its fourteen Embassy Suites hotels, Windsor Capital Group is the owner, operator and franchisee of a full-service Marriott Hotel in Walnut Creek, California, as well as a Hawthorn Suites Hotel scheduled to open in Las Vegas, Nevada in early 1997.

Olympus Real Estate Corporation was formed in May 1994 by Hicks, Muse, Tate & Furst Incorporated and David B. Deniger, Olympus president and chief executive officer. Since its formation, Olympus has completed more than $500 million in real estate investments including numerous hotels, commercial assets and residential projects in California, Florida, Illinois, Texas, Arizona, Colorado, Connecticut and Massachusetts.

CONTACT: Olympus Real Estate

Roy Winnick/David Kronfeld

Kekst and Company

(212) 593-2655