Olympus Real Estate Corporation Closes $812 Million Real Estate Investment Fund

Business Wire, July 16, 1998

DALLAS--(BUSINESS WIRE)--July 16, 1998--Olympus Real Estate Corporation, a leading real estate investment firm, today announced the final closing of Olympus Real Estate Fund II, L.P. (Fund II), an $812 million fund that will make opportunistic investments in a diversified portfolio of global real estate assets.

Fund II is the second real estate investment fund sponsored by Hicks, Muse, Tate & Furst Incorporated and David B. Deniger. The first fund, Olympus Real Estate Fund, L.P., closed in 1996 with commitments of $260 million.

Since 1994, Olympus has invested in a diversified and balanced portfolio, including 1.2 million square feet of commercial property, more than 5,000 multi-family units in 16 properties, and more than 2,000 residential lots. The firm's hotel investments include 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. Olympus also holds a majority interests in Park Plaza International Hotels, Inns and Resorts and Arnold Palmer Golf Management.

Mr. Deniger, who in addition to being President and Chief Executive Officer of Olympus Real Estate Corporation will serve as investment manager of Fund II, said: "The strong response to Fund II is a tribute to Olympus' continuing value-added strategy, strong deal flow and expansive submarket dynamics. Our past success, as well as our prospects for the future, are enhanced by the strong professional team we have assembled with expertise in all sectors of the real estate industry led by Jeff Mundy (residential/commercial), Michael Medzigian (hospitality/commercial), Hal Hall (operating companies/capital markets) and Tim Smith (general counsel)."

Donaldson Lufkin & Jenrette Securities Corporation and Farrell Marsh & Co. acted as financial advisers and arranged for the private placement of limited partnership interests.

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.

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