DALLAS It s business as usual at Olympus Real Estate Corp., despite co-founder David Deniger s recent acquisition of the controlling general partnership interests in the company from Hicks, Muse, Tate & Furst Deniger s partners in the company. Deniger told HOTEL BUSINESS. that the shift in control of the company was a necessary move in continuing business operations, rather than an indicator of impending change.
“It s really been an evolving story. We started Olympus seven years ago and thought it would be an expansion of Hicks, Muse, Tate & Furst Inc. s existing business. However, Olympus grew separate in terms of developing its own dedicated staff, unique philosophies, and other important elements,” said Deniger.
“Hicks, Muse, Tate & Furst wanted to clarify its strategies, and realized that real estate investment was no longer a core business they wanted to be involved in. Following my acquisition of controlling interest in Olympus, Hicks, Muse, Tate & Furst become limited partners and co-investors,” added Deniger.
According to Deniger, Olympus Real Estate will continue to be involved in purchasing and divesting (of unwanted) hotel properties. He said that in addition to the Algonquin, which the company currently has on the block, it is considering putting additional hotel assets up for sale.
“We are in a place in our business cycle where Olympus will increasingly be seeking to purchase properties that represent re-positioning opportunities. We will continue to be involved in the hotel industry and will look to invest capital in properties that will provide increased profits after the investment is made,” said Deniger.
Since HMTF and Mr. Deniger co-founded Olympus in 1994, the company has evolved into one of the nations largest, domestically focused real estate funds. The firm has invested more than $5 billion in U.S. real estate assets, including more than 2.3 million square feet of commercial space, nearly 52,000 apartment units, 53 resorts and hotels totaling 8,100 rooms, 40 golf courses and 57 residential subdivisions. (5/1/01) Kelly Wayne