Olympus Hospitality Group and Carlson Hotels Worldwide Align to Grow Brands; Radisson, Regent, Park Plaza and Park Inn Brands Targeted for New Acquisitions and Franchises
SCOTTSDALE, Ariz. / June 5, 2000--Olympus Hospitality Group and Carlson Hotels Worldwide announced today a strategic alliance to grow the Radisson Hotels & Resorts, Regent International Hotels, Park Plaza and Park Inn brands under both companies through a focused franchise development and acquisition program.
The partnership between Olympus and Carlson is two-fold. It creates Park Hospitality, a joint venture for the companies to work collaboratively to manage and grow the Park Plaza and Park Inn brands in which Olympus has invested. It also establishes Radisson-Olympus Capital Partners, a domestic alliance that will acquire hotels for conversion to Carlson's Radisson or Regent brand and management.
Olympus, known for striking alliances with industry leaders to execute highly successful growth strategies, formed the joint venture to unite its global investment and business-building expertise with Carlson's international hotel and travel industry brand-building capabilities. The united effort on the Radisson, Regent, Park Plaza and Park Inn brands allows Olympus to focus on investment opportunities and building long-term value in brands.
For Carlson, the addition of Park Plaza and Park Inn broadens its product categories and serves a wider spectrum of guests and owners. The pairing with Olympus also provides increased control over hotel operations, product quality and the overall guest experience since the company will be an investment partner in more of its hotels.
"In working with Park Plaza and Park Inn, we will lend our expertise in hotel marketing, management, franchising and brand development to grow these brands and serve a broader spectrum of guests," said Eric Danziger, president and chief operating officer of Carlson Hotels Worldwide. "The investment alliance between Olympus and Carlson will initially focus on acquiring selected Radisson and Regent hotels in major U.S. markets, as well as smaller, high-impact markets." Mr. Danziger said Carlson would continue to grow its Radisson and Regent brands through existing avenues as well.
Bob Riggs, a partner in Olympus Real Estate Corporation, the managing affiliate of Olympus Hospitality Group, said: "The combination of hotel brands brought together by Olympus and Carlson makes available a broader range of acquisition and franchise opportunities for both full- and limited-service properties in the Radisson, Regent, and Park Plaza and Park Inn lines. We believe this is a natural strategic alliance between two of the hospitality industry's premiere investment and brand-building companies."
Over the next three years, the joint venture's goal is to build the combined Park Plaza and Park Inn brands to more than 200 franchises in North America. It will also work closely with Park Plaza Worldwide LLC and Park Plaza Kemayan, Ltd., to build the brand internationally. Park Plaza Worldwide owns and operates Park Plaza and Park Inn brands in Europe, the Middle East, Asia, Africa, Mexico, the Caribbean and Latin America. Park Plaza Kemayan is the exclusive master franchisee of Park Plaza and Park Inn hotels in 19 South Pacific and Southeast Asian countries. There are currently more than 100 Park Plaza and Park Inn hotels located throughout the world.
"This alliance between Olympus and Carlson is a terrific opportunity to take advantage of the synergies between our companies to enhance and grow the Park Plaza and Park Inn brands throughout the world," said L.K. Eric Prevette, president of Olympus Hospitality Group.
Olympus Hospitality Group, based in Scottsdale, Ariz., is the hospitality management affiliate of Olympus Real Estate Corporation. Olympus Hospitality Group oversees the corporation's investment in the Park Plaza and Park Inn brands. In addition, it owns and operates the Rockresorts collection and Unique Hotels.
Based in Minneapolis, Minn., Carlson Hotels Worldwide, an affiliate of Carlson Hospitality Worldwide, includes three hotel brands: Regent(R) International Hotels, one of the most respected brands in the luxury segment of the lodging industry with luxurious, world-class new hotels and resorts around the world; Radisson Hotels & Resorts(R), one of the world's leading upscale hotel companies with more than 400 locations in 53 countries; and Country Inns & Suites By Carlson(R), one of the fastest growing, mid-tier lodging chains with over 200 locations offering excellent value with upgraded services and amenities. Other operations of Carlson Hospitality Worldwide include Radisson Seven Seas Cruises; Carlson Lifestyle Living; Carlson Vacation Ownership; Carlson Restaurants Worldwide, which includes T.G.I. Friday's and other restaurant brands; and Provisions, a worldwide procurement company.
Olympus Real Estate Corporation invests in real estate equities, mortgages and securities in major markets throughout the United States. With offices in Dallas and New York, Olympus Real Estate Corporation was formed in May 1994 by Hicks, Muse, Tate & Furst Incorporated and David B. Deniger. Since its formation, Olympus Real Estate Corporation has completed more than $5 billion in real estate investments, including numerous hotels, commercial, residential and golf-related projects throughout the United States