Olympus Hospitality Group Acquires the Chalet Susse International Hotel Portfolio; Portfolio of 34 Hotels Acquired in Northeastern United States
DALLAS -- Olympus Hospitality Group, a subsidiary of Olympus Real Estate Corporation, a leading real estate investment firm, today announced that it has acquired the assets of Chalet Susse International, a chain of 34 economy hotels situated in New England and the mid-Atlantic regions.
Financial terms of the transaction were not disclosed.
The acquisition consists of ownership in 27 hotels, as well as franchise and/or management agreements for seven additional hotels under the Chalet Susse brand name, all located in Connecticut, Maine, Massachusetts, Maryland, New Hampshire, New York, Rhode Island and Vermont. Founded in 1967 by Fred B. Roedel, Chalet Susse is currently the largest company-owned, limited-service lodging chain in New England. Chalet Susse hotels range in size from 105 to 158 rooms and encompass a total of approximately 4,000 rooms.
David B. Deniger, President and Chief Executive Officer of Olympus Real Estate Corporation, said: "The Chalet Susse acquisition is an outstanding addition to Olympus' growing hospitality investment portfolio. The properties are uniquely located in strategic, high-barrier-to-entry markets, which are currently enjoying the strongest revenue growth across the country. We believe strongly in the opportunity to create value in the portfolio, capitalizing on Chalet Susse's past success through the implementation of a thorough renovation of the properties."
The hotels will be managed by Paramount Hotel Group, a management company recently established by former executives of Prime Hospitality, which owned and operated the Amerisuites and Wellsley Inns hotel chains. David A. Simon, Chief Executive Officer of Paramount Hotel Group, said: "We are very pleased to associate with and invest alongside a quality company such as Olympus Real Estate Corporation. The combination of Olympus' real estate savvy and our management expertise will create a winning team for this investment."
Olympus Hospitality Group, headquartered in Scottsdale, Arizona, was recently formed by Olympus Real Estate Corporation to aggressively pursue hotel investments, management contracts, joint ventures and franchise opportunities, primarily under its Rockresorts, Unique Hotels, Park Plaza International and Park Inn International hotel brands.
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 more than $3 billion in real estate investments including numerous hotels and commercial, residential and golf-related projects throughout the United States and abroad.