DALLAS--(BUSINESS WIRE)--Nov. 15, 2001--Olympus Real Estate Partners has purchased the 284-room Clarion Ventura Beach Hotel in Ventura, California, with plans to renovate and re-brand the property under the Marriott flag by the second half of 2002.
Clark W. Hanrattie, a partner with Olympus Real Estate Partners, said the hotel was purchased out of bankruptcy for an undisclosed amount.
We were pleased to acquire this property at an opportunistic price, especially in a market that has weathered the aftershock of September 11, he said. This property's competitive set has collectively experienced only a marginal decline in revenue during the past six weeks, indicating strong regional leisure and business demand.
Built in 1987, the hotel was flagged as a Clarion in 2000. After an extensive renovation, during which time the hotel will remain operating, the property will be converted to a full-service Marriott.
The four-story, Class-A steel frame, interior corridor hotel is located on Harbor Boulevard, just off Ventura Freeway. The property features 150 king bedrooms, 118 double bedrooms, 15 two-room suites and one presidential suite. It has a full-service restaurant, outdoor pool, lounge, health club, spa facilities, gift shop, four-level parking garage and surface parking and approximately 12,000 square feet of meeting and private function space, including the largest ballroom in Ventura County.
About Olympus Real Estate Partners
Olympus Real Estate Partners, with offices in Dallas and New York, invests in real estate properties, mortgages and securities in major markets throughout the United States. The firm's eight partners include co-founder and general managing partner David B. Deniger, Gregory C. Adair, Hal R. Hall, Clark W. Hanrattie, Robert P. Landin, Jeffrey G. Mundy, Robert S. Riggs and Timothy B. Smith. Since the company was founded in 1994, Olympus has evolved into one of the nation's 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, 55 resorts and hotels totaling 9,709 rooms, 40 golf courses and 57 residential subdivisions.
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