Radisson-Olympus Capital Partners Announces First Hotel Acquisition; Richardson, Texas Hotel Purchase is First Under Recently Established Alliance to Acquire Hotels for Conversion to Carlson-Owned Brands.

Business Editors

DALLAS and MINNEAPOLIS--(BUSINESS WIRE)--Oct. 10, 2000

Radisson-Olympus Capital Partners (ROCP), a strategic alliance formed this summer between Olympus Real Estate Corporation and Carlson Hotels Worldwide to acquire hotels for conversion and management under Carlson's Radisson and Regent International Hotel brands, today announced its first acquisition, a 296-room full-service hotel in Richardson, Texas. Financial terms of the transaction were not disclosed.

The hotel, which is currently operating as a Clarion Hotel, will be managed by Radisson Corporation. The hotel will undergo a major refurbishment after which it will be renamed the Radisson Hotel Richardson. This conversion is expected to be completed by the end of the first quarter of 2001.

"The hotel is an excellent match for our criteria for strategic growth and investment," said Eric Danziger, chairman of Radisson-Olympus Capital Partners and president and chief operating officer of Carlson Hotels Worldwide. "The hotel has great potential and is situated in one of the fastest growing area's of the Dallas/Fort Worth Metroplex in what is known as the Telecom Corridor. This high concentration of telecommunications companies makes Richardson a strong market where Carlson's reservations delivery systems, global customer base and sister-companies Carlson Wagonlit Travel and Carlson Marketing Group create great demand."

David B. Deniger, President and Chief Executive Officer of Olympus Real Estate Corporation, said: "Our alliance with Carlson Hotels is off to a great start. We have acquired a property with significant upside potential in a strong growth community. By combining Carlson's Radisson flag with a major renovation program, this property will be ideally repositioned to capitalize on the many outstanding characteristics of Richardson and of the greater Dallas market."

ROCP unites Olympus' investment and corporate development expertise with Carlson's strength in the area of global hotel and travel industry brand building. The partnership is actively seeking additional investments in existing full-service hotel properties in the top 25-30 major domestic metropolitan markets in both city centers and primary suburbs that can be repositioned within the Radisson and Regent brands. The partnership believes that the greatest investment opportunity over the next three years exists in the acquisition, refurbishment and conversion of hotels from the mid-market hotel segment where many properties are under managed and under branded.

The Clarion Hotel in Richardson meets the partnership's targeted product goals. It is a full-service hotel with more than 200 rooms, a restaurant and lounge and between 8,000-20,000 square feet of meeting space.

Messrs. Deniger and Danziger added, "The timing is excellent for this investment strategy. There is a window of opportunity that has been opened for acquisition as public companies and investment funds have announced the selling off of non-core assets as a result of the past consolidation of the industry's largest hotel companies. The consolidation has caused market duplication and left many hotels without strategic direction."

"Radisson-Olympus Capital Partners is a fully funded partnership with debt and equity in place and the ability to move quickly," said Stephen Miller, executive vice president-development and acquisitions for Radisson-Olympus Capital Partners.

Based in Minneapolis, Minnesota, Carlson Hotels Worldwide, part of Carlson Hospitality Worldwide, includes four 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; 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; and Park Hospitality. 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, 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 $4 billion in real estate investments including numerous hotels and commercial, residential and golf-related projects throughout the United States and abroad.