Olympus Sells Eight-Hotel Portfolio

NEW YORK CITY-Olympus Real Estate Partners, a New York and Dallas-based company, has sold eight northeast properties to La Quinta hotels for an undisclosed price. The purchase will put an additional 1,000 keys in the company’s 65,000-room portfolio.

“It is a very important transaction because it enhances our presence in the northeast, which we have been very focused on in the last year,” Temple Weiss, EVP of acquisitions and development for LaQuinta, tells GlobeSt.com. “As a result, we are hoping to continue to expand in this market through acquisitions and branding.”

In 2006, La Quinta opened 85 hotels across the US, a strategy it plans to continue this year. “In 2007, we will continue to aggressively grow the La Quinta brand through both corporate acquisitions and franchising with more than 200 hotels opened and 135 hotels in the pipeline,” says Wayne Goldberg, president and CEO of La Quinta, in a statement.