OLYMPIA DEVELOPMENT GROUP ANNOUNCES PURCHASE OF SAFETY HARBOR RESORT AND SPA

DUNEDIN, FLA. (Jan. 19, 2004) – A local company, S.H.S. Resort, L.L.C., owned by the principals of Olympia Development Group, Inc., has purchased the Safety Harbor Resort & Spa and its 30-acre parcel.

One of the largest properties in Pinellas County with developable land fronting Tampa Bay, the 30-acre site offers approximately 22 acres of land that can accommodate future construction. Master planning will begin in early 2005, and the spa with its 189-room hotel will eventually become the hub of a pedestrian-friendly village of residences, shops, restaurants and offices.  This extends the concept of Olympia’s Harbour Pointe, an upscale, mixed-use community of condos, shops, restaurants and office space, scheduled to break ground during the first quarter of 2005. 

“We are happy to participate in the redevelopment of Safety Harbor as a beautiful, quaint village,” said Eddie Entreken, Olympia’s vice president and CFO.

Olympia, which is based in Dunedin, Fla., will improve the spa and hotel, eventually taking it from a three- to a four- or five-star environment. “We want guests to have an experience that is second to none,” Entreken said.  Olympia has retained the spa’s management company, Interstate Hotels, has already begun sprucing up the property and will make some physical changes in 2005. 

Olympia’s principals began looking at the property when they started developing Harbour Pointe across the street, according to Entreken.  When the company first inquired about the spa site, it was not for sale.  MeriStar Hospitality Corp. of Arlington, Va. put it on the market last fall and the sale closed on Dec. 17, 2004. 

The plans are to complete Harbour Pointe before building on the spa property.  No major construction is likely to start on the site before 2007. 

About Olympia Development Group. Based in Dunedin, Fla., Olympia has developed several mixed-use, residential and commercial projects throughout the southeastern United States.  Founded by William Touloumis, AIA in 1991, the company typically builds, owns and manages its commercial properties and has approximately $200 million in assets.  In addition to Harbour Pointe, Olympia is developing The Summit at Lost Mountain, a luxury, 52-lot subdivision on 50 acres near Atlanta and shopping centers in Lithia Springs, Ga., Oldsmar, FL and Ocoee, Fla.