Olson, headed by CEO and president Robert Olson, bought thedevelopment sites in 2005 and 2006. R.D. Olson Construction, alsoowned by Robert Olson, built both of the properties. Apple REIT 8is a nontraded REIT that is one of a number of investment entitiessponsored by the Richmond-based Apple REIT Cos.

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The Burbank Marriott is a five-story hotel that is withinwalking distance of Burbank City Hall and close to a number ofentertainment industry companies, including the Walt Disney Co.,Warner Bros, NBC, DreamWorks SKG and Nickelodeon studios. Olsondeveloped the five-story hotel to meet the demand from those nearbyentertainment industry businesses, among others.

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The Oceanside hotel sits on a three-acre site that is part ofthe Ocean Ranch mixed-use master-planned community. It isMarriott's newest prototype for the extended stay market, with adesign that expands the concept of extended-stay by incorporatingquality furnishings along with new technology such as plasmatelevisions, wireless and hard-wired Internet access and otherfeatures.

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The sale of the Burbank and Oceanside hotels leaves R.D. OlsonDevelopment with seven other projects in the making. The companyexpects to soon open the Renaissance ClubSport in Aliso Viejo, CAin a joint venture with Leisure Sports Inc. That property willinclude a boutique hotel, a fitness center and a day spa.

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R.D. Olson, which Robert Olson founded in 1998, recently named adirector of private equity and a director of development for thehotel developer's expanding list of projects throughout Californiaand in bordering states.

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