The Clarion Hotel purchase, announced yesterday afternoon, ispart of an aggressive strategy to convert properties into Radissonand Regent International brands. It carries the financial backingof the Olympus Real Estate Fund III, containing an undisclosed sumto support acquisitions nationwide.

It's a wait-and-see approach as to what will be bought next, butmore purchases are a certainty. "Most likely, it will be in urbanand major suburban markets," Clark Hanrattie, an Olympus executive,told GlobeSt.com, careful not to tip his hand about future buyoutsthat are being sought in the nation's top 25-30 markets. And, hesays, the purchases won't be in the same market where Olympus'partner, Carlson Hotels, has any operations. Partnering foracquisitions is considered key to Olympus' success in the realestate market.

The number of acquisitions will be "driven by the opportunitieswe see and how compelling those opportunities are," says Hanrattie.The total in Fund III is not being disclosed. Fund I, which openedin 1996, had contained $270 million for real estate acquisitionswhile Fund II peaked at $812 million. Hanrattie did emphasize thatFund II is not an investor in the Clarion Hotel, which is beingticketed for a full makeover and rebranding as the Radisson HotelRichardson. Radisson Corp. will manage the property.