5 Hotels Change Hands

Olympus Real Estate Corp., a Dallas-based real estate investment firm, has signed a purchase agreement to gain controlling interest in five luxury California hotels, including the Inn at Laguna Beach.

The properties were previously controlled by Chicago-based Huron Partners Inc. and managed by Coastal Hotel Group Inc. Olympus announced Friday it has formed a partnership to purchase the properties together with Huron and Coastal, which will maintain a minority stake in the hotels. The purchase price was not disclosed.

The new ownership group will be known as the Olympus/Coastal-California Partnership. In addition to the Inn at Laguna Beach, the partnership has agreed to purchase four Monterey hotels: the Hotel Pacific, the Monterey Bay Inn, the Spindrift Inn and the Victorian Inn.