March 03, 2011
Rollins today announced the selection of The Olympia Companies as the co-developer/operator of the Alfond Inn at Rollins. Rollins will own the Inn and co-develop the property in coordination with The Olympia Companies.
The Maine-based company has strong experience with college/university-related hotel operations with properties currently serving the University of Virginia, Colby College and the University of Southern Maine. The firm also has hotel properties in development at the University of Chicago, Duke University Medical Center and Bowdoin College. The Olympia Companies specializes in 100- to 200-room upscale properties with high-quality food, beverage and banquet offerings.
“The proposal from The Olympia Companies was a frontrunner among the seven responses we received,” said Rollins Vice President for Business and Finance & Treasurer Jeffrey Eisenbarth. “Their experience in the college hotel industry and the time they invested in tailoring their proposal to Rollins made them stand out.”
The Alfond Inn at Rollins will be located just a block from the campus on property the College already owns. The Inn will meet the needs of both the College and the local community. With only one small hotel presently located near campus, alumni, current and prospective students and their families, and other visitors typically have to travel some distance for lodging. Preliminary plans call for 110 guest rooms and 9,000 square feet of meeting space, which will enable the College to host events and attract professional and academic conferences that cannot currently be accommodated on campus.
“We are very proud to have been chosen for this unique opportunity,” said Kevin P. Mahaney, CEO of The Olympia Companies. “The inventive structure of the Alfond Foundation’s gift meets the needs of the College, the community and future students who will benefit from the scholarship program.”
In December 2010, Rollins announced a pledge of a $12.5-million gift from the Harold Alfond Foundation. The grant will be used to construct the Alfond Inn at Rollins and will create a permanently endowed fund. The fund will be used to establish the Alfond Scholars program—the College’s premier scholarship fund, which will offer full scholarships for top students as well as providing additional financial aid. Net operating income from the Inn will be directed to the fund over the next 25 years or until the endowment principal reaches $50 million, whichever comes later.
Rollins anticipates the selection of an architect and general contractor by May with groundbreaking on the Alfond Inn at Rollins slated for October 2011. The Inn is projected to open in summer 2013. With the upcoming construction of the Alfond Inn at Rollins, the College anticipates adding 200 interim and 100 permanent full-time jobs to the local workforce.
By Ann Marie Varga
Office of Public Relations & Community Affairs
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