Combine first 3 ingredients; stir until olives are coated. Spread coated olives on a 15" x 10" x 1" jellyroll pan. Bake at 400° for 25 minutes or until olives are charred. Let cool.
Combine cream cheese, feta cheese, and hot sauce in a large mixing bowl. Beat at medium speed of an electric mixer until smooth. Coarsely chop roasted olives; stir into cheese mixture. Cover and chill at least 1 hour.
Shape mixture into a cheese round. Cut into large wedges. Garnish, if desired. Wrap individual wedges in plastic wrap. Serve with fruit and crackers.