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Position in 300-room Marriott in Sugar Land, Texas |
| BETHESDA, MD � March 7, 2002 - Crestline Capital Corporation (NYSE:
CLJ) announced its participation in the development and management of the
300-room Sugar Land Marriott Town Square and adjacent Sugar Land Conference
Center now under construction in Sugar Land, Texas, an upscale community
located 20 miles southwest of downtown Houston. Crestline will own
the majority equity interest in the project and operate the hotel through
its subsidiary, Crestline Hotels & Resorts.
The project is being developed as a public-private partnership between Crestline, Stormont Hospitality Group, L.L.C. of Atlanta, and the Sugar Land Town Square Development Authority, a local government corporation of the City of Sugar Land. Southwest Bank of Texas and Regent Partners of Atlanta are the lenders for the project. Completion is planned for the fall of 2003. The property will be the first full-service hotel in Fort Bend County, and will serve as the centerpiece of a new $200 million mixed-use town center, Sugar Land Town Square, located at the intersection of US 59 and Highway 6 in Sugar Land, the fastest growing among Texas� top 45 cities. The hotel's 300 guestrooms and suites will be within a nine-story building, and will be supported by a two-story conference center with 25,500 square feet of net meeting space. The project will feature a 15,500 square-foot ballroom, eight additional meeting and breakout rooms, a business center, an executive boardroom, 184-seat restaurant and lounge, gourmet coffee shop and a fitness facility. As part of the Sugar Land Town Square development, the hotel will be immediately adjacent to future retail and restaurant offerings. Bruce Wardinski, Chairman of the Board, President and Chief Executive Officer of Crestline Capital, stated, "We are very pleased to announce our participation in this outstanding project. The Sugar Land Marriott Town Square illustrates our ability to work with public-private partners and the addition of this management contract solidifies our presence in conference center management." Crestline Capital Corporation is the parent company of Crestline Hotels & Resorts, among the nation's leading independent hotel management companies. The Company leases and also has investments in hotel properties. Crestline Hotels & Resorts manages and leases 38 hotels, resorts and conference and convention centers with over 7,200 rooms in twelve states and the District of Columbia. Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. |
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Crestline Capital Corporation Larry Harvey (240) 694-2013 Darryl Edelstein (240) 694-2012 www.crestlinecapital.com |