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$84M in Renovations at 90 Limited Service Properties |
MCLEAN, Va., April 26, 2004 - Barcelo Crestline Corporation, a leading North American hospitality owner, lender and leasee and a subsidiary of Barcelo Corporacion Empresarial, Spain, announced that is completing a renovation cycle that included more than half of its leased hotel portfolio of 90 limited service properties. Renovations totaled more than $84 million over a three-year period and were strategically timed to take advantage of the industry's recent down-cycle so that renovations would be ready for the anticipated upturn in the market which is now underway. "We used the industry slowdown as a time to focus our energy on reviewing our portfolio and investing in those hotels that required renovation to bring them to a favorable market position," said Phil Borkowski, Vice President of Asset Management for Barcelo Crestline. "It took some forward thinking on the part of our management team to invest capital in properties in the midst of a market pullback. However, our experience in the hospitality industry gave us confidence that the recent slowdown presented the perfect opportunity to take room inventory out of commission and focus on enhancing the hotel's ultimate performance so that when the market resumed we would have superior properties in place," explained Borkowski. "Now that business is returning, our hotels are uniquely positioned as market leaders with the right services and amenities to attract premium customers and enhance revenue performance." Barcelo Crestline Premieres Prototype for New Marriott Courtyard Hotels Included in the portfolio renovations are 18 Courtyard by Marriott hotels
Barcelo Crestline's new Courtyard by Marriott hotels are located throughout the US in key cities. The hotels feature redesigned guest rooms and public spaces upgraded with the addition of functional enhancements and new decor and furnishings. Practical additions such as a 24-7 food market and business library, featuring individual workstations with high-speed data ports and ergonomic chairs combine with aesthetic elements including the use of curved surfaces, rich woods, designer fabrics, granite counters and superior lighting. Each guest room features a new bedding package that includes an inviting, thick oversized mattress with superior quality linens, duvets and oversized pillows. The bathrooms have a modern, residential look with granite vanities, a full-length mirror and brighter lighting. Each guest room has free high-speed in-room Internet access, as well as wireless Internet access in the lobby and public spaces. In addition to the Courtyard hotels 're-invention,' Barcelo Crestline renovated 8 Residence Inn by Marriott properties and 19 additional hotels over the past three years. "We are excited about our market position," added Borkowski. "Barcelo Crestline is well-positioned to see healthy growth in both rev-par and occupancy due to our forward-thinking approach and updated portfolio." About the Companies:
Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. |
Contact:
Barcelo Crestline Corporation Web Site: http://www.barcelocrestline.com |