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Barcelo Crestline Used the Industry Slowdown to Complete
$84M in Renovations at 90 Limited Service Properties

 
Launches Marriott's New Prototype at 18 Courtyard Hotels

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
that completed an entire renovation and makeover that lead the design of the updated brand standards.  "We are excited to help Marriott introduce the new 'reinvented' Courtyard hotels," said Borkowski.  "These 18 Courtyard hotels carefully follow the new design and amenity standards that resulted from Marriott's extensive consumer research of today's business traveler and the needs of the business traveler of the future."

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:
In June of 2002, Crestline Capital Corporation merged with Barcelo Corporacion Empresarial -- owner of Barcelo Hotels & Resorts.  After the merger, Crestline Capital Corporation became a wholly owned subsidiary of Barcelo Corporacion Empresarial and changed its name to Barcelo Crestline Corporation.  Based in Palma de Mallorca Spain, Barcelo Corporacion Empresarial, together with its affiliates, is one of the world's largest hospitality companies. Today, Barcelo Crestline Corporation leases 19 limited-service hotels and subleases 71 limited-service hotels.  They have one full service lease on the Georgia Tech Hotel & Conference Center in Atlanta, Georgia.  The privately owned company is parent to Crestline Hotels & Resorts, Inc., which is among the nation's 15 largest independent hospitality management 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

 
Also See: Marriott ‘Reinvents’ Courtyard; Modifications Include a Walk-around Front Desk, a Business Library andPantry-style 24-hour Food and Beverage Area / July 2000
Crestline Names Desiree Hackley,Radisson Barcelo Washington DC, Sales Person of the Year / April 2004


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