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as the Management Company for the L'Enfant Plaza Hotel, Formerly the Loews L'Enfant Plaza Hotel in Washington, DC |
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| WASHINGTON, May 11, 2005 - As an initial step towards a planned $300
million renovation and redevelopment of L'Enfant Plaza, The JBG Companies
has introduced a renamed L'Enfant Plaza Hotel and will shortly implement
a $1 million renovation of the property. In addition, Crestline
Hotels & Resorts has been named the management company for the L'Enfant
Plaza Hotel. Crestline Hotels & Resorts, a leading hotel management
company based in McLean, VA, enjoys a reputation as a premier operator
of independent hotels.
The L'Enfant Plaza Hotel is a significant part of the 900,000 square foot mixed-use development that was recently purchased by JBG, a Chevy Chase based development and acquisition company. In addition to the hotel, the redeveloped L'Enfant Plaza will include the new 140,000 square foot Capital Children's Museum, which will change its name to the National Children's Museum when the new facility opens in 2006. JBG is also planning street level retail shops, offices and housing. The L'Enfant Plaza complex was developed in Southwest Washington in the mid-1960s, and the L'Enfant Plaza Hotel opened in 1973. The hotel enjoys a reputation among the Capital's premier hotels and conference centers and features 370 deluxe guest rooms and suites, as well as 21,000 square feet of upscale meeting space. "The revitalization of the entire L'Enfant Plaza complex is a dynamic and high-profile project," said Ken Finkelstein, Partner, The JBG Companies. "We look forward to the renewed vitality in the area that is to be enhanced by the opening of the National Children's Museum, the new shops, contemporary residences, and offices that are planned by JBG. Our commitment is to continue in the fine tradition of excellence established by the hotel, and update amenities and service as the entire Plaza is rejuvenated," added Finkelstein. Dave Durbin, President & CEO, Crestline Hotels & Resorts commented, "Crestline Hotels & Resorts brings expertise in projects similar to the redevelopment of L'Enfant Plaza. Crestline manages the Georgia Tech Hotel & Conference Center that is at the center of a similar urban redevelopment project in downtown Atlanta. We feel this unique experience, coupled with our excellence in managing independent hotels, will create the cornerstone of success for the hotel and the entire L'Enfant Plaza project," added Durbin. The L'Enfant Plaza Hotel
 Named for Washington's city planner, Pierre Charles L'Enfant, the hotel offers a stately and gracious sense of arrival for guests. Its 370 guest rooms and suites are handsomely appointed and welcoming for both business and leisure travelers. Many rooms offer exceptional views of the nation's capital. The hotel has 21,000 square feet of meeting space and can accommodate groups of up to 700 people. In addition, there are three dining choices including: The American 'Sea' Grill, recognized as one of Washington's most popular meeting places; The Lobby Lounge for light fare, and the Foggy Bottom Brew Pub, a favorite gathering spot. The hotel, located at 480 L'Enfant Plaza, SW, offers many guest services and amenities including high-speed wireless Internet access, a fitness center and a rooftop pool. It is within walking distance to the Smithsonian Castle and only steps from the Air and Space Museum and the Mall. The hotel is convenient to the metro and is a 10 minute drive from Ronald Regan National Airport and 45 minutes from BWI and Dulles International Airports. For reservations call 202.484.1000. About the Companies: Headquartered in Chevy Chase, Maryland, The JBG Companies are a group of related entities engaged in the development, acquisition and management of significant office, hotel, residential and mixed-use projects. Since its founding in 1960, JBG has developed or invested in 35,000,000 square feet of office space, 8,000 residential units, 2,500 hotel rooms and 6,000,000 square feet of retail space representing in excess of $10 billion in value, all in the Washington Metropolitan Area. JBG's current portfolio consists of 8.9 million square feet of office space, 1,655 hotel rooms, and 4,892 residential units. Crestline Hotels & Resorts, Inc. is one of the nation's largest independent hospitality management companies. Founded in 2000, the Company presently manages 36 hotels, resorts and conference and convention centers with nearly 8,100 rooms in 11 states and the District of Columbia. Crestline Hotels & Resorts manages properties independently and under such well regarded brands as Marriott, Hilton, Renaissance, Sheraton, Crowne Plaza and Radisson. Barcelo Crestline Corporation is the parent company of Crestline Hotels & Resorts, Inc. Barcelo Crestline also leases and has investments in hotel properties. Additional information about Barcelo Crestline is available at the company's web site: http://www.barcelocrestline.com. Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. |
| Contact:
Crestline Hotels & Resorts, Inc.
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