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and Manage Two Downtown Atlanta Properties . Two Marriott Branded Properties Receiving Multi-million dollar Refurbishments Prior to Conversion to Wyndham Brands |
| WASHINGTON, D.C.,/ATLANTA, Ga., August 16, 2006 � Crescent Hospitality
Corporation, a rapidly growing hotel and resort management and ownership
company, today announced that it has signed an agreement with Piedmont
Avenue Holdings, LLC, to oversee the renovation process and subsequent
re-flagging of the soon-to-be-converted 211-room Wyndham Garden Hotel Atlanta
Downtown and the 242-room Baymont Inn & Suites in Atlanta, Ga.
The properties, which are next door to each other, will undergo comprehensive,
multi-million dollar refurbishments prior to conversion to the Wyndham
Hotel Group brands on September 24 and October 1, 2006, respectively.
�The Atlanta market continues to rebound favorably,� noted Michael George, Crescent President and CEO. �We believe this re-positioning effort will better meet the needs of our guests and enhance the hotel�s reputation as a leader in the downtown business and convention market.� The two hotels are located on adjacent lots at 175 Piedmont Avenue in downtown Atlanta, Ga. The properties are situated minutes from such local attractions as the Georgia Aquarium, Turner Field, Atlantic Station and Georgia World Congress Center. �Crescent Hospitality has demonstrated superior operating and marketing skills, and with the planned improvements, will take the hotels to an even higher level of performance,� said Brian Sosner, of CW Capital Asset Management and Piedmont Holdings, owner of the hotels. �Their expertise at urban, downtown convention center hotels makes them an ideal selection to take on the Wyndham Garden Hotel and Baymont Inn & Suites, the newest upper- and middle-market segments owned by Wyndham Hotel Group.� "Our agreement with CW Capital & Crescent Hospitality demonstrates the complementary nature of our upscale and midscale brands, as well as our ability to strategically grow the brands in our system through partnerships with top-notch owners and operators," said Wyndham Hotel Group President and CEO Steven A. Rudnitsky. "This agreement speaks to our ability to leverage multiple brands for one project thereby enabling owners to maximize revenue by targeting and attracting a broad base of guests. We are pleased to add these high quality properties to our Wyndham and Baymont portfolios. They represent the type of conversion and new construction projects that will provide the basis for the continued high quality growth of these brands." The six-story Downtown Atlanta Baymont Inn & Suites will feature an outdoor pool, state - of-the-art fitness center, high-speed Internet access, new beds and soft treatments and 1,100 square feet of meeting space. Additionally, the hotel will offer a complimentary breakfast each morning featuring waffles and French toast. Double and king sized room will provide a pillow top mattress; soft, down pillows; ergonomically correct chairs; and an oversized work desk with two-line telephone, guest voicemail and data ports. It will be the largest Baymont hotel system-wide. The eight-story Downtown Atlanta Wyndham Garden Hotel Downtown Atlanta
will receive new beds and soft treatments, as well as a renovated lobby
with a �barista� food and bar area and new fitness center. Scheduled
for the fourth quarter of 2006, the property will begin the new �Michael
Graves� design initiative. Created by the internationally acclaimed
Michael Graves Design Group, key features will include a 24-hour food mart,
�front porch� with rocking chairs and regional art.
Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent Hospitality is an operator of hotels and resorts. Crescent Hospitality currently operates approximately 35 upscale and mid-market hotels and resorts with approximately 5,400 rooms in 18 states. The company�s hotel management portfolio encompasses properties in the resort, full-service, convention and premium limited-service segments under nearly 15 hotel flags, including the leading brands of Marriott, Hilton, InterContinental, Choice and Wyndham Hotel Group, as well as independent hotels and resorts. |
| Contact:
Crescent Hospitality
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