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Plano, Texas, Baymont Inn Reopens; Crescent Hotels & Resorts
and CWCapital Complete $2.5 Million Renovation and Rebranding
PLANO, Texas, November 13, 2006—Officials of Crescent Hotels & Resorts and CWCapital today announced the grand re-opening of the 147-room Baymont Inn and Suites in Plano, Texas.  The hotel has completed a $2.5 million renovation, overseen by Crescent, to improve and upgrade all guest rooms and public space to Baymont standards.  The Baymont Inn and Suites brand, owned by Wyndham Worldwide, is a full-service brand in the mid-scale segment.  The hotel will be managed by Crescent Hotels on behalf of its owner, 4704 West Plano Parkway Holdings, through CWCapital Asset Management of Washington, DC.  
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Baymont Inn and Suites
(Formerly the Hearthside Studio Suites)
4704 W. Plano Parkway
Plana, Texas
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“Plano is part of the thriving Dallas metroplex with numerous demand generators that appeal to the full range of business, medical and leisure travelers,” said Michael George, Crescent president and CEO.  “With this significant property upgrade, the hotel is well positioned to become a leader in the mid-market segment and capture much-needed extended stay guests.”  

Located at 4704 W. Plano Parkway, the three-story hotel is adjacent to the new Baylor Medical Center and soon-to-open Texas Heart Hospital.  Situated just off Bush Parkway at Preston Road, the hotel is convenient to many corporate headquarters, hospitals, Dallas/Fort Worth Airport and a variety of retail opportunities available in Plano.  Hotel amenities include new meeting rooms and a training center to accommodate up to 100 people, shuttle service (starting December 1st), fitness and business centers, and new lobby and breakfast room.  Completely renovated, like-new guest rooms feature granite kitchen and bath counters with refrigerator and microwave, new furniture, high ceilings and Internet access.  

“Crescent has significant experience in renovation and repositioning of hotels,” George noted.  “This renovation truly transforms the property.  Not only did we completely make over the rooms in their entirety, from the bedding to the baths, we also transformed the public space, creating a very warm, home-like atmosphere.  Additionally, we added 1,000 square feet of meeting space to accommodate our business and medical guests.”  

“The hotel is in like-new condition,” said Brian Sosner, vice president of CWCapital Asset Management.  “This is the fifth renovation we have undertaken with Crescent in the last 12 months and, in each case, they have produced a superior product and excellent results.”  
 "We are pleased to welcome the Baymont Inn & Suites in Plano, Texas into our growing system," said Keith Pierce, president of Baymont Franchise Systems, Inc. "This property is another example of the Baymont brand's ability to attract a high-quality conversion property owned and operated by a sophisticated collection of hospitality professionals."

About Crescent Hotels & Resorts
Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent Hotels & Resorts owns and co-invests in hotel real estate, and is an independent, third-party operator of hotels and resorts.  The company currently owns or operates approximately 35 upscale and mid-market hotels and resorts with approximately 5,400 rooms in 18 states.  The company’s 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, Sheraton, InterContinental, Choice and Wyndham Hotel Group, as well as independent hotels and resorts.  Crescent’s vice president of business development, Bill Driscoll, will be responsible for sourcing acquisitions. 

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Contact:

Crescent Hospitality
http://crescenthosp.com/
 

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Also See: Allied Capital and The LCP Group Become Shareholders in Crescent Hotels & Resorts, Will Create Fund to Acquire up to $1 Billion in Hotels; Acquires Detroit Marriott Livonia in First Transaction / September 2006
Crescent Hospitality Corporation Signs Three Management Contracts, Portfolio Grows to 25 Hotels / June 2005
Baymont Inns & Suites Selectively Uses Hotel Conversions to Augment Growth / May 2001


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