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WASHINGTON, D.C., February 22, 2007�The Carlyle Group, a global private equity firm, and Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, today announced the formation of a joint venture which has acquired the Sheraton College Park, Md., from Boston-based Pyramid Advisors for an undisclosed amount. Crescent will operate the hotel and oversee a $4 million renovation of the property over the next six months. Located at 4095 Powder Mill Rd., Beltsville, Md., the 205-room hotel is near the University of Maryland campus at the confluence of Interstate 495 and Interstate 95. �Washington, D.C. is our headquarters city, and we have a strong history and track record in this market,� said Michael George, Crescent president and CEO. �The hotel is in a prime location surrounded by numerous demand generators. This is our first partnership with The Carlyle Group, one of the nation�s premier private equity investment firms, and we look forward to identifying additional opportunities to partner with them in future hotel acquisitions.� �With its close proximity to the University of Maryland, the hotel has excellent access to Washington and three nearby airports via the Beltway,� George noted. �There also are numerous business demand generators, which will increase substantially with the upcoming relocation and consolidation of Food and Drug Administration (FDA) offices at the government-owned White Oak site approximately 4.5 miles from the hotel. About The Carlyle Group
About Crescent Hotels & Resorts
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Jerry Daly
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Also See: | The Carlyle Group/Davidson Hotel Company Joint Venture Acquires Houston Sofitel Hotel; Property To Be Immediately Converted to Crowne Plaza and Undergo $12 Million Renovation / January 2007 |
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