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Crescent Hotels & Resorts Added 18 Properties During 2008,
Using 3rd Party Management and JVs Agreements.;
Anticipates Adding 12 Hotels / Resorts in 2009
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WASHINGTON, D.C., March 23, 2009— Officials of Crescent Hotels & Resorts today announced plans to continue its record pace of growth in 2009, on the heels of a record 2008. 

The company added 18 properties during 2008, largely through 3rd party management and joint ventures. The company’s continued growth has propelled Crescent into the top tier of independent operator/owners, and it now is one of only a handful of companies that are approved to operate all of the top premium-branded, full- and focused-service hotels.

“We have created a strong operating platform, and are well positioned to benefit from the current economy as we move into 2009 and beyond,” said Michael George, Crescent president and CEO.  “We have the talent, infrastructure and systems to accommodate strategic growth, as well as a strong proven track record in all product types and phases of the economic cycle and significant available capital to support our growth and operating goals.”

Crescent’s primary focus in 2009 will be on optimizing returns for its existing hotel owners and investors.  “We will grow by pleasing our clients & investors and by outperforming our competitive sets in each market,” said George.  “Building on our current successful track record will help us attract more clients to our company.  Our growth will be on an opportunistic, flexible basis, and we have multiple platforms in place to respond appropriately.”

2009 Growth Focus on U.S., Caribbean, Canada

In 2009, the company is targeting continued strong growth in the U.S., and expansion in the Caribbean, where the company added its first property in 2008, as well as Canada.  “We see opportunities to grow our current portfolio of managed hotels in Canada and the Caribbean,” George said.  “We have considerable experience in both regions and believe we can add value to properties, especially in this economy.”

Elite Group of Top 10 Nationwide Operators

“Our strong operating results have helped us grow to be one of the top 10 national operators of upper upscale hotels and resorts. Our properties include all of the premium brands, as well as leading boutique hotels and resorts, ranging in size from 50 to 500-plus rooms.  We have the economies of scale and systems that can benefit a hotel immediately upon takeover.” 

Acquisition Plans

George said that the company expects to be active on the acquisition front through its Crescent Hotel Investors equity fund. “We remained largely on the sidelines in 2008 because of a lack of appropriately priced and limited quality product,” he said.  “Pricing is still not in line with market conditions, but is moving in a more attractive investment direction.  Our target is upper upscale hotels and resorts, either individual assets or portfolios.” 

Between new third-party management and acquisitions, George said the company expects to selectively add at least 12 hotels and/or resorts to its portfolio in 2009.  The company is on track to add five properties in the 2009 first quarter.  Additions to the portfolio in 2008 include such well-regarded properties as: 

  • The Georgian Terrace —The Atlanta-based, grande-dame hotel currently is undergoing an $11 million renovation being overseen by Crescent, including a spectacular, new $6 million restaurant designed by The Puccini Group.
  • Hilton Polaris —The recently opened 255-room property, located in Columbus, Ohio, has become a market leader since Crescent took over management in 2008.
  • Secret Harbor Resort —The 90-unit, all-suite resort, situated on the east end of St. Thomas, The Virgin Islands, marked Crescent’s entry into the Caribbean. 
Development Focus

Crescent also is pursuing growth from new hotels in 2009.  In the past 18 months, the company has been involved in the development or opening of eight properties.  “Although development has declined in the past year, deals are still getting done.  We have an active pipeline of under-development properties, including the opening of a Residence Inn in Birmingham, Ala. and two hotels in the Washington-Dulles area in the 2009 second quarter,” George commented.  “We offer the full range of services from planning to construction management to pre-opening.” 

Takes Food and Beverage Operations to Next Level

George noted that the company has significantly enhanced its food and beverage operations, working with leading restaurant design groups and signature chefs.  In addition to the Georgian Terrace restaurant, the company worked with celebrity chef Todd English to create da Campo Osteria, the highly acclaimed Italian eatery at the Crescent-managed il Lugano resort in Fort Lauderdale, Fla.  “Crescent strives for our food and beverage revenues to be substantially higher than the typical full-service hotel,” he said.  “Adding greater guest appeal with our signature restaurants also translates into higher catering and meeting revenues.” 

About Crescent Hotels & Resorts
Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent Hotels & Resorts owns, manages 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 55 hotels and resorts aggregating more than 9,000 rooms in 26 states.  The company’s portfolio encompasses properties in the resort, upper upscale full-service, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, Hyatt, InterContinental, Radisson, Preferred, and Wyndham, as well as independent hotels, resorts and Golf Clubs.  Additional information about Crescent Hotel & Resorts may be found on the company’s Web site www.chrco.com.
 

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Contact:

 Crescent Hotels & Resorts
www.chrco.com
 

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Also See: FLG Hospitality Opens the 252 room Hilton Columbus/Polaris / June 2008
Fremont Realty Capital Begins $11 Million-Plus Renovation of the Georgian Terrace Hotel, Atlanta, Georgia / January 2009
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