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Crestline Capital Corp. Seeks Boost in Stock Price - 
Will Repurchase Shares
 
BETHESDA, MD, March 24, 1999 � Crestline Capital Corporation (NYSE:CLJ) announced today that its Board of Directors has authorized management to repurchase up to 1,500,000 shares of its common stock.  Over an extended period of time, the Company intends to purchase shares through open market transactions at prices deemed advantageous to Crestline.

Bruce D. Wardinski, Chairman of the Board and CEO, stated, �We believe that our stock is currently undervalued.  The repurchase of our stock represents an attractive use of the Company�s capital.  The stock repurchase program is one of many investment options we have explored in order to increase value to Crestline Capital�s shareholders.�

These purchases will be subject to market conditions, applicable legal requirements and other factors and will be executed with the investment banking firm, Donaldson, Lufkin & Jenrette.  Crestline has no commitment or obligation to purchase any particular amount of common stock and the stock repurchase program could be suspended at any time at Crestline�s discretion.

Crestline Capital Corporation is the largest and best capitalized independent hotel leasing company and is the owner of one of the premier portfolios of senior living communities in the country.  For further information on Crestline Capital Corporation, please visit the Company�s web site at www.crestlinecapital.com.

Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation Reform Act of 1995.  Certain, but not necessarily all, of such statements can be identified by the use of forward-looking terminology, such as �believes,� �expects,� �may,� �will,� �should,� �estimates� or anticipates� or the negative thereof or comparable terminology.  All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual transactions, results, performance or achievements of the Company to be materially different from any future transactions, results, performance or achievements expressed or implied by such forward-looking statements.  These may include: (i) national and local  economic and business conditions or governmental regulations that will affect demand, prices, wages or other costs for hotels and senior living communities; (ii) the level of rates and occupancy that can be achieved by such properties; (iii) the Company�s ability to compete effectively in areas such as access, location, quality of properties and rate  structures; (iv) the ability to maintain the properties in a first-class manner (including meeting capital expenditure requirements; (v) the availability and terms of financing; (vi) governmental actions and initiatives including tax law changes that may eliminate the need for a lease structure by lodging and senior living REITs; (vii) changes to the public pay systems for medical care and the need for compliance with environmental licensure and safety requirements; and (viii) the effect on the Company of the Year 2000 issue.  Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and business opportunities, it can give no assurance that its expectations will be attained or that any deviations will not be material.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.

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Contact:
Heather Scanlon
[email protected]
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Also See: Crestline Capital Reports ProForma 7.5% RevPAR Increase for 1998 / March 1999 

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