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. |