|
|
|
Hospitality Management Company Specializing in Luxury Spas |
SONOMA, Calif., March 22, 2000 - Sonoma Spa
Resorts, L.P., announced today that it has collaborated with Crescent Real
Estate Equities Company (NYSE: CEI) (Crescent) to form a premier hospitality
management company and investment partnership to be led by Sanjay and Johanna
Varma.
Crescent will hold a 30% interest in the management company and a 93% interest in the investment partnership, while the Varma�s will hold the remainder. The objective of the new companies, which will be based in Northern California, is to acquire, develop and manage a collection of unique and irreplaceable luxury spa resorts and hotels and operate them under the �Sonoma Spa Resorts� brand and concept. In addition, Sonoma Management Company, the new companies� management arm, will provide management services for certain assets in Crescent�s existing portfolio of destination resorts, day spa operations and business-class hotel properties. Included in Crescent�s existing portfolio to be operated by Sonoma Management Company are two of the most successful destination resort properties in Northern California: Sonoma Mission Inn Spa and Country Club, which Gourmet magazine rated
the �best resort and spa in the U.S.� for three consecutive years. Established
in the heart of the wine country in 1927 and nurtured by California�s richest
natural thermal hot springs, it offers a true European spa experience.
Since it�s acquisition in December 1996, Crescent has invested $50 million
in its acquisition of the Golf Course, the addition of 60 luxurious suites,
a 15,000 square feet expansion of the spa, and an upgrade of the entire
property.
Mr. Varma has now transitioned from his position as Executive Vice President and Chief of Corporate Operations of Crescent. Prior to joining Crescent, he served as Executive Vice President of Walt Disney Company for eight years and before that as Area Vice President of Food Beverage for Marriott International Inc. for eight years. He began his career with Oberoi Hotels in Asia and the Middle East in 1972. Mrs. Varma has now transitioned from her position as President of the
Hospitality Division of Crescent Operating, Inc., (Nasdaq: COPI), where
she has been involved in the day-to-day management of all Crescent owned
resort and hotel properties since acquisition. Prior to her employment
with Crescent Operating she worked for the Walt Disney Company from 1988-94
as Director of Operations and Human Resources for the EuroDisney Resort
in Europe. She also worked for over 14 years for Marriott International
Inc. in various capacities, including hotel General Manager, corporate
Director of Human Resources for Europe and the Middle East, and as Vice
President of Operations for Senior Living Services. In addition to
the management of the two premier spa resort properties, the Sonoma Management
Company will continue the asset management of the following hotels and
resorts owned by Crescent: Four Seasons, Houston, Texas; Hyatt Albuquerque,
Albuquerque, New Mexico; Marriott City Center, Denver, Colorado; Omni Austin,
Austin, Texas; Renaissance Greenway Plaza, Houston, Texas.
|
Lisa Burns of Sonoma Spa Resorts, L.P. 817-339-2203 |
Also See: | Profile: Crescent Real Estate Equities $20 Million Master Plan for Sonoma Mission Inn / April 1999 |