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and the 253-suite Doubletree Guest Suites in suburban Philadelphia from Thayer Lodging Group .. |
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WASHINGTON, D.C., May 16, 2007�Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, today announced that it has surpassed the $200 million acquisition mark with the purchase of the 224-suite Embassy Suites Richmond in Virginia and the 253-suite Doubletree Guest Suites Plymouth Meeting in suburban Philadelphia from Thayer Lodging Group for an undisclosed amount. Combined, the two hotels will undergo $6 million in renovations. Crescent will operate both hotels, as well as oversee the renovation programs. �We remain on target to acquire up to $1 billion in hotel assets through direct investment or joint-venture arrangements with affiliated and unaffiliated partners over the next 18 months,� said Michael George, Crescent president and CEO. �The properties are a perfect fit with our portfolio profile of upper, upscale hotels and hotels in the 200- to 500-room range, located in primary and secondary U.S. markets, as well as resorts. These two hotels will benefit from our renovation program, as well as very focused management.� Located at 2925 Emerywood Parkway in Richmond, the eight-story Embassy
Suites underwent a major renovation in 2006. �The property is in
excellent physical condition,� George noted. �Our additional $2.5
million investment will complete the finishing touches that will put the
hotel in like-new condition and make it highly competitive in this market.
�Cosmetic upgrades will enhance the �curb appeal� of the hotel. Public spaces will be upgraded, including relocating the business center and installing state-of-the-art exercise equipment. Guests rooms will be totally refreshed with new soft and case goods.� The Embassy Suites Richmond is centrally situated near the intersection of Broad Street and I-64 in the scenic west end of the historic capital city. The hotel is minutes from downtown Richmond and the city�s central business area, the 800-acre Innsbrook Corporate Center, Short Pump Towne Center and the University of Richmond. The International Association of Conference Centers (IACC)-accredited hotel features 13,000 square feet of meeting space. �This property is without peer in the Richmond market for small and mid-sized groups,� George said. The eight-story tropical atrium also offers an indoor swimming pool, sauna, whirlpool, laundry service and complimentary, cooked-to-order breakfast. The hotel�s Atrium Grill provides informal dining for up to 60 people. The two-room suites, complete with spacious living room parlor and separate bedroom, are equipped with a fully stocked kitchenette, wet bar, full-sized refrigerator, high-speed Internet access and a Jacuzzi. The seven-story Doubletree Guest Suites Plymouth Meeting is located at 640 W. Germantown Pike in Pennsylvania, less than one-quarter mile from the Pennsylvania Turnpike in a scenic, wooded setting. The hotel is just minutes from the King of Prussia Mall, the largest in the region; downtown Philadelphia; Valley Forge National Park; and Villanova University. The hotel immediately will undergo an approximate $3.5 million renovation program. Highlights will include a complete renovation of the indoor pool/whirlpool area, adding new gym equipment and the installation of 32� flat panel televisions and the �Sweet Dreams� Doubletree bedding package. Hotel amenities include more than 8,000 square feet of meeting space, atrium lounge, indoor swimming pool, Jacuzzi, fitness center, 24-hour business center and the Brandywine Hunt Club and Grille. The two-room suites are equipped with wet bar, refrigerator, microwave oven, two dual line speaker phones with voice mail and complimentary high-speed Internet access. �This hotel is in a great location with multiple demand generators,� George said. �The property has been well-maintained, and this renovation will bring it up to peak physical condition.� About Crescent Hotels & Resorts
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Crescent Hotel & Resorts
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