News for the Hospitality Executive
|WASHINGTON, D.C./JACKSONVILLE, Fla., August 6, 2007—Crescent
Hotels & Resorts, a rapidly growing hotel and resort management and
ownership company, today announced that it has entered into a joint venture
with The Clarkson Group (TCG), a national real estate investment and development
group, to develop upscale, select-service hotels. Under terms of
the agreement, Crescent has invested in three Clarkson Group-developed
hotels in Florida and Georgia and will invest in two additional hotels
currently under construction.
Up to eight to ten additional hotels will be developed over the next two years, as part of this joint venture. Crescent will manage the joint venture’s hotels. New hotel sites will be on the Eastern Seaboard and Washington, D.C. and concentrate on the leading hotel brands, including Marriott Residence Inn, Starwood’s aloft and Element, IHG Staybridge Suites, Hilton’s Homewood Suites and Hampton Inn, and Hyatt Place.
“This joint venture expands our investment platform into development with the added benefit of hotel management,” said Michael George, Crescent president and CEO. “Crescent’s master plan is built on diversification across the leading brands, locations, ownership, management and now development. We wanted to partner with an experienced developer to get the properties out of the ground while we focused on pre-opening and on-going management.
Clarkson has a more than 30-year proven track record in real estate development. It’s a perfect partnership,” he said.
“With Crescent’s extensive expertise in hotel operations and the economies of scale and synergies that their size brings, we believe our hotels will have a decided competitive edge in their respective marketplaces,” said Charles A. Clarkson, founder and chairman.
The Clarkson Group hotels include:
Properties currently under development and expected to open in early 2009 are:
Founded in 1976, The Clarkson Group is a national development company. The company has developed, invested in and managed in a wide variety of real estate classes, including hotels, multi-family, office and industrial properties. The company is headquartered in Jacksonville, Fla.
About Crescent Hotels & Resorts
|Also See:||Crescent Hotels & Resorts Acquires the 224-suite Embassy Suites Richmond in Virginia and the 253-suite Doubletree Guest Suites in suburban Philadelphia from Thayer Lodging Group / May 2007|