Focus Will Be in U.S., Caribbean, CanadaWASHINGTON, DC, Mar. 23, 2009—Officials of Crescent Hotels & Resorts today announced plans to continue its record pace of growth in 2009, on the heels of a record 2008.
(Detroit Marriott Livonia, Livonia, MI, top right photo)
The company added 18 properties during 2008, largely through 3rd party management and joint ventures.
The company’s continued growth has propelled Crescent into the top tier of independent operator/owners, and it now is one of only a handful of companies that are approved to operate all of the top premium-branded, full- and focused-service hotels.
(Plymouth DoubleTree West, Plymouth Meeting, PA, top left photo)
“We have created a strong operating platform, and are well positioned to benefit from the current economy as we move into 2009 and beyond,” said Michael George, Crescent president and CEO.
(Richmond Embassy Suites, Richmond, VA, middle right photo)
“We have the talent, infrastructure and systems to accommodate strategic growth, as well as a strong proven track record in all product types and phases of the economic cycle and significant available capital to support our growth and operating goals.”
“We have the talent, infrastructure and systems to accommodate strategic growth, as well as a strong proven track record in all product types and phases of the economic cycle and significant available capital to support our growth and operating goals.”
(Hilton Polaris, Columbus, OH, middle left photo)Crescent’s primary focus in 2009 will be on optimizing returns for its existing hotel owners and investors. “We will grow by pleasing our clients & investors and by outperforming our competitive sets in each market,” said George.
“Building on our current successful track record will help us attract more clients to our company. Our growth will be on an opportunistic, flexible basis, and we have multiple platforms in place to respond appropriately.”
(The Georgian Terrace, Atlanta, GA, middle right photo)
2009 Growth Focus on U.S., Caribbean, Canada
2009 Growth Focus on U.S., Caribbean, Canada
In 2009, the company is targeting continued strong growth in the U.S., and expansion in the Caribbean, where the company added its first property in 2008, as well as Canada.
“We see opportunities to grow our current portfolio of managed hotels in Canada and the Caribbean,” George said. “We have considerable experience in both regions and believe we can add value to properties, especially in this economy.”
(Sheraton Tampa Riverwalk, Tampa, FL, bottom left photo)
Elite Group of Top 10 Nationwide Operators “Our strong operating results have helped us grow to be one of the top 10 national operators of upper upscale hotels and resorts.
"Our properties include all of the premium brands, as well as leading boutique hotels and resorts, ranging in size from 50 to 500-plus rooms. We have the economies of scale and systems that can benefit a hotel immediately upon takeover.”
(Sheraton Washington North, Beltsville, MD, bottom right photo)Additions to the portfolio in 2008 include such well-regarded properties as:
· The Georgian Terrace—The Atlanta-based, grande-dame hotel currently is undergoing an $11 million renovation being overseen by Crescent, including a spectacular, new $6 million restaurant designed by The Puccini Group.
· Hilton Polaris—The recently opened 255-room property, located in Columbus, Ohio, has become a market leader since Crescent took over management in 2008.
· Secret Harbor Resort—The 90-unit, all-suite resort, situated on the east end of St. Thomas, The Virgin Islands, marked Crescent’s entry into the Caribbean.
Additional information about Crescent Hotel & Resorts may be found on the company’s Web site http://www.chrco.com/.
Contact: Jerry Daly or Chris Daly, media, (703) 435-6293
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