Crestline Hotels & Resorts, which already had a contract tomanage the Courtyard by Marriott Baltimore Inner Harbor, will alsomanage the other three properties for Barceló Crestline.

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The 175-unit Homewood Suites by Hilton in DC is located at 1475Massachusetts Ave. The hotel has five meeting rooms totaling 2,300sf. The Courtyard by Marriott Providence, located at 32 ExchangeTerrace, is a 216-key property with five meeting rooms comprising3,500 sf. Located at 10 E. Grand Ave., the 357-room Hilton GardenInn has seven meeting rooms comprising 5,727 sf. The Courtyard byMarriott Baltimore Inner Harbor, at 1000 Aliceanna St, has 205rooms and five meeting rooms consisting of 2,252 sf.

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"These four properties are an excellent complement to ourportfolio," says Bruce Wardinski, chairman and CEO of BarcelóCrestline, in a statement. "Each of the hotels is in a primebusiness destination that also benefits from leisure travelers.

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Financing for the transaction was provided by Merrill Lynch.Barceló Crestline did not disclose the purchase price. In the DCarea, though, hotels are trading between $225,000 to $350,000 perkey, depending on several variables, according to Vikram Antin, anassociate in Marcus & Millichap REIBC's National HospitalityGroup. He says it can be very difficult to estimate a portfoliotrade based on what individual hotels might have traded.

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"According to my research, the Homewood Suites property in DCthat was owned by RLJ was purchased by them for $22.5 million in2001 at $128,500 per key," he says. "Again, since this is aportfolio sale of several other properties, it is hard to say forwhat the specific property could have traded." "However, if onewere to assume the prices at which properties in DC are tradingthen one can expect that the DC asset value may have been in the$45 million to $55 million range."

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Barceló Crestline did not return calls in time forpublication.

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