This latest addition to its family of assets pushes the hotelgroup past the $200-million mark on its march towards its goal of$1 billion in acquisitions. Last September Crescent, with newpartners Allied Capital and LCP Group, formed a fund to acquire upto $1 billion in hotel assets in the coming 12 to 18 months, asreported by GlobeSt.com.
Since then, the company has invested either through directinvestment or JVs with partners. The first acquisition was the227-room Detroit Marriott Livonia. Earlier this year it partneredwith Carlyle Group to acquire a 205-keyhotel in Beltsville, MD from Boston-based Pyramid Advisorsfor an undisclosed amount.
The Richmond and Philadelphia hotels meet the fund's investmentcriteria, CEO Michael George says. "The properties are a perfectfit with our portfolio profile of upper, upscale hotels and hotelsin the 200- to 500-room range, located in primary and secondary USmarkets, as well as resorts. These two hotels will benefit from ourrenovation program, as well as very focused management."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
