$600 million

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"In 2007, we acquired outright or in joint ventures more thanone-half billion dollars in hotel real estate, and we plan to beeven more active in 2008, targeting to deploy $600 million in thenext 12 months," Michael George, Crescent president and CEO, says."Our pipeline is quite robust; we have the resources, size andinfrastructure in place for strategic growth associated withquality real estate and sophisticated assets."

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Last year the firm added 19 properties to its portfolio in thehigh-end space; deals include the 224-suite Embassy Suites Richmondin Virginia and the 253-suite Doubletree Guest Suites PlymouthMeeting in suburban Philadelphia from Thayer LodgingGroup; a 205-key hotel in Beltsville, MD, for which itpartnered with Carlyle Group toacquire; and the Detroit Marriott Livonia.

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Crescent Hotel & Resort kicked off 2008 with the addition ofthree new management contracts to its portfolio: the all-suiteGeorgian Terrace Hotel in Atlanta, the Radisson Hotel Carteret inNew Jersey and the Baymont Inn & Suites InternationalDrive/Orlando in Florida. It also opened the il Lugano, anall-suite hotel in Fort Lauderdale, FL affiliated with PreferredHotels & Resorts.

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According to George the company is joint venturing to build outeight to 10 hotels over the next two years. It currently has twoMarriott Residence Inn hotels under construction that will openthis year and it expects to break ground on four additionalproperties in 2008.

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