"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."
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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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.
