"In 2007, we acquired outright or in joint ventures more than one-half billion dollars in hotel real estate, and we plan to be even more active in 2008, targeting to deploy $600 million in the next 12 months," Michael George, Crescent president and CEO, says. "Our pipeline is quite robust; we have the resources, size and infrastructure in place for strategic growth associated with quality real estate and sophisticated assets."
Last year the firm added 19 properties to its portfolio in the high-end space; deals include the 224-suite Embassy Suites Richmond in Virginia and the 253-suite Doubletree Guest Suites Plymouth Meeting in suburban Philadelphia from Thayer Lodging Group; a 205-key hotel in Beltsville, MD, for which it partnered with Carlyle Group to acquire; and the Detroit Marriott Livonia.
Crescent Hotel & Resort kicked off 2008 with the addition of three new management contracts to its portfolio: the all-suite Georgian Terrace Hotel in Atlanta, the Radisson Hotel Carteret in New Jersey and the Baymont Inn & Suites International Drive/Orlando in Florida. It also opened the il Lugano, an all-suite hotel in Fort Lauderdale, FL affiliated with Preferred Hotels & Resorts.
According to George the company is joint venturing to build out eight to 10 hotels over the next two years. It currently has two Marriott Residence Inn hotels under construction that will open this year and it expects to break ground on four additional properties in 2008.
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