Crescent Hotels & Resorts Announces Second Fund, Seeks to Add $600 Million in Hotels...

Crescent Hotels & Resorts Announces Second Fund, Seeks to Add $600 Million in
Hotels in 2008
Company Acquired $400 Million in 2007

WASHINGTON, Jan. 22 /PRNewswire/ -- Officials of Crescent Hotels & Resorts
today announced that the company plans to deploy $600 million in capital for
hotel acquisitions in 2008 with the equity raise of a second fund. This will
eclipse the more than $400 million in hotel real estate the company transacted
in 2007. To kick off 2008, Crescent added four properties to its
ownership/management portfolio in the first two weeks of January.
"We had a very productive year in 2007, reshaping our portfolio and adding
19 properties, and we believe 2008 will be even more robust," said Michael
George, Crescent president and CEO. "We have a quality investment platform
and successful track record of closing on all acquisitions taken under
contract. Crescent has earned a reputation in the industry as a highly
credible owner and operator, which makes us privy to deal flow and management
opportunities not widely marketed."
George said the company has the capacity and flexibility to acquire on a
wholly owned or joint-venture basis and continues to target upper, upscale
hotel investments. He noted the company also is a major, third-party hotel
management company for many of the premier financial institutions who are
looking for a "great operator" for their investments, rather than a joint
venture partner.
"We set a goal several years ago to be one of the top 20 owner/operators
and are proud to have accomplished that in 2007," he said. "We have built a
very strong and talented operating company and have the capacity in place to
handle strategic growth and produce quality results."
George added the company also is developing hotels, primarily in joint
ventures with development partners. "We are in a joint venture to build eight
to 10 hotels over the next two years and currently have two Marriott Residence
Inn hotels under construction that will open this year. We expect to break
ground on four additional properties in 2008."
The company remains active in third-party management. "Crescent has the
experience and capability to operate properties anywhere in the U.S. We
believe the current economic uncertainty bodes well for Crescent as a proven
high-impact hotel turnaround specialist."
About Crescent Hotels & Resorts
Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent
Hotels & Resorts owns, manages and co-invests in hotel real estate, and is an
independent, third-party operator of hotels and resorts. The company
currently owns or operates approximately 40 hotels and resorts aggregating
more than 7,000 rooms in 19 states. The company's portfolio encompasses
properties in the resort, upper upscale full-service, boutique, convention and
premium select-service segments under the premier hotel brands of Marriott,
Hilton, Starwood, InterContinental, Radisson, Preferred, and Wyndham, as well
as independent hotels and resorts. Additional information about Crescent
Hotel & Resorts may be found on the company's Web site www.chrco.com.
Contact: Jerry Daly or Chris Daly, media
(703) 435-6293

SOURCE Crescent Hotels & Resorts

Jerry Daly or Chris Daly, +1-703-435-6293, for Crescent Hotels & Resorts