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 2 February 2007
Barcelo Crestline Corporation Announces the Acquisition of Four Select Service Hotels from RLJ Development, LLC
Crestline Hotels & Resorts to Manage the Properties MCLEAN, Va., Barcelo Crestline Corporation, the parent company of Crestline Hotels & Resorts, Inc. and one of the leading hotel management and leasing companies in North America, today announced the acquisition of four select service hotels from RLJ Development, LLC. The properties include: The Homewood Suites by Hilton, Washington, DC; The Courtyard by Marriott Providence, RI; The Hilton Garden Inn Chicago Downtown/Magnificent Mile; and The Courtyard by Marriott Baltimore Inner Harbor. The financing was provided by Merrill Lynch. Crestline Hotels & Resorts will assume management of all four of the properties for Barcelo Crestline. Crestline Hotels & Resorts already held the management contract for the Courtyard by Marriott Baltimore Inner Harbor.
"These four properties are an excellent complement to our portfolio," said Bruce Wardinski, Chairman & CEO of Barcelo Crestline Corporation. "Each of the hotels is in a prime business destination that also benefits from leisure travelers. Crestline Hotels & Resorts brings proven experience in successfully managing hotels of this type and we look forward to a strong return on our investment," added Wardinski.
Collectively the hotels will add more than 950 guest rooms to Barcelo Crestline's portfolio. The Homewood Suites by Hilton Washington, DC is located at 1475 Massachusetts Avenue NW. It includes 175 guest suites and five meeting rooms comprising 2300 square feet of meeting space. The Courtyard by Marriott Providence is located at 32 Exchange Terrace, Providence. It offers 216 guest rooms and five meeting rooms comprising 3500 square feet of event space. The Hilton Garden Inn Chicago Downtown/Magnificent Mile is located at 10 E Grand Avenue, Chicago. The hotel has 357 guest rooms and seven meeting rooms comprising 5727 square feet of meeting space. And the Courtyard by Marriott Baltimore Inner Harbor is located at 1000 Aliceanna St, Baltimore. The hotel has 205 guest rooms and five meeting rooms comprising 2252 square feet of meeting space.
Barcelo Crestline Corporation | In June of 2002, Crestline Capital Corporation merged with Barcelo Corporacion Empresarial-owner of Barcelo Hotels & Resorts. After the merger, Crestline Capital Corporation became a wholly owned subsidiary of Barcelo Corporacion Empresarial and changed its name to Barcelo Crestline Corporation. Based in Palma de Mallorca Spain, Barcelo Corporacion Empresarial, together with its affiliates, is one of the world's largest hospitality companies. Today, Barcelo Crestline Corporation leases 19 limited-service hotels and subleases 71 limited-service hotels. The privately owned company has significant equity interests in several upscale hotels and is parent to Crestline Hotels & Resorts, Inc., which is among the nation's 10 largest independent hospitality management companies. The company also asset manages the entire portfolio of all-inclusive resort properties for Playa Hotels & Resorts, S.L., a privately held Spanish company which currently owns seven resorts in Mexico and the Dominican Republic. Additional information can be found at the company's web site at; www.barcelocrestline.com.
Crestline Hotels & Resorts | Crestline Hotels & Resorts, Inc. is one of the nation's largest independent hospitality management companies. Founded in 2000, the Company presently manages 46 hotels, resorts and conference and convention centers with nearly 11,200 rooms in 14 states and the District of Columbia. Crestline Hotels & Resorts manages properties independently and under such well regarded brands as Marriott, Hilton, Westin, Renaissance, Sheraton, Crowne Plaza, Wyndham and Radisson. Additional information about the hotel management company is available at the company's web site: www.crestlinehotels.com.
Note: Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Certain, but not necessarily all, of such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "estimates" or "anticipates" or the negative thereof or comparable terminology. All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual transactions, results, performance or achievements of the Company to be materially different from any future transactions, results, performance or achievements expressed or implied by such forward-looking statements.
James Carroll
Phone: +1-571-382-1700
Email: James.Carroll@barcelocrestline.com
 Barcelo Crestline Corporation
www.crestlinehotels.com
8405 Greensboro Drive - Suite 500
USA
- McLean, VA 22102
Phone: 571-382-1800
Fax: 571-382-1755
Email: info@barcelocrestline.com
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