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 certain assets of Tidewater Hotels & Resorts, Inc. of Virginia Beach, VA. Tidewater's portfolio includes the management of 17 full and select service hotels throughout Virginia and North Carolina, as well as a full-service, independently operated regional laundry facility. The 17 properties will add 2,400 rooms to Crestline Hotels & Resorts' managed portfolio increasing Crestline's ranking to the fourth largest independent hospitality management company in North America with nearly 14,600 rooms, encompassing 66 open hotels and 4 under construction in 14 states and the District of Columbia. The acquisition is expected to be completed in June and is anticipated to occur concurrently with Apple REIT Eight, Inc.'s acquisition of all or a portion of eight hotels that are in the Tidewater portfolio and owned by Tidewater. Tidewater Hotels & Resorts is a privately held 30-year-old company founded by owner Thomas Lyons. The team of Doug Henkel, Marc Magazine and Lew Miller of CB Richard Ellis Hotels represented the buyer in this transaction. The purchase price was not disclosed.
"The acquisition of Tidewater by Barcelo Crestline will increase the management portfolio of Crestline Hotels & Resorts by 25 percent," said Bruce Wardinski, Chairman of Barcelo Crestline. "The hotels in the portfolio are premium properties located in desirable vacation and tourism destinations that complement our existing portfolio and meet our company's criteria for growth. The hotels, many of which are beachfront, are located throughout Virginia Beach, Charlottesville, Chesapeake and Bedford in Virginia, as well as Carolina Beach and Wilmington in North Carolina. All of the hotels are in drive-to markets, surrounded by a large population base, and enjoy a history of recession-resilient business. We are secure in our belief in the long- term performance of these assets," added Wardinski.
"Barcelo Crestline shares our commitment to owning and operating well managed hotels," said Thomas Lyons, founder and owner, Tidewater Hotels. "We are confident that under the direction of Crestline Hotels & Resorts our portfolio will continue to serve the needs and expectations of our guests and benefit from the resources that Barcelo Crestline brings to the table," added Lyons.
The Tidewater portfolio includes the following properties:
The Hotels Guest Rooms Location
Holiday Inn Oceanside 150 VA Beach, VA
Holiday Inn Surfside 143 VA Beach, VA
Sheraton Oceanfront 203 VA Beach, VA
*Courtyard by Marriott 25th Street 143 VA Beach, VA
*Courtyard by Marriott 37th Street 160 VA Beach, VA
*Courtyard by Marriott Charlottesville 137 Charlottesville, VA
*Courtyard by Marriott Carolina Beach 140 Carolina Beach, NC
*Courtyard by Marriott Suffolk 92 Suffolk, VA
*TownePlace Suites Suffolk 72 Suffolk, VA
Staybridge Suites Chesapeake 115 Chesapeake, VA
Residence Inn Oceanfront 72 VA Beach, VA
Fairfield Inn & Suites Oceanfront 119 VA Beach, VA
SpringHill Suites Oceanfront 168 VA Beach, VA
Peaks of Otter Lodge 63 Bedford, VA
Holiday Inn SunSpree 266 VA Beach, VA
*Chesapeake Marriott (opening 2008) 225 Chesapeake, VA
*Fairfield Inn Wilmington (opening 2008) 124 Wilmington, NC
* A subsidiary of Apple REIT Eight, Inc. has contracted to purchase these
hotels from Tidewater. Neither Barcelo Crestline nor Crestline Hotels &
Resorts is affiliated with Apple REIT Eight, Inc.
In addition, Barcelo Crestline is acquiring a full-service regional laundry facility located in Virginia Beach. The facility will continue to service the Tidewater properties, as well as additional hotels currently managed by Crestline Hotels & Resorts in the area. On-going plans call for the laundry facility to be operated as an independent financial asset, offering laundry services to third party operations. Crestline Hotels & Resorts will also operate a regional office from Virginia Beach at the current headquarters of Tidewater Hotels & Resorts.
About the Companies
Barcelo Crestline CorporationIn 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 four 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 seventeen resorts in Mexico and the Dominican Republic. Additional information can be found at the company's web site at;
www.barcelocrestline.com
.
Crestline Hotels & ResortsCrestline Hotels & Resorts, Inc. is one of the nation's largest independent hospitality management companies. Founded in 2000, the company presently manages 70 hotels, resorts and conference and convention centers with nearly 14,600 rooms in 14 states and the District of Columbia. Crestline Hotels & Resorts manages over 12 independent properties in major US markets including Atlanta, Chicago, Houston, Los Angeles and Washington D.C. Crestline also manages properties under such well-regarded brands as Marriott, Hilton, Westin, Renaissance, Sheraton, Crowne Plaza and Wyndham. For more information visit
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.
