FAIRFAX, Va., Jan. 23, 2014 (GLOBE NEWSWIRE) -- James Carroll, President & CEO of Crestline Hotels & Resorts LLC ("Crestline") announced today that Crestline is poised and ready for major expansion now that its acquisition by AR Capital LLC ("ARC") is complete. Crestline expects to source, under-write and enter into new management agreements for select-service and full-service hotels affiliated with major brands, such as Marriott, Hilton, Hyatt, InterContinental Hotel Group and Starwood. Crestline will target stabilized properties in mostly primary and secondary markets for acquisition.
"Over the past year, Crestline has been working diligently with our senior leaders and associates as we prepare for this exciting expansion opportunity," said Carroll. "As ARC's hospitality-focused property manager, we are focused on upscale and upper upscale select-service and full-service properties which have long been Crestline's 'sweet spot' for successful management. When compared to our competitive set, market-by-market, Crestline has a track record of excellence in driving premium RevPAR, as well as high guest satisfaction scores. As a leading U.S. hospitality management company, we are looking forward to this new phase in our growth and corporate evolution," added Carroll.
Crestline currently manages 44 hotels representing 7,500 rooms and $375 million of annual hotel revenues. Included in its portfolio are leading hospitality brands including Marriott, Hilton, InterContinental, Starwood, as well as multiple independent hotels. Crestline has more than 3,000 associates, including 50 corporate staff.
About Crestline Hotels & Resorts LLC
Crestline Hotels & Resorts LLC is one of the nation's largest independent hospitality management companies. Founded in 2000, the company presently manages 44 hotels, resorts and conference and convention centers with nearly 7,500 rooms in 11 states and the District of Columbia. Crestline manages properties under such well-regarded brands as Marriott, Hilton, Intercontinental, and Starwood, as well as independent, private label hotels and conference centers throughout the United States. For more information visit: www.crestlinehotels.com.
About AR Capital LLC
ARC is a full-service investment advisory firm sponsoring a series of investment programs with an emphasis on publicly registered non-traded real estate offerings. ARC was formed by Nicholas S. Schorsch and William M. Kahane with the vision of building a portfolio of companies focusing on sector specific and best of class investment solutions, independently governed and distributed to retail investors over a unique multi-product wholesale distribution platform through Realty Capital Securities, LLC.
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "anticipate", "believe", and "intend" indicate a forward-looking statement; although not all forward-looking statements include these words.
CONTACT: Gayle MacIntyre Global Ink Communications 404-643-8222 firstname.lastname@example.orgSource:Crestline Hotels & Resorts