FAIRFAX, Va., March 3, 2015 (GLOBE NEWSWIRE) -- James Carroll, President & CEO of Crestline Hotels & Resorts, LLC ("Crestline"), announced today that Crestline has assumed management of a portfolio of 34 full, select and extended stay hotels in 15 states. Collectively, the hotels add 4,681 guestrooms to Crestline's managed portfolio, resulting in a company-wide portfolio of nearly 12,000 rooms. The 34 properties are located throughout the U.S. from California to Florida, and are comprised of upper upscale and upscale brands including – Embassy Suites, Hyatt Place, SpringHill Suites, Courtyard by Marriott, Hilton Garden Inn, Fairfield Inns & Suites, Homewood Suites, Residence Inns and Hampton Inns.* The announcement follows the concurrent acquisition of 116 hotels by American Realty Capital Hospitality Trust, Inc.
"We have been carefully planning for this acquisition and the subsequent increase in the size of our managed hotel portfolio since American Realty Capital Hospitality Trust, Inc. announced the purchase of the Equity Inns hotel portfolio from Goldman Sachs in 2014," said Carroll. "Our senior management team is working diligently with each property's employees to make the changeover in management seamless, assuring excellent guest service and continuity of on-site staffing. We are beginning the process with the introduction of our brand values and best practices as we work with each hotel's team to ensure a successful transition for employees as well as guests," added Carroll.
Crestline finished 2014 as a market leader in RevPAR and with companywide RevPAR Index of 111%, gaining 1.5% more share year-over-year, indicating that Crestline grew 21% more than its competitive set. "Our expert leadership and strong market performance are fueling new management opportunities, and we are definitely looking forward to continuing our growth throughout 2015," Carroll said.
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 74 hotels, resorts and conference and convention centers with nearly 12,000 rooms in 21 states and the District of Columbia. Crestline manages properties under such well-regarded brands as Marriott, Hilton, Intercontinental, Hyatt and Starwood, as well as independent, private label hotels and conference centers throughout the United States. For more information visit: www.crestlinehotels.com.
About American Realty Capital Hospitality Trust, Inc.
American Realty Capital Hospitality Trust, Inc. ("ARC Hospitality") is a publicly registered non-traded REIT. ARC Hospitality's investment strategy focuses on acquiring institutional quality, strategically located, lodging properties in North America, partnering with premium national hotel brands. For more information on ARC Hospitality, please contact your financial professional or visit the website: www.ARCHospitalityREIT.com.
*Property List Attached.
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.
Listing of Newly Added Hotels to Crestline's Managed Hotel Portfolio:
|Courtyard Bowling Green Convention Center|
|Courtyard Dallas Medical / Market Center|
|Courtyard Houston I-10 West / Energy Corridor|
|Courtyard San Diego Carlsbad / McClellan-Palomar Airport|
|Fairfield Inn & Suites Atlanta Vinings|
|Fairfield Inn & Suites Dallas Medical / Market Center|
|Residence Inn Los Angeles LAX / El Segundo|
|Residence Inn San Diego Rancho Bernardo / Scripps Poway|
|SpringHill Suites Austin Round Rock|
|SpringHill Suites Houston Hobby Airport|
|SpringHill Suites San Antonio Medical Center / Northwest|
|SpringHill Suites San Diego Rancho Bernardo / Scripps Poway|
|Embassy Suites Orlando - International Drive / Jamaican Court|
|Hampton Inn Austin-North at I-35 & Hwy 183|
|Hampton Inn Orlando - International Drive / Convention Center|
|Hilton Garden Inn Albuquerque North / Rio Rancho|
|Hilton Garden Inn Austin / Round Rock|
|Hilton Garden Inn Louisville East|
|Homewood Suites Downtown Chicago|
|Homewood Suites Orlando - International Drive / Convention Center|
|Hyatt Place Albuquerque / Uptown|
|Hyatt Place Baltimore / BWI Airport|
|Hyatt Place Baton Rouge / I-10|
|Hyatt Place Birmingham / Hoover|
|Hyatt Place Cincinnati / Blue Ash|
|Hyatt Place Columbus / Worthington|
|Hyatt Place Indianapolis / Keystone|
|Hyatt Place Kansas City / Overland Park / Metcalf|
|Hyatt Place Memphis / Wolfchase Galleria|
|Hyatt Place Miami Airport-West / Doral|
|Hyatt Place Nashville / Franklin / Cool Springs|
|Hyatt Place Richmond / Innsbrook|
|Hyatt Place Tampa Airport / Westshore|
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Source:Crestline Hotels & Resorts