Crescent tops $200mn asset buys

17th May 2007

Crescent Hotels & Resorts has surpassed the $200 million acquisition mark with the purchase
of the Embassy Suites Richmond in Virginia and the Doubletree Guest Suites Plymouth Meeting in suburban Philadelphia. The purchase was from
Thayer Lodging Group for an undisclosed amount.
Combined, the two hotels
will undergo $6 million in renovations. Crescent will operate both hotels,
as well as oversee the renovation programs.
  “We remain on target to acquire up to $1 billion in hotel assets
through direct investment or joint-venture arrangements with affiliated and
unaffiliated partners over the next 18 months,” said Michael George,
Crescent president and CEO. “The properties are a perfect fit with our
portfolio profile of upper, upscale hotels and hotels in the 200- to
500-room range, located in primary and secondary U.S. markets, as well as
resorts. These two hotels will benefit from our renovation program, as well
as very focused management.”
  Located at 2925 Emerywood Parkway in Richmond, the eight-story Embassy
Suites underwent a major renovation in 2006. “The property is in excellent
physical condition,” George noted. “Our additional $2.5 million investment
will complete the finishing touches that will put the hotel in like-new
condition and make it highly competitive in this market.
  “Cosmetic upgrades will enhance the ‘curb appeal’ of the hotel. Public
spaces will be upgraded, including relocating the business center and
installing state-of-the-art exercise equipment. Guests rooms will be
totally refreshed with new soft and case goods.”
  The Embassy Suites Richmond is centrally situated near the intersection
of Broad Street and I-64 in the scenic west end of the historic capital
city. The hotel is minutes from downtown Richmond and the city’s central
business area, the 800-acre Innsbrook Corporate Center, Short Pump Towne
Center and the University of Richmond.
  The International Association of Conference Centers (IACC)-accredited
hotel features 13,000 square feet of meeting space. “This property is
without peer in the Richmond market for small and mid-sized groups,” George
said. The eight-story tropical atrium also offers an indoor swimming pool,
sauna, whirlpool, laundry service and complimentary, cooked-to-order
breakfast. The hotel’s Atrium Grill provides informal dining for up to 60
people. The two-room suites, complete with spacious living room parlor and
separate bedroom, are equipped with a fully stocked kitchenette, wet bar,
full-sized refrigerator, high-speed Internet access and a Jacuzzi.
  The seven-story Doubletree Guest Suites Plymouth Meeting is located at
640 W. Germantown Pike in Pennsylvania, less than one-quarter mile from the
Pennsylvania Turnpike in a scenic, wooded setting. The hotel is just
minutes from the King of Prussia Mall, the largest in the region; downtown
Philadelphia; Valley Forge National Park; and Villanova University.
  The hotel immediately will undergo an approximate $3.5 million
renovation program. Highlights will include a complete renovation of the
indoor pool/whirlpool area, adding new gym equipment and the installation
of 32” flat panel televisions and the “Sweet Dreams” Doubletree bedding
  Hotel amenities include more than 8,000 square feet of meeting space,
atrium lounge, indoor swimming pool, Jacuzzi, fitness center, 24-hour
business center and the Brandywine Hunt Club and Grille. The two-room
suites are equipped with wet bar, refrigerator, microwave oven, two dual
line speaker phones with voice mail and complimentary high-speed Internet
access.  “This hotel is in a great location with multiple demand generators,”
George said. “The property has been well-maintained, and this renovation
will bring it up to peak physical condition.”


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