Crestline Hotels & Resorts, Inc. was selected to manage the new 198-room Hilton Garden Inn under development in downtown Detroit, Michigan. The hotel, located one block from Tigers` Stadium, the new Detroit Lions` stadium and one block from Compuware`s corporate headquarters, will be the first new hotel built in downtown Detroit in many years. The Hotel is scheduled to open in February 2004.
The Ferchill Group of Cleveland, Ohio is the hotel developer. John Ferchill, President of the Company stated, “We`ve been working on this project a long time. Bringing the lenders and investors together in this economic environment has been very challenging and we`re very excited that all the pieces have finally come together.” He added, “The City of Detroit has been supportive of the project and realizes this is a key component to the revitalization of Downtown.” When asked about the Management Company, Ferchill said, “We selected Crestline because of their expertise in this market niche. They have a proven track record with many high quality, urban limited service hotels. In addition,” he added, “they understood our needs as owners and were willing to negotiate the management contract with flexible terms that work for our investors.”
Crestline Hotels & Resorts` portfolio of managed hotels includes many high quality urban properties under brands such as Hilton Garden Inn and Courtyard by Marriott. Dave Durbin, President & CEO of Crestline Hotels & Resorts said, “We`re very excited to be involved with this hotel project and to be a part of the revitalization of the Motor City. In addition to our property near the airport, this hotel will be our second in the Detroit area. Our pipeline of hotel management opportunities includes continued growth in the Midwest and numerous Hilton Garden Inns.”
About the Hotel:
The Hilton Garden Inn brand recently received the distinguished “Highest Guest Satisfaction Among Mid-Price Hotel Chains with Full Service” award in the J.D. Power and Associates 2002 North America Hotel Guest Satisfaction Study(SM). With more than 150 hotels now open across North America and more scheduled to open throughout 2003 and beyond, the Hilton Garden Inn brand is positioned as the leading, mid-priced lodging choice for today`s growing segment of midmarket travelers. The 10-story Downtown Detroit property will offer a complimentary, 24-hour business center and each guestroom will feature an oversized work desk plus two telephones each with two phone lines, high speed Internet access and on-hold feature—to make conducting business from your room more productive. All guests will enjoy the microwave, refrigerator and coffee maker in every guestroom. The property will offer a complimentary swimming pool, whirlpool, and fitness center, and a Pavilion Pantry(TM) convenience mart which will sell snacks and sundry items 24-hours a day.
About the Companies:
Crestline Hotels & Resorts, Inc. manages and leases 29 hotels, resorts and conference and convention centers with nearly 6,400 rooms in eleven states and the District of Columbia. Crestline Hotels & Resorts manages properties independently and under such well regarded brands as Marriott, Hilton, Sheraton, Renaissance and Radisson. Additional information about the hotel management company is available at the company`s web site:
Barcelo Crestline Corporation is the parent company of Crestline Hotels & Resorts, Inc. Barcelo Crestline also leases and has investments in hotel properties. Additional information about Barcelo Crestline is available at the company`s web site: http://www.barcelocrestline.com/.
The Ferchill Group is a real estate development and management company based in Cleveland and active throughout the Midwest. The firm has launched more than $1.0 billion in commercial projects and focuses predominantly on urban niche opportunities for office, residential, hotel and entertainment development. The firm is active in new construction and historic rehabilitation, including, most recently, the $300 million conversion of the Pabst brewery complex in downtown Milwaukee into PabstCity, an urban entertainment center featuring 1.4 million square feet of entertainment, restaurant, loft apartments, office and hotel space
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. These may include: (i) national and local economic and business conditions or governmental regulations that will affect demand, prices, wages or other costs for hotels; (ii) the level of rates and occupancy that can be achieved by such properties; (iii) the Company`s ability to compete.