Barcelo Crestline Acquiring Tidewater of Virginia Beach, VA
Crestline to Manage the Portfolio of 17 Properties
MCLEAN, VA, June 5, 2008. 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.
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