Crescent Selling Six Hotels

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. October 14, 2008

FORT WORTH, TX, May 24, 2007. Crescent Real Estate Equities Company (NYSE:CEI) today announced the sale of the following resort and hotel assets and a single office asset for a gross purchase price of $445 million:

---|Ventana Inn & Spa, a 60-room resort in Big Sur, CA;

---|Park Hyatt Beaver Creek Resort & Spa, a 190-room resort in Avon, CO;

---|Denver Marriott City Center, a 613-room hotel in Denver, CO;

---|Renaissance Houston Hotel, a 388-room hotel in Houston, TX;

---|Omni Austin Hotel, a 375-room hotel in Austin, TX; and

---|Austin Centre, a 343,664 square foot Class A office building in Austin, TX

---|The intended sale of these assets was announced by Crescent on April 7, 2007.

---|Crescent expects to close on the sale of two additional properties, the Fairmont Sonoma Mission Inn & Spa and the Sonoma Golf Club during the second quarter for a gross purchase price of $175 million.

---|Once completed, the total gross purchase price from the two transactions is expected to be approximately $620 million.

Crescent's share of the gross purchase price, determined after taking into account the interests of its partners in the sales and incentive payments due as a result of the sales, is expected to be approximately $580 million, resulting in a net gain on the sale of approximately $250 million. After paying down secured debt associated with these transactions, Crescent intends to use the remaining proceeds to address its 2007 debt maturities and pay down the revolving credit facility.

This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.