Crescent Hotels Expands into Canada
May 12, 2010 - Crescent Hotels & Resorts announced today that on its first anniversary of the launch of Crescent Hotels & Resorts Canada, it plans to continue to expand substantially over the next 12 months after growing in its first year of operation to 14 hotels, primarily for full-service, branded and independent hotels and resorts. The company said it expects to add six to 10 additional management contracts in Canada over the next year in response to signs of a recovery in the hotel industry and the demand for Crescent's operating expertise that can optimize profitability in all phases of the economic cycle.
“It has always been part of the company's strategy to have a solid base of operation in Canada,” said Michael George, Crescent Hotels & Resorts president and CEO. “The senior management team has in-depth experience in Canadian markets. We have a full operating company infrastructure in place in Toronto and the field, supported by corporate leaders and resources at the parent company's headquarters office outside of Washington, D.C. This allows us to achieve significant economies of scale. We see growing interest in our services from both publicly and privately held institutional grade hotel ownership groups.”
“The Canadian hotel industry, like most parts of the world has had a difficult time with the worldwide economic downturn,” said Anthony “Tony” Cohen, Crescent Canada senior vice president of development. “In this challenging environment, hotel owners seek a high impact, proven operator who can positively influence revenues while holding down costs, while preparing to take full advantage of the opportunities available as the economy and industry recover. Crescent fills that need and void in Canada and also can bring fresh equity to transactions, when appropriate.”
About Crescent Hotels & Resorts
Crescent Hotels & Resorts Canada, a division of Crescent Hotels & Resorts, operates hotels and resorts in the provinces of Ontario, Alberta and Northwest Territories. The division is headquartered in Toronto, Ontario.
Headquartered in Fairfax, Va., outside of Washington, D.C., parent company Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is a nationally recognized Top 10 independent, third-party operator of hotels and resorts. The company currently owns or operates 65 hotels and resorts aggregating more than 13,000 rooms in 28 states, Canada and the Caribbean. The company's portfolio encompasses properties in the resort, luxury, upper upscale, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, Hyatt, InterContinental, Radisson, Preferred, and Wyndham, as well as ledgendary independent hotels and resorts. Additional information about Crescent Hotel & Resorts Canada may be found on the company's Web site www.chrco.com.
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