Crescent Partners with Carlyle to Acquire Sheraton College Park
Hotel to undergo $4mil renovation
FEBRUARY 22, 207. The Carlyle Group, a global private equity firm, and Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, today announced the formation of a joint venture which has acquired the Sheraton College Park, Md., from Boston-based Pyramid Advisors for an undisclosed amount. Crescent will operate the hotel and oversee a $4 million renovation of the property over the next six months.
Located at 4095 Powder Mill Rd., Beltsville, Md., the 205-room hotel is near the University of Maryland campus at the confluence of Interstate 495 and Interstate 95.
"Washington, D.C. is our headquarters city, and we have a strong history and track record in this market," said Michael George, Crescent president and CEO. "The hotel is in a prime location surrounded by numerous demand generators. This is our first partnership with The Carlyle Group, one of the nation's premier private equity investment firms, and we look forward to identifying additional opportunities to partner with them in future hotel acquisitions."
"With its close proximity to the University of Maryland, the hotel has excellent access to Washington and three nearby airports via the Beltway," George noted. "There also are numerous business demand generators, which will increase substantially with the upcoming relocation and consolidation of Food and Drug Administration (FDA) offices at the government-owned White Oak site approximately 4.5 miles from the hotel.
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