Crescent Expands into Development with Clarkson Group
Joint Venture Plans to Own/Operate
AUGUST 6, 2007. Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, today announced that it has entered into a joint venture with The Clarkson Group (TCG), a national real estate investment and development group, to develop upscale, select-service hotels. Under terms of the agreement, Crescent has invested in three Clarkson Group-developed hotels in Florida and Georgia and will invest in two additional hotels currently under construction.
Up to eight to ten additional hotels will be developed over the next two years, as part of this joint venture. Crescent will manage the joint venture's hotels. New hotel sites will be on the Eastern Seaboard and Washington, D.C. and concentrate on the leading hotel brands, including Marriott Residence Inn, Starwood's aloft and Element, IHG Staybridge Suites, Hilton's Homewood Suites and Hampton Inn, and Hyatt Place.
"This joint venture expands our investment platform into development with the added benefit of hotel management," said Michael George, Crescent president and CEO. "Crescent's master plan is built on diversification across the leading brands, locations, ownership, management and now development. We wanted to partner with an experienced developer to get the properties out of the ground while we focused on pre-opening and on-going management.
Clarkson has a more than 30-year proven track record in real estate development. It's a perfect partnership," he said.
"With Crescent's extensive expertise in hotel operations and the economies of scale and synergies that their size brings, we believe our hotels will have a decided competitive edge in their respective marketplaces," said Charles A. Clarkson, founder and chairman.
The Clarkson Group hotels include:
---|Coconut Grove Residence Inn - Miami, FL.
---|Ybor City Hampton Inn & Suites - Tampa, FL
---|Historic Savannah Staybridge Suites - Savannah, GA
"These hotels have significant upside potential," George said. "They will be great additions to our portfolio."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
