FAIRFAX, VA – March 3, 2015 – James Carroll, President & CEO of Crestline Hotels & Resorts, LLC (“Crestline”), announced today that Crestline has assumed management of a portfolio of 34 full, select and extended stay hotels in 15 states. Collectively, the hotels add 4,681 guestrooms to Crestline’s managed portfolio, resulting in a company-wide portfolio of nearly 12,000 rooms. The 34 properties are located throughout the U.S. from California to Florida, and are comprised of upper upscale and upscale brands including – Embassy Suites, Hyatt Place, SpringHill Suites, Courtyard by Marriott, Hilton Garden Inn, Fairfield Inns & Suites, Homewood Suites, Residence Inns and Hampton Inns.* The announcement follows the concurrent acquisition of 116 hotels by American Realty Capital Hospitality Trust, Inc.
“We have been carefully planning for this acquisition and the subsequent increase in the size of our managed hotel portfolio since American Realty Capital Hospitality Trust, Inc. announced the purchase of the Equity Inns hotel portfolio from Goldman Sachs in 2014,” said Carroll. “Our senior management team is working diligently with each property’s employees to make the changeover in management seamless, assuring excellent guest service and continuity of on-site staffing. We are beginning the process with the introduction of our brand values and best practices as we work with each hotel’s team to ensure a successful transition for employees as well as guests,” added Carroll.
Crestline finished 2014 as a market leader in RevPAR and with companywide RevPAR Index of 111%, gaining 1.5% more share year-over-year, indicating that Crestline grew 21% more than its competitive set. “Our expert leadership and strong market performance are fueling new management opportunities, and we are definitely looking forward to continuing our growth throughout 2015,” Carroll said.