Barceló Crestline Corporation Announces the Acquisition of Tidewater Hotels & Resorts, Inc, of Virginia Beach, VA (United States)
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Barceló Crestline Corporation Announces the Acquisition of Tidewater Hotels & Resorts, Inc, of Virginia Beach, VA (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2008-06-06
Crestline Hotels & Resorts to Manage the Portfolio of 17 Properties
Barceló Crestline Corporation, the parent company of Crestline Hotels & Resorts, Inc. and one of the leading hotel management and leasing companies in North America, today announced the acquisition of certain assets of Tidewater Hotels & Resorts, Inc. of Virginia Beach, VA. Tidewater’s portfolio includes the management of 17 full and select service hotels throughout Virginia and North Carolina, as well as a full-service, independently operated regional laundry facility. The 17 properties will add 2,400 rooms to Crestline Hotels & Resorts’ managed portfolio increasing Crestline’s ranking to the fourth largest independent hospitality management company in North America with nearly 14,600 rooms, encompassing 66 open hotels and 4 under construction in 14 states and the District of Columbia. The acquisition is expected to be completed in June and is anticipated to occur concurrently with Apple REIT Eight, Inc,’s acquisition of all or a portion of eight hotels that are in the Tidewater portfolio and owned by Tidewater. Tidewater Hotels & Resorts is a privately held 30-year-old company founded by owner Thomas Lyons. The team of Doug Henkel, Marc Magazine and Lew Miller of CB Richard Ellis Hotels represented the buyer in this transaction. The purchase price was not disclosed.
“The acquisition of Tidewater by Barceló Crestline will increase the management portfolio of Crestline Hotels & Resorts by 25 percent,” said Bruce Wardinski, Chairman of Barceló Crestline. “The hotels in the portfolio are premium properties located in desirable vacation and tourism destinations that complement our existing portfolio and meet our company’s criteria for growth. The hotels, many of which are beachfront, are located throughout Virginia Beach, Charlottesville, Chesapeake and Bedford in Virginia, as well as Carolina Beach and Wilmington in North Carolina. All of the hotels are in drive-to markets, surrounded by a large population base, and enjoy a history of recession-resilient business. We are secure in our belief in the long- term performance of these assets,” added Wardinski.
“Barceló Crestline shares our commitment to owning and operating well managed hotels,” said Thomas Lyons, founder and owner, Tidewater Hotels. “We are confident that under the direction of Crestline Hotels & Resorts our portfolio will continue to serve the needs and expectations of our guests and benefit from the resources that Barceló Crestline brings to the table,” added Lyons.
The Tidewater portfolio includes the following properties:
The Hotels Guest Rooms Location
Holiday Inn Oceanside 150 VA Beach, VA
Holiday Inn Surfside 143 VA Beach, VA
Sheraton Oceanfront 203 VA Beach, VA
*Courtyard by Marriott 25th Street 143 VA Beach, VA
*Courtyard by Marriott 37th Street 160 VA Beach, VA
*Courtyard by Marriott Charlottesville 137 Charlottesville, VA
*Courtyard by Marriott Carolina Beach 140 Carolina Beach, NC
*Courtyard by Marriott Suffolk 92 Suffolk, VA
*TownePlace Suites Suffolk 72 Suffolk, VA
Staybridge Suites Chesapeake 115 Chesapeake, VA
Residence Inn Oceanfront 72 VA Beach, VA
Fairfield Inn & Suites Oceanfront 119 VA Beach, VA
SpringHill Suites Oceanfront 168 VA Beach, VA
Peaks of Otter Lodge 63 Bedford, VA
Holiday Inn SunSpree 266 VA Beach, VA
*Chesapeake Marriott (opening 2008) 225 Chesapeake, VA
*Fairfield Inn Wilmington (opening 2008)124 Wilmington, NC
*A subsidiary of Apple REIT Eight, Inc. has contracted to purchase these hotels from Tidewater. Neither Barceló Crestline nor Crestline Hotels & Resorts is affiliated with Apple REIT Eight, Inc.
In addition, Barceló Crestline is acquiring a full-service regional laundry facility located in Virginia Beach. The facility will continue to service the Tidewater properties, as well as additional hotels currently managed by Crestline Hotels & Resorts in the area. On-going plans call for the laundry facility to be operated as an independent financial asset, offering laundry services to third party operations. Crestline Hotels & Resorts will also operate a regional office from Virginia Beach at the current headquarters of Tidewater Hotels & Resorts.
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