Crescent Hotels & Resorts Successfully Expands into Canada
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Crescent Hotels & Resorts Successfully Expands into Canada
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Category: North America & West Indies / Carribean islands - Canada -
This is a press release selected by our editorial committee and published online for free on 2010-05-17
Opens Toronto Office, 14 Hotels in First Year of Operation, Expects Growth of 6-10 additional hotels in next 12 Months
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.”
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