Crestline Capital Corp. bought the Residence Inn portfolio back in 1999 in an "opportunistic" acquisition, according to Crestline executive vice president and chief financial officer James L. Francis. "We were able to purchase 77% of the portfolio at extremely attractive pricing. Over the last two years we have increased our ownership to 100%," he said.
The hotels in the portfolio are scattered across the country: there are three in California, two in Texas, and one each in Alabama, Connecticut, Georgia, Massachusetts and Ohio, according to Crestline Capital spokeswoman Heather Scanlon.
According to Crestline president, chairman and CEO Bruce D. Wardinski, the sale is part of a hotel management growth strategy. "Since Marriott International manages these hotels, a sale of these assets is consistent with our strategy of investing in hotels where Crestline Hotels & Resorts is the manager," he says. "With the attractive returns we are able to realize and the substantial capital that will be unlocked, this is an excellent transaction for Crestline."
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