Crestline--which is among the nation's 20 largest independent hotel management companies--leases and invests in hotel properties, and manages hotels, resorts, conference centers and convention centers through Crestline Hotels & Resorts, of which Crestline Corp. is the parent company. Its activities cover nearly 7,000 rooms in twelve states and the District. "We have spent the last three years focused on maximizing shareholder value and the merger is the culmination of those efforts,"

Crestline president and CEO Bruce D. Wardinski says in a statement on the move. "After reviewing all of our strategic alternatives, we believe that this merger is the best alternative. It is a tax-efficient vehicle to distribute the significant asset sale proceeds we have accumulated over the last fifteen months, as well as providing shareholders with full value for the remaining assets." Officials from both Crestline and Barcelo anticipate the transaction's closing no later than the end of June. Crestline will continue in its management capacity and Crestline Hotels & Resorts will remain as is.