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Crescent JV Puts $1B Buying Pool Into Play

FAIRFAX, VA-Crescent Hospitality, Allied Capital and LCP Group launch the hotel group by closing on the 227-room Detroit Marriott Livonia.

By Erika Morphy | Updated on September 18, 2006

FAIRFAX, VA-Together with new partners Allied Capital and LCP Group, Crescent Hospitality has formed a fund to acquire up to $1 billion in hotel assets in the coming 12 to 18 months. The fund begins with the purchase of the Detroit Marriott Livonia.

The Fairfax, VA-based Crescent’s new property is 17100 Laurel Park Drive North adjacent to the Laurel Park Place mall. Molinaro Koger, a hotel real estate advisory firm headquartered in Washington, DC, brokered the sale. The seller’s identity and closing price couldn’t be obtained by publication time.

In this morning’s press release, Crescent Hospitality says it will fine-tune its investment strategy to include acquisitions and sliver investments to build a portfolio as Crescent Hotels & Resorts. The fund is structured for direct investment or joint-venture arrangements with affiliated and unaffiliated partners.

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