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Crescent Fund Has $200M Plus Under Contract

FAIRFAX, VA-The just-launched $1-billion fund has placed 13 LOIs or contracts, of which a dozen could close by yearend.

By Erika Morphy | Updated on September 19, 2006

FAIRFAX, VA-Crescent Hotels & Resorts’ $1-billion acquisition fund has $200 million to $250 million of potential or pending acquisitions in its pipeline.

“There are 13 properties under letter of intent or contract right now,” Michael George, Crescent Hospitality president and CEO, tells GlobeSt.com. “We are attempting to close on 12 by the end of the year.” JV partners Crescent Hospitality, Allied Capital of Washington, DC and the LCP Group in White Plains plan to spend the $1 billion in the next 12 to 18 months.

Its acquisition activities–which will include sliver equity investment–represent a new direction in strategy with the launch of the locally based Crescent Hotels & Resorts. Until now, Crescent Hospitality primarily was a manager of hotels and freestanding restaurants. George says the hotels will be managed by Crescent Hotels & Resorts. Crescent Hospitality has sold its restaurant assets in New York, New Jersey and Delaware.

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