Crescent Makes Acquisitions, Lands Contracts

FAIRFAX, VA-Crescent Hotels & Resorts is picking up three new hotel assets in Milwaukee, Washington, DC and in an undisclosed location in the Mid-Atlantic. It has also signed two management contracts in the Southeast. The acquisitions are part of the firm’s $1-billion buying pool announced last September and reported in GlobeSt.com .

“We have committed more than $150 million in acquisition investment since we announced the formation of our acquisition fund and purchased our first property several months ago,” says Michael George, Crescent president and CEO, in a statement. “All four properties fit our acquisition profile of 200- to 500-room, upper, upscale hotels located in top US markets, as well as resorts.”

Crescent has acquired the Sheraton Milwaukee Brookfield, a 389-key property with 18,000 sf of meeting space located at 375 South Moorland Rd. It will undergo a $10-million renovation to upgrade the exterior, rooms and public space that will be completed by Q3 2007.