This latest addition to its family of assets pushes the hotel group past the $200-million mark on its march towards its goal of $1 billion in acquisitions. Last September Crescent, with new partners Allied Capital and LCP Group, formed a fund to acquire up to $1 billion in hotel assets in the coming 12 to 18 months, as reported by GlobeSt.com.

Since then, the company has invested either through direct investment or JVs with partners. The first acquisition was the 227-room Detroit Marriott Livonia. Earlier this year it partnered with Carlyle Group to acquire a 205-key hotel in Beltsville, MD from Boston-based Pyramid Advisors for an undisclosed amount.

The Richmond and Philadelphia hotels meet the fund's investment criteria, CEO Michael George says. "The properties are a perfect fit with our portfolio profile of upper, upscale hotels and hotels in the 200- to 500-room range, located in primary and secondary US markets, as well as resorts. These two hotels will benefit from our renovation program, as well as very focused management."