Crestline Buys 17-Hotel Portfolio from Tidewater
- Jun 06, 2008
Barceló Crestline Corp. has acquired 17 hotels in Virginia and North Carolina. Barceló Crestline, the parent company of Crestline Hotels & Resorts Inc., purchased the properties from Virginia Beach firm Tidewater Hotels & Resorts Inc. The portfolio consists of a total of some 2,400 rooms in 15 hotels In Virginia and two in North Carolina. The purchase also includes a full-service regional laundry facility in Virginia Beach. CB Richard Ellis Inc. represented Barceló Crestline in the transaction. FInancial details of the transaction were not revealed. With this acquisition, expected to be finalized this month, Crestline Hotels becomes the fourth largest independent hospitality company in North America. The firm operates 66 hotels in 14 states and the District of Columbia, with four additional hotels under construction. In the wake of this purchase, Crestline will operate a regional office out of Tidewater’s current headquarters in Virginia Beach, Va. Crestline officials cited growth opportunity as a key motivator in the deal. “The acquisition of Tidewater by Barceló Crestline will increase the management portfolio of Crestline Hotels & Resorts by 25 percent,” Bruce Wardinski, chairman of Barceló Crestline, stated in a release. “The hotels in the portfolio are premium properties located in desirable vacation and tourism destinations that complement our existing portfolio and meet our company’s criteria for growth.” The properties–several of which are on beachfront sites–are located throughout Virginia Beach , Charlottesville , Chesapeake and Bedford in Virginia , as well as Carolina Beach and Wilmington in North Carolina . “All of the hotels are in drive-to markets, surrounded by a large population base, and enjoy a history of recession-resilient business,” Wardinski noted. “We are secure in our belief in the long- term performance of these assets.” The hotels will continue to be operated under their current brands, which include Holiday Inn, Coutryard by Marriott, and Residence Inn, among others.