Press Release: Crestline Capital Corporation
April 15, 2002
MCLEAN, VA -- Crestline Capital Corporation (NYSE: CLJ) announced Friday that it has signed an agreement with the
Maryland Economic Development Corporation (MEDCO), a public instrumentality of the State of Maryland, for Crestline
Hotels & Resorts, a subsidiary of Crestline Capital, to manage the 218-room Rocky Gap Lodge & Golf Resort
in Flintstone, Maryland.
``We look forward to working with Crestline Hotels & Resorts,'' stated Hans F. Mayer, Executive Director of
MEDCO. ``We believe Crestline has the experience to effectively market and operate the Rocky Gap resort. They have
demonstrated an ability to attract business to destination resorts and a focus in driving a healthy bottom line.''
Commenting on the property, David L. Durbin, Chief Operating Officer of Crestline Hotels & Resorts, added,
``We are very pleased to have the opportunity to manage the Rocky Gap Lodge & Golf Resort. The combination
of Maryland's only Jack Nicklaus golf course and the surrounding foothills of the Appalachian Mountains, makes
the Lodge an attractive destination retreat.''
James L. Francis, Chief Financial Officer of Crestline Capital Corporation, commented, ``Our agreement with MEDCO
and the State of Maryland is another example of our strategy to form relationships with governmental authorities
and agencies. We look forward to working with MEDCO and maximizing the profitability of its investment.''
The Rocky Gap Lodge & Golf Resort is located at 16701 Lakeview Road in Flintstone, Maryland. Built in 1998,
the lakeside lodge features 218 spacious rooms, approximately 10,000 square feet of meeting space, 6 meeting rooms,
and two restaurants and a lounge. The challenging 18-hole, 6,600 yard Jack Nicklaus golf course offers breathtaking
views of Lake Habeeb and Evitts Mountain.
About the Companies
Crestline Capital Corporation is the parent company of Crestline Hotels & Resorts, among the nation's leading
independent hotel management companies. Additional information about Crestline Capital Corporation is available
at the company's web site: http://www.crestlinecapital.com .
Crestline Hotels & Resorts manages and leases 40 hotels, resorts and conference and convention centers with
approximately 7,500 rooms in twelve states and the District of Columbia. Crestline Hotels & Resorts manages
properties independently and under such well-regarded brands as Marriott, Hilton, Sheraton, Renaissance and Crowne
Plaza. Additional information about the hotel management company is available at the company's web site: http://www.crestlinehotels.com
.
Note: Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation
Reform Act of 1995. Certain, but not necessarily all, of such statements can be identified by the use of forward-looking
terminology, such as ``believes,'' ``expects,'' ``may,'' ``will,'' ``should,'' ``estimates'' or ``anticipates''
or the negative thereof or comparable terminology. All forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual transactions, results, performance or achievements
of the Company to be materially different from any future transactions, results, performance or achievements expressed
or implied by such forward-looking statements. These may include: (i) national and local economic and business
conditions or governmental regulations that will affect demand, prices, wages or other costs for hotels; (ii) the
level of rates and occupancy that can be achieved by such properties; (iii) the Company's ability to compete effectively
in areas such as access, location, quality of properties and rate structures; (iv) the ability to maintain the
properties in a first-class manner (including meeting capital expenditure requirements); (v) the availability and
terms of financing; (vi) governmental actions and initiatives; (vii) the need for compliance with environmental
licensure and safety requirements; and (viii) the ability to consummate the merger. Although the Company believes
the expectations reflected in such forward-looking statements are based upon reasonable assumptions and business
opportunities, it can give no assurance that its expectations will be attained or that any deviations will not
be material. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking
statements that may be made to reflect any future events or circumstances.
SOURCE: Crestline Capital Corporation