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Press Release: Barcelo Crestline Corporation
October 31, 2002
MCLEAN, VA -- Barcelo Crestline Corporation, a major U.S. hotel management and opportunistic real estate company,
yesterday announced that it has developed aggressive plans to expand into the Canadian hotel market. The company,
through its affiliate Barcelo Hospitality Canada, anticipates co-investing in hotel properties to obtain management
contracts under favorable terms. Its investment participation will generally be in the form of sliver equity, mezzanine
debt or through an appropriate credit enhancement.
Barcelo Crestline, through its wholly owned, award-winning subsidiary Crestline Hotels & Resorts, has gained
an enviable reputation in the United States where it presently has 30 upscale full-service, limited service, extended-stay,
conference center and resort hotels under management with over 7,000 rooms. Its managed portfolio includes prestigious
independent conference centers and quality hotel properties that operate under such well-regarded brands as Marriott,
Hilton, Renaissance, Sheraton, Courtyard by Marriott, Hilton Garden Inn, Residence Inn, Holiday Inn, Radisson,
and Clarion. As an independent manager, Crestline Hotels & Resorts is free to focus on maximizing the value
of the owner's asset through its expertise in properly balancing the priorities of guests, owners and associates.
The company provides the talent, the experience, the technological platform and a full range of services to enhance
owner profitability at every level.
Barcelo Crestline, created initially as a spin-off from Host Marriott, also leases and subleases 90 limited-service
hotels from various REIT's; and owns equity interests in a number of the hotels that it manages. The company assumed
its present form in June 2002, upon emerging as a wholly owned subsidiary of Barcelo Hotels and Resorts when Barcelo
acquired Crestline Capital Corporation.
Barcelo Hotels & Resorts, 100% privately held by members of the Barcelo family, has now grown in its 3rd generation
of family management to become one of the world's largest and most successful hospitality companies. From its base
in Palma de Mallorca, Spain, Barcelo and its affiliates own, manage and lease 138 hotels in 18 countries, including
43 in the United States. In addition, the company owns an equity interest in one of Europe's leading travel groups.
"We will be seeking to partner with proven performers in the Canadian hospitality market, both existing ownership
groups and developers, to involve our company in the management of well-located, preferred brand hotels",
said Charles W. Scott, President, Barcelo Hospitality Canada.
"Our business plan is to create value for our partners through our expertise in brand selection and our favorable
relationships with preferred hotel franchise companies; through the internal capital resources of our company,
and of our parent in Spain which enable us to make investments in hotels we manage; through a variety of significant
travel interests of our parent organization that can be leveraged to deliver key business segments to hotels we
operate; and finally through our enviable track record in delivering the right business plan -- and the right management
talent -- to maximize upon each opportunity."
While Barcelo Hospitality Canada intends to focus on upscale, full-service and limited-service branded hotels in
primary urban, suburban and airport locations, the company is also excited at the potential to launch the Barcelo
Hotels & Resorts brand itself in Canada, if the right investment opportunity arises.
"Barcelo is actually surprisingly well-known, and highly regarded in Canada, as a consequence of the large
number of Canadian guests the company hosts in its many Caribbean, Mexican and Central American destination resort
locations."
While Barcelo on a worldwide basis has a strong brand presence in both urban and resort market locations and is
open-minded with respect to all opportunities in Canada, the company projects that the initial Canadian opportunity
for its Barcelo brand will most likely surface in a downtown or destination resort location.
Additional information about Barcelo Hotels & Resorts and its affiliates Barcelo Crestline, Crestline Hotels
& Resorts and Barcelo Hospitality Canada is available at the following company web sites:
About the companies
Barcelo is one of the world's largest hospitality companies and is based in Palma de Mallorca, Spain. The company
is 100% owned by the Barcelo family and has been run by three generations of family members. Barcelo and affiliates
own, manage and lease 138 hotels in 18 countries across four continents, including the Barcelo Crestline portfolio
in the United States. In addition, the company owns an equity interest in one of Europe's leading travel groups,
First Choice Holidays PLC. Additional information about Barcelo is available at the company's website: http://www.barcelo.com .
Barcelo Crestline Corporation is the parent company of Crestline Hotels & Resorts, among the nation's leading
independent hotel management companies. The Company also leases and has investments in hotel properties. Additional
information about Barcelo Crestline Corporation is available at the company's web site: http://www.barcelocrestline.com .
Crestline Hotels & Resorts manages and leases 32 hotels, resorts and conference and convention centers with
over 7,000 rooms in eleven states and the District of Columbia. Crestline Hotels & Resorts manages properties
independently and under such well regarded brands as Marriott, Hilton, Sheraton, and Renaissance. Additional information
about the hotel management company is available at the company's web site: http://www.crestlinehotels.com .
Source: Barcelo Crestline Corporation