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Crescent Announces Agreements with Ritz-Carlton

Press Release: Crescent Real Estate Equities Company
April 22, 2004
FORT WORTH, TX -- Crescent Real Estate Equities Company (NYSE:CEI) yesterday announced it has signed agreements with The Ritz-Carlton Hotel Company, L.L.C. to develop the first Ritz-Carlton hotel and condominium project in Texas, upon reaching an acceptable level of pre-sales for the residences. The site for the project is a 3.4-acre Crescent-owned land parcel located adjacent to The Crescent office, retail and hotel complex in Dallas. The proposed 21-story Ritz-Carlton, Dallas, would include approximately 215 hotel rooms and 70 residences. Ground breaking is currently targeted for the first quarter of 2005. Consistent with its other development projects, Crescent will consider bringing in a joint-venture partner.

ABOUT CRESCENT

Celebrating its tenth year, Crescent Real Estate Equities Company (NYSE:CEI) is one of the largest publicly held real estate investment trusts in the nation. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of more than 75 premier office buildings totaling more than 30 million square feet primarily located in the Southwestern United States, with major concentrations in Dallas, Houston, Austin, Denver, Miami and Las Vegas. In addition, Crescent has investments in world-class resorts and spas and upscale residential developments. For more information, visit the company's website at http://www.crescent.com.

ABOUT THE RITZ-CARLTON HOTEL COMPANY, L.L.C.

The Ritz-Carlton Hotel Company, based in Chevy Chase, MD, manages 57 award-winning hotels in Asia, Africa, North America, South America, Europe, the Caribbean and Mexico, and The Middle East. For more information, visit the website at www.ritzcarlton.com.

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Contact: 
     Crescent Real Estate Equities Company, Fort Worth
     Jane E. Mody, 817-321-1086
         or
     Keira B. Moody, 817-321-1412

Source: Crescent Real Estate Equities Company