Crestline assumed management of a portfolio of 34 full, select and extended-stay hotels in 15 states. Collectively, the hotels add 4,681 guestrooms to Crestline's managed portfolio, resulting in a company-wide portfolio of nearly 12,000 rooms.
The 34 properties are located throughout the US from California to Florida, and are comprised of upper upscale and upscale brands including - Embassy Suites, Hyatt Place, SpringHill Suites, Courtyard by Marriott, Hilton Garden Inn, Fairfield Inns & Suites, Homewood Suites, Residence Inns and Hampton Inns. The announcement follows the concurrent acquisition of 116 hotels by American Realty Capital Hospitality Trust.
Crestline finished 2014 with companywide RevPAR Index of 111 percent, gaining 1.5 percent more share year-over-year, indicating that Crestline grew 21 percent more than its competitive set.