AR Capital, New York City, on Tuesday completed its purchase of a controlling interest in Crestline Hotels and Resorts from Grupo Barcelo, Majorca, Spain, for an undisclosed sum.
Crestline Hotels & Resorts, Fairfax, Virginia, currently manages 43 hotels in California, Connecticut, Florida, Georgia, Illinois, Maryland, New Jersey, North Carolina, Rhode Island, Virginia and Washington, D.C. under Hilton Worldwide, Hilton Hotels, IHG, Marriott International and Starwood Hotels & Resorts Worldwide brands. Crestline also acts for hotel owers such as Apple REIT, Armada Hoffler, Barcelo Crestline, Chesapeake Lodging Trust, Host Hotels & Resorts, RLJ Lodging Trust and Sunstone Hotel Investors.
“AR Capital’s investment in Crestline was opportune,” said Nicholas Schorsch, chairman and CEO of AR Capital. “In light of the improving U.S. economy, the resurgence of consumer confidence and business travel, strong pricing power emerging in many markets and the lack of new supply in the industry.”