Barceló Hotel Group acquires all the capital stock of the US hotel management company Crestline Hotels & Resorts. The transaction to acquire the 60% of the shares not yet held by Barceló is valued at $22 million.
As a result, the Barceló Hotel Group will add the 112 hotels managed by Crestline in the United States to its portfolio, bringing its total to 228 hotels in 21 countries and over 50,000 rooms
Barceló Hotel Group will add the 112 hotels managed by Crestline in the United States to its portfolio, bringing its total to 228 hotels in 21 countries
The Barceló Group recently reached an agreement with AR Global to buy the latter’s 60% stake in the US hotel management company Crestline Hotels & Resorts. Combined with the 40% it already owned, this acquisition means that Barceló now owns all the capital stock of the US management company, one of the country’s biggest independent operators.
The Barceló Group had already acquired all of Crestline’s capital stock in 2002, when the management company was operating 7,000 rooms in the US, and merged it with its own management company to form Barceló Crestline. The Spanish group kept control of the company until 2013, when it sold 60% of the capital stock to AR Global, while continuing to hold its 40% stake until now, when it has once again acquired all of the capital stock.
According to Vicente Fenollar, Chief Financial Officer of the Barceló Group: “The purchase of the 60% of the Crestline management company shares that we did not hold is a very good transaction for our Company; we now own all of the capital stock of a profitable, solvent firm of good standing in the United States, and this places us in an excellent position to continue to pursue our penetration in the country”.
Founded in 2000 and based in Fairfax (Virginia), Crestline Hotels & Resorts currently manages 112 hotels in 29 states and the District of Columbia, with over 16,000 rooms, which makes it one of the biggest independent operators in the United States. It manages properties under the Marriott, Hilton, Intercontinental and Hyatt brands, as well as independent hotels and conference centres throughout almost the entire country. It has a workforce of 5,260 employees.
With this consolidation of its interest in Crestline, Barceló Hotel Group will now operate a total of 228 establishments in 21 countries, with over 50,300 rooms and nearly 30,500 staff.