Crescent Announces Repositioning of Sonoma Resort.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 30, 2002 Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (NYSE: CEI) is a Fort Worth, Texas-based real estate investor with holdings mainly in office and hotel properties, including several landmark buildings in the southern United States. (NYSE NYSE See: New York Stock Exchange :CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) ) today announced that effective September 1, 2002, the luxury and management company of Fairmont Hotels & Resorts Inc. ("FHR FHR Fetal heart rate, see there ") (NYSE:FHR) (TSX:FHR) will operate and manage Crescent's Sonoma Mission Inn & Spa in Sonoma County, California Sonoma County is on the northwest coast of California, one of the northernmost parts of the greater San Francisco Bay Area, U.S. Its population at the 2000 census was 458,614. Its largest city and county seat is Santa Rosa. , under the Fairmont brand. Also as part of the transaction, FHR will purchase a 19.9% equity interest in the resort. Denny Alberts, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Crescent remarks, "We are proud of the Sonoma Mission Inn & Spa and the efforts that Sonoma Spa Resorts and the Mission employees have made to establish this property as one of the most prestigious resorts in Northern California. We look forward to partnering with Fairmont, one of North America's largest luxury brands, to enhance our national exposure while maintaining the standards our guests have come to expect." About the Company 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 partners, Crescent owns and manages a portfolio of 75 premier office buildings totaling nearly 29 million square feet and centered in the Southwestern United States, with major concentrations in Dallas, Houston, Austin and Denver. In addition, the company has investments in world-class resorts and spas and upscale residential developments. |
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