Crescent Real Estate Equities, Inc. confirms investment in Ritz-Carlton Hotel Company.FORT WORTH, Texas--(BUSINESS WIRE)--March 7, 1995--Crescent Real Estate Equities, Inc. (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 confirmed that Crescent has joined an investment group, led by Marriott International, Inc. which intends, subject to certain due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and other customary closing conditions, to acquire an initial 49 percent interest in the Ritz-Carlton Hotel Company
The Ritz-Carlton Hotel Company is the parent company to the luxury hotel chain, Ritz-Carlton Hotels. ("RCHC"). Crescent has committed to invest a total of approximately $3 million. "Our participation in the RCHC investment group provides us with a strategic position within an industry that has a substantial number of investment opportunities today," commented John Goff, chief executive officer. Crescent is a fully integrated real estate company which, through the UPREIT operating partnership structure, conducts its business activities and owns and operates a portfolio of real estate assets, including 11 Class A office properties and two retail centers comprising approximately 5.1 million square feet, economic interests in four single family residential land developments and a 295 room resort hotel. CONTACT: Crescent Real Estate Equities, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Dallas E. Lucas, chief financial officer, 212/836-4216 |
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