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Lodging real estate holding company Crestline Capital got its start in the hotel management business March 20, when it formed hotel management company Crestline Hotels & Resorts.
The Crestline subsidiary acquired the infrastructure and 27 hotel management contracts and leases of two private companies, Atlantabased Stormont Trice Management and McLean-based Durbin Co, in a deal valued at $20.5 million.
The two companies had combined gross revenue of approximately $200 million last year. The deal makes Crestline Hotels & Resorts one of the 20 largest independent hotel management companies.
James Francis, executive vice president and...