Crestline Capital Sells 10 Residence Inn Hotels

VIRGINIA BEACH, VA— CB Richard Ellis of Virginia brokered the sale of 10 Residence Inn properties for Crestline Capital. Apple Hospitality, a Richmond, VA-based REIT, purchased the portfolio for $119 million. The hotels in the portfolio are scattered across the country: there are three in California, two in Texas, and one each in Alabama, Connecticut, Georgia, Massachusetts and Ohio. S. Douglas Henkel of CB Richard Ellis’s Virginia Beach, Virginia office was the sole Real Estate Broker in this transaction. According to Crestline president, chairman and CEO Bruce Wardinski, the sale is part of a hotel management growth strategy. “Since Marriott International manages these hotels, a sale of these assets is consistent with our strategy of investing in hotels where Crestline Hotels & Resorts is the manager,” he said. “With the attractive returns we are able to realize and the substantial capital that will be unlocked, this is an excellent transaction for Crestline.”