Crescent Announces Sale of Resort Hotel Assets and Single Office Asset 
FORT WORTH, TX (REIT Media) May 24, 2007 - Crescent Real Estate Equities Company (NYSE:CEI) today announced the sale of the following resort and hotel assets and a single office asset for a gross purchase price of $445 million:
- Ventana Inn & Spa, a 60-room resort in Big Sur, CA;
- Park Hyatt Beaver Creek Resort & Spa, a 190-room resort in Avon, CO;
- Denver Marriott City Center, a 613-room hotel in Denver, CO;
- Renaissance Houston Hotel, a 388-room hotel in Houston, TX;
- Omni Austin Hotel, a 375-room hotel in Austin, TX; and
- Austin Centre, a 343,664 square foot Class A office building in Austin, TX
The intended sale of these assets was announced by Crescent on April 7, 2007. Crescent expects to close on the sale of two additional properties, the Fairmont Sonoma Mission Inn & Spa and the Sonoma Golf Club during the second quarter for a gross purchase price of $175 million. Once completed, the total gross purchase price from the two transactions is expected to be approximately $620 million. Crescent's share of the gross purchase price, determined after taking into account the interests of its partners in the sales and incentive payments due as a result of the sales, is expected to be approximately $580 million, resulting in a net gain on the sale of approximately $250 million. After paying down secured debt associated with these transactions, Crescent intends to use the remaining proceeds to address its 2007 debt maturities and pay down the revolving credit facility.
FORWARD-LOOKING STATEMENTS
This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company's actual results to differ materially from those implied or expressed by the forward-looking statements. Crescent assumes no duty whatsoever to update these forward-looking statements or to conform them to future events or developments.
ABOUT THE COMPANY
Crescent Real Estate Equities Company (NYSE:CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 69 premier office buildings totaling 27 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Austin, Denver, Miami, and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, AZ, Vail Valley, CO, and Lake Tahoe, CA; and in the wellness lifestyle leader, Canyon Ranch(R). For more information, visit Crescent's Web site at www.crescent.com.
CONTACT: Crescent Real Estate Equities Company, Fort Worth
Jane E. Mody, 817-321-1086
Managing Director and Chief Financial Officer
or
Jeremy C. Sweek, 817-321-1464
Investor & Media Relations Senior Manager
SOURCE: Crescent Real Estate Equities Company
Share It: 
Bookmark It: 
May.24.2007. 15:43
This article hasn't been commented yet.
* = required field