Crescent Appoints Two VPs of Business Development

Richard Bosworth and Michael Metcalf

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. October 14, 2008

WASHINGTON, DC, December 5, 2006. Officials of Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, today announced it has significantly expanded its acquisition capabilities with the addition of Richard Bosworth and Michael Metcalf as vice presidents of business development. In their new roles, Bosworth and Metcalf will be responsible for sourcing and negotiating management and investment opportunities, as well as on-going client relations.

"With the recent announcement of our hotel acquisition fund and our plans to aggressively but prudently deploy it over the next 12 to18 months, we have added top-level talent and expertise to help us reach our goal," said Michael George, Crescent president and CEO. "With the combination of capital and an in-depth hotel management structure in place, we are well positioned to grow rapidly. Both are well regarded hoteliers with proven track records, strong industry relationships and expertise in creatively structuring transactions."

A 25-year hospitality acquisition, finance and development expert, Bosworth most recently was president of NTH Advisory Group, an investment and advisory company specializing in the hotel, restaurant and casino industries. He has held a variety of positions within the real estate finance industry, including chief operating officer of Bond Companies, a mixed-use real estate development firm focusing on residential, commercial and retail projects nationwide, and vice president of hotel operations and investments at Owen Financial, a $3 billion financial services company. Additionally, he has more than 18 years experience in hotel and restaurant operations management with such companies as Marriot International, Servico Hotels & Resorts and Tara Hotels.

"Richard brings the rare combination of operations and finance, which will help us identify properties with the highest potential," George noted. "In addition to his national contacts, he has in-depth experience with the West Coast hospitality industry, which will allow us to source transactions there and respond quickly."

Metcalf adds 25 years of experience in hotel operations, sales, asset management and consulting services for both owners and lenders. He has held a number of hotel operations positions, including general manager for the PGA National Resort & Spa in Palm Beach, as well as for the Delta Orlando Resort, both in Florida. Most recently, he was vice president, operations, for Providence Hospitality Partners, where he was directly responsible for the operations of four hotels and sales support to an additional seven.

"Michael's keen insight into the operational and sales aspects of hotel performance complement his experience in asset management and underwriting analysis, all of which makes him a strong addition to our business development group," added George. "His work with ownership groups, financial institutions and development companies provides him with a broad network of resources from which to draw and with which to work."