Phoenix's Sheraton Crescent Hotel Acquires New Owner, Operator

Substantial Property Renovations Anticipated for 2013.

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. December 06, 2012

December 6, 2012 - The 342-room Sheraton Crescent Hotel (www.sheratoncrescent.com) located off I-17 in Phoenix was purchased November 1 by New Crescent Investments LLC, which named hotel management leader Expotel Hospitality (http://www.expotelhospitality.com) to operate the property as a Sheraton franchise. FelCor Lodging Trust sold the property.

This deal completes the second hotel asset acquisition by New Crescent Investments in the Phoenix area. It also owns the 248-room Phoenix Crowne Plaza where it recently completed an $8 million renovation.

Hotel officials said the eight-story Sheraton Crescent property, built in 1986, would undergo substantial, multi-million dollar renovations in 2013. The scope of restoration will include virtually every part of the hotel: exterior, guest rooms and suites, corridors and elevator lobbies, restrooms, fitness area, ballrooms, meeting spaces, food and beverage locations and pool area. Part of the renovations will also include the changing of existing guest rooms from Double/Double bedrooms to Queen / Queen rooms, resulting in a better guest experience.

“Our acquisition and renovation commitment mark a turning point for this wonderful property and the long anticipated return of the asset to the prominence it has enjoyed historically in the Phoenix market,” said Nick Agostinelli, Vice President of Operations, Expotel Hospitality.

“We think both the business and leisure traveler to Phoenix will find everything they could want right here at the Sheraton Crescent.”

Waterslides to Business Tech

The property is positioned to accommodate a wide mix of business segments, including corporate, leisure, group, and convention and wedding parties.

“On the one hand, we have a three-story, 166-foot tall waterslide for kids (“Monsoon Mountain”,) and on the other, the latest state-of-the-art digital technology to support the business guest and conference planner,” said Heather M. Fields, Expotel's Regional Director of Sales & Marketing.

“This property really has an amazing and unique capacity to offer a combination of location, services, amenities, technology and atmosphere for every guest, whether here for business or leisure,” she added.

The Sheraton Crescent Hotel is centrally located within minutes of downtown Phoenix, Scottsdale and Glendale and near University of Phoenix Stadium. The hotel provides over 30,000 SF of flexible meeting rooms in 20 spaces, including three ballrooms; outdoor wedding venue and dining facilities; thee lounges and cafes; and health and fitness facilities including squash, racquetball and basketball courts, heated outdoor Olympic-sized pool and lighted tennis courts.

Phoenix Sheraton Crescent Hotel Amenities

The hotel's 342 guest rooms and suites are available in standard, suite and club level designs. Standard guest rooms include Sheraton Sweet Sleeper Bed by Sealy, two natural fill pillows, two hypo allergenic pillows, 38” flat screen TV, Starbucks coffee service and Shine by Bliss bath amenities

The hotel's Club Level suites are located on two secure floors with private lounge access, comp breakfast daily and appetizers each evening. Club suite amenities include:

• complimentary Internet access
• spacious work desk
• 42” flat screen television
• plush robe
• complimentary bottled water replenished daily.

Link@Sheraton by Microsoft offers complimentary Internet use for all guests in guest rooms, common areas and meeting rooms throughout the property. The hotel offers more than 30,000 sq ft of flexible meeting space, including three ballrooms with spacious pre-function areas and 12 breakout rooms. The property also offers a beautiful outdoor wedding venue and dining and reception facilities.

For the exercise seeker, the property provides a Core Performance Health & Fitness Club that features the latest in exercise equipment, men and women's saunas and two indoor squash courts. Additionally, the hotel offers an Olympic size outdoor pool, 166' Monsoon Mountain splash down water slide, two lighted tennis courts plus sand volleyball and basketball courts.

The hotel provides guests with three food and beverage options: Indigo Bistro, Indigo Lounge and Coyote Cafe.

About Expotel Hospitality Services
Headquartered in New Orleans, Expotel Hospitality Services owns and operates hotels in Arizona, Colorado, Illinois, Mississippi, Louisiana and Florida. The company specializes in award winning services to improve hotel sales and marketing, human resources, operational systems, food and beverage, asset enhancement, accounting and purchasing.

Expotel is a leader in the hotel industry based on performance measures related to Profitability, STR Index Results and Guest Satisfaction.

Hospitality industry veteran, Kerry V. Ranson, leads the company as president. About New Crescent Investments LLC

New Crescent Investments LLC's acquisition of the Phoenix Sheraton Crescent represents its second hotel investment in Phoenix and third overall in the United States. The company acquired recently the Phoenix Crowne Plaza, spending $8 million in renovations; it also owns a Holiday Inn property in Gurnee, IL.

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Expotel Hospitality Hotel Management Company