BETHESDA, Md. -- Barcelo Hotels & Resorts, an international
hotel chain, said it will acquire Bethesda, Md.-based Crestline
Capital, whose hotels and resorts division manages 38 properties in
the U.S.
The terms of the merger deal call for each outstanding share of
Crestline to be exchanged for $34 in cash.
The move is seen as expanding Barcelo's presence in the U.S.
The Palma de Mallorca, Spain-based Barcelo and its affiliates
already own 18 hotels in the U.S. among its 108 properties in 16
countries.
Completion of the merger, which is subject to the approval of
Crestline's shareholders, is expected by June 30.
The new company will be called Barcelo Crestline.