“ We joke with Marriott folks that we are like their grandchild,” Carroll said. What started with around 20 hotels in 2000 has blossomed into a portfolio of more than 120 that run the gamut from full service to select service, branded and independent. In the past year alone, Crestline has added a dozen hotels, the majority of which are in the lifestyle, soft-brand categories.
TWO CUSTOMERS Third-party operators like Crestline play a critical role not only in managing hotels on a day-to-day basis. They satisfy two very important stakeholders in the asset hierarchy: owners and brands. They may not be pure go-betweens, but they sure have a responsibility to both.“ At the end of the day, the owner is most important,” Carroll said.“ But if I want to be of value to the owner, I need to have a very strong relationship with the brand. Owners look for us to balance their needs with the needs of the brand.”
One of Crestline’ s biggest, most important clients is Apple Hospitality REIT, one of the largest owners of select-service properties in the country.
Crestline manages around 25 of its hotels. Justin Knight, CEO and director of Apple Hospitality REIT, lauded Crestline for its ability to deliver strong results.“ Crestline’ s leadership understands and anticipates market trends while employing operational practices customized for each property,” he said.“ We have enjoyed mutual respect and a shared vision of success.”
Carroll also notes that brands have become more in tune with owner profitability, something that had its roots during the pandemic and has carried over as impacts from tariffs and interest rates
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