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Mergers, acquisitions and joint ventures

Crestline Capital(CLJ Quote) added 5/16 to 18 3/4 after its said it will form a joint venture with Bedrock Partners II. The companies plan to spend $250 million to acquire and renovate 15 to 20 hotels over the next two to three years. Crestline will provide about 10% of the equity for the joint venture, while the Citadel Group will raise an additional $75 million of third party equity for the fund.

Crestline said in a release the joint venture plans to acquire about mid-priced properties with "significant turnaround potential," renovate the properties and then reposition the hotels as upscale properties.

Crestline Capital's management division, Crestline Hotels & Resorts, will manage most or all of the hotels. ...