2014

Crescent Communities Announces More Than $100 Million Investment To Expand Highly Acclaimed Inn At Palmetto Bluff 150 luxury rooms to be added to the Inn's 50 individual cottages, with Montage Hotels & Resorts serving as the new operator

Expansion to reinforce Palmetto Bluff as the quintessential Lowcountry experience

Inn at Palmetto Bluff recently recognized as #1 Resort in the U.S. by Conde Nast Traveler

CHARLOTTE, N.C., Dec. 23, 2013 /PRNewswire/ -- Crescent Communities ("Crescent") – a diversified real estate investment, development and operating company – announced today an investment of more than $100 million to expand its prestigious Inn at Palmetto Bluff located in Bluffton, S.C.  Crescent also announced that luxury hotel management company Montage Hotels & Resorts ("Montage") will become the new operator of the expanded Inn, effective February 1, 2014, after which time the Inn will be marketed as The Inn at Palmetto Bluff, a Montage Resort

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The expansion will add 150 luxury rooms to the Inn's 50 individual cottages – in a collection of buildings – and feature a destination spa and fitness center, meeting and special event facilities and expanded dining facilities for both guests and Palmetto Bluff property owners. In addition, Montage-branded residences will be on offer. Importantly, the expansion will preserve the nationally lauded Lowcountry aesthetic and hospitality of the existing Inn.

Crescent has assembled an expert team to lead the expansion project. The Athens Group – a hospitality industry leader known for its sustainable luxury resort developments – will serve as development partner, managing the expansion and leading a design team including world-renowned Hart Howerton, HKS Hill Glazier Studio and Wilson Associates. 

The expansion and resulting growth in the surrounding community is estimated to have a positive fiscal impact of more than $500 million over the next 10 years.

"Crescent is thrilled to announce this significant investment to consecrate Palmetto Bluff as the quintessential southern experience," said Todd Mansfield, Chief Executive Officer of Crescent Communities. "This expansion, along with Montage's strong record of delivering extraordinary guest service, will enable Palmetto Bluff to continue providing award-winning hospitality while maintaining the original vision of this special place."

"The Inn at Palmetto Bluff has a rich history of being the premier Lowcountry destination, with its unique beauty and highly acclaimed hospitality heritage of the South," said Alan Fuerstman, Founder and CEO of Montage Hotels & Resorts. "We are delighted to add Palmetto Bluff to our portfolio and to be a part of making truly memorable experiences for our guests at this enchanting destination in the future."

Mansfield added, "Montage is a proven operator of some of the finest resort communities in the world, and their mission matches perfectly with the unique spirit of Palmetto Bluff – to create comfortable luxury experiences with a true sense of place. As we prepare for the February 1 transition, I would like to thank Auberge Resorts for their contributions and partnership over the years and wish them continued success as they further their expertise on smaller luxury boutique hotels and resorts."

Situated in the Lowcountry of South Carolina between Charleston and Savannah, Ga., Palmetto Bluff is one of the largest waterfront properties on the East Coast, encompassing an extensive nature preserve; a Jack Nicklaus Signature Golf Course; river access and walking trails; a Village center; boat storage; a private property-owners club; and a distinctive food and wine program. The 20,000 acre residential community and conservation preserve features an array of Southern‐style residential neighborhoods, ranging from multi-million dollar legacy family compounds to more traditionally sized, single‐family homes.

"Since Crescent began development of Palmetto Bluff in 2000, it has remained a flagship property for us, setting the standard for how we envision and plan communities across the country," said Mansfield. "This property and the expansion we are announcing today is a great example of how we create unique experiences of the highest quality for those who live, work and play in our communities." 

For more information, please visit: www.palmettobluff.com.

About Crescent Communities
Founded in 1969 in Charlotte, Crescent Communities is a diversified real estate investment, development and operating company dedicated to enhancing the quality of life for people through sustainable multifamily, residential and commercial communities and responsible land management. Crescent's portfolio today includes 27 master-planned communities, including its signature Palmetto Bluff, as well as 19 multifamily projects with 5,420 units under construction or in pre-development. The company owns and manages approximately 45,000 acres, including 800 acres zoned for commercial use. For more information, please visit http://www.crescentcommunities.com/.

About Montage Hotels & Resorts
Montage Hotels & Resorts is a hotel and resort management company founded by Alan J. Fuerstman. Designed to serve the luxury traveler and homeowner, the company features an artistic collection of distinctive hotels, resorts and residences in stunning settings that offer comfortable elegance, a unique sense of place and spirit, impeccable hospitality and memorable culinary, spa and lifestyle experiences. Montage Laguna Beach, the company's flagship oceanfront resort, opened in the vibrant arts community of Laguna Beach, California, in 2003. Montage Beverly Hills, the company's second hotel, opened in Beverly Hills in 2008 and was the first Gold LEED certified hotel and residences in Southern California. Montage Deer Valley, located in Park City, Utah, is the company's third property which opened in December 2010 and was awarded Top Family Program in the World by the Virtuoso travel network. In August 2013, Montage announced Montage Kapalua Bay, set to open in 2014. The expansive resort, set atop the picturesque Kapalua Bay in Maui, Hawaii will undergo a multi-million dollar improvement program, with plans including 56 Montage branded residences offered for sale and the introduction of a 50 room all-suite Montage hotel. For more information, please visit www.montagehotels.com/palmettobluff.

About Athens Group
The Athens Group, headquartered in Phoenix, Arizona is a full-service real estate development company specializing in the development of upscale resort communities, luxury resort hotels, golf courses and redevelopment projects. A hallmark of The Athens Group is its dedication to environmental and cultural sensitivity with each development project it pursues.

The Athens Group has developed three properties with Montage Hotels & Resorts. The first, Montage Laguna Beach, opened in 2003 and received the prestigious Urban Land Institute (ULI) Award for Excellence: The Americas. Montage Beverly Hills opened in 2008 and Montage Deer Valley opened in 2010.

Other acclaimed The Athens Group projects include Four Season Hualalai Resort, Big Island, Hawaii; Ritz-Carlton, Bachelor Gulch, Colorado; Ritz-Carlton Resort in Half Moon Bay, California; and Loews Ventana Canyon Resort, Tucson, Arizona. For more information, visit www.athensdevco.com

For media inquiries, please contact:
Sean McCarthy
Edelman for Crescent Communities
917.244.2718
sean.mccarthy@edelman.com

SOURCE Crescent Communities



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