Crescent Real Estate Equities Co, a real-estate investment trust founded by Richard Rainwater, and its partners agreed to sell US properties including the Fairmont Sonoma Mission Inn & Spa for $620 million to Walton TCC Hotel Investors, just days after Walton terminated its offer.

Crescent Real Estate Equities Co, a real-estate investment trust founded by Richard Rainwater, and its partners agreed to sell US properties including the Fairmont Sonoma Mission Inn & Spa for $620 million to Walton TCC Hotel Investors, just days after Walton terminated its offer.

Crescent's share of the gross purchase price will be $580 million, the Fort Worth, Texas-based company said in a statement Sunday. The sale includes the Sonoma Golf Club and Ventana Inn & Spa in California, the Park Hyatt Beaver Creek Resort & Spa and Denver Marriott hotel in Colorado.

Walton on April 2 canceled an agreement to buy the properties for $625 million, without giving a reason. The parties ``reinstated and amended the original purchase agreement'' on April 6, and the acquisition is expected to close in the second quarter, according to yesterday's statement.

Crescent is owner and manager of 71 office buildings with 28 million square feet.

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