News for the Hospitality Executive
Hotel Companies Merge to Form Powerful Alliance
Dallas, Tex., February 5, 2013. Two longtime stars in the Southwestern hotel industry, Newcrest Management and Image Hospitality, have merged to form NewcrestImage, a powerhouse alliance that is now the parent of three separate firms addressing all stages of hotel development and operations. The alliance includes Newcrest Development, a real estate development company; Brightman Construction, a builder focusing on hotel construction and renovation; and Image Hospitality, a hotel management company.
The merger allows the two companies to increase efficiency, capitalize on each other’s strengths and round out the offerings they can provide to owners and clients. Before the merger, Newcrest Management’s forte was in development and construction, while Image Hospitality excelled at operations. The alliance creates a vertically integrated company with all components in house.
“Joining forces allows each company to fill a void and together, to offer a full suite of truly expert hotel services,” says Mehul “Mike” Patel, Managing Partner at NewcrestImage. While most hotel companies have perfected either construction, development or management, NewcrestImage offers the full package.
“Ultimately, the merger created a unique synergy that allows our hotel developments and construction projects to be truly state-of-the art and efficient,” adds Yogi Patel, Managing Partner at NewcrestImage. “Each of the former companies brought a wealth of experience and expertise in their particular strengths, giving the new firm a broad range of competencies across all areas of hotel development and operations.”
Newcrest Management and Image Hospitality began partnering on individual projects in 2007, in which Newcrest would construct hotels and Image would manage those properties. Through ongoing work together, the two companies built a strong, healthy relationship and executives realized that their mission statements and core values were almost identical, making them perfect candidates for a merger.
Prior to merging, the two companies sold a portfolio of 20 hotels to Starwood Capital. Newcrest Management and Image Hospitality jointly owned those hotels, and the sale led to the long-planned merger between the two companies.
NewcrestImage launched earlier this year with a fresh slate and plans to build a dynamic, highly capable hotel development, construction and management company, combining the best practices of both of its successful forerunners. Following the merger, NewcrestImage is rapidly expanding its market share and taking advantage of the added capabilities the new partnership brings. The company recently acquired two hotels in the Dallas-Fort Worth metropolitan area, a Holiday Inn Express in Grapevine and a Holiday Inn Express in Fort Worth.
NewcrestImage is the parent company of three wholly-owned companies, Newcrest Development, Brightman Construction and Image Hospitality.
About Newcrest Development
Newcrest Development has been recognized as Developer of the Year by InterContinental Hotels Group and Homewood Suites. Now as a wholly-owned subsidiary of NewcrestImage, the company will continue to undertake impressive developments across the Southwest.
Currently, Newcrest Development is developing Silver Lake Crossings, the newest master planned development in Grapevine, Texas. Spanning 52 acres, Silver Lake Crossings promises to be a sophisticated shopping, leisure, dining, multi-family, and entertainment destination with upscale appeal. As part of this project, NewcrestImage has invested in a 301-room dual branded Courtyard and TownePlace Suites that is currently under construction. For more information, visit www.newcrestdevelopment.com and www.silverlakecrossings.com
About Brightman Construction
Brightman Construction has constructed more than 45 hotels, including franchise affiliations with Marriott, Hilton, and InterContinental Hotels Group. As a new subsidiary of NewcrestImage, the company is currently constructing two new hotels and plans to begin construction on an additional four this year. For more information, visit www.brightmanc.com
About Image Hospitality
Image Hospitality has managed more than 25 hotels across leading franchises and has earned industry recognition including the Promus Winegardner Award for Excellence, the Hilton Connie Award and Marriott Diamond Award.
Image Hospitality currently manages 14 hotels and is actively looking to expand its management portfolio from real estate investors, ownership groups, publicly-traded REITs, and private equity firms. For more information, visit www.imagehospitality.com
8380 Warren Parkway, Suite 700
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