NewcrestImage Acquires Two Hyatt Place Hotels In Texas
December 11, 2014 10:42am
Each of the two acquired properties has six floors, a fitness center, a business center, a seasonal outdoor pool, and flexible meeting space -- 790 sq. ft. at the Plano hotel and 1,127 sq. ft. at the San Antonio hotel.
"These hotels are consistent with our company's strategy of adding premium branded hotels in top-tier markets at attractive prices," said Mehul Patel, Chairman and CEO of NewcrestImage.
"As importantly, these hotels are our first Hyatt properties and they represent the start of an important new relationship for us with this outstanding hospitality organization. We certainly look forward to combining our value-added management style with the established comfort and reputation of the Hyatt brands."
The Hyatt Place in Plano is located along the Dallas Platinum Corridor office district. There are 40 million square feet of office space within five miles of the hotel, including the corporate headquarters of J.C. Penney, the Dr. Pepper Snapple Group, Frito-Lay, Pizza Hut, and Mary Kay.
The Hyatt Place in San Antonio is located along Interstate 10, directly adjacent to the 288-acre headquarters campus complex of United Services Automobile Association (USAA), a Fortune 500 financial services firm. Also within five miles are the headquarters of Valero Energy; the University of Texas at San Antonio campus with 37,000 students; and the 900-acre South Texas Medical Center.
Introduced in 2008 as an upscale select service brand, Hyatt Place offers a sleek modern look and high-tech amenities alongside casual, relaxed service. It was named the #1 select service brand by Business Trend News in 2012 and 2013.
Dallas-based NewcrestImage now owns and operates a portfolio of 18 hotel properties. The company has an additional seven properties under construction or in development.
Contact: Peter G. Mathon, P. R. Counsel for NewcrestImage
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