NewcrestImage Plans Hotel for Part of Recently Acquired 3-Building Complex in Downtown Cincinnati
January 11, 2016 9:59am
NewcrestImage has purchased Fourth & Walnut Centre, a three-building commercial office complex located in the heart of Cincinnati, Ohio’s resurgent central downtown business district.
The three buildings include a 19-floor tower built in 1903; a 4-floor office building built in 1937; and a 6-floor office building built in 1961. The complex features two restaurants; a business center; a parking garage; and 375,000 sq. ft. of rentable space, with occupancy currently at 56%.
The 1.06 acre site is within a few blocks of many business and leisure destinations, including two major sports attractions -- the Great American Ball Park, home of baseball’s Cincinnati Reds, and Paul Brown Stadium, home of football’s Cincinnati Bengals. Corporate headquarters of nine Fortune 500 companies are nearby, notably Procter & Gamble, Fifth Third Bank, The Kroger Company, and Macy’s, Inc.
“This acquisition offers an exceptional opportunity for our company to become an active part of the city’s dynamic urban redevelopment,” said Mehul Patel, Chairman and CEO of NewcrestImage. “Specifically, we intend to convert a portion of the property to become a hip, contemporary, and upscale lifestyle hotel while respecting the location’s unique history, heritage and character.”
Added Patel, “Our plans also include enhancing and re-configuring the office space so it appeals to today’s millennial mindset. The result will be a technology-rich environment featuring work areas with the visual interest and flexible layouts that can significantly increase employee comfort, productivity, and loyalty.”
Dallas-based NewcrestImage has a proven record of developing hotels that both stand out and blend into their communities. For example, the company opened the country’s first AC Hotel by Marriott in December of 2014 after a $10 million renovation of the historic New Orleans Cotton Exchange in that city’s world-famous French Quarter.
Another example is the 107-room Courtyard by Marriott in Amarillo’s historic Fisk Building, which NewcrestImage has operated since 2011 and won an award from the Texas Downtown Association for “Best Adaptive Reuse” project.
Recently, the company’s Holiday Inn Express in the historic Bricktown warehouse district of Oklahoma City was spotlighted by the state’s Urban Land Institute for its unique exterior that blends the distinguished look of brick with dramatically colorful neon lighting used as artwork.
Currently, NewcrestImage owns and operates 20 properties, with an additional nine properties under construction or in development.
NewcrestImage, LLC is a privately-owned, Texas-based hotel development, construction, and management firm. The company's principals have a combined experience of over a century in the hospitality industry. Their collective experience, combined with their single-minded dedication to providing guests with first-rate lodging accommodations and best-in-class guest services, are at the core of the company's continuing success. The company designs, builds and operates state-of-the-art hotels for the most renowned brands in the hospitality industry. Learn more about the company and view their portfolio at www.newcrestimage.com.
Contact: Peter G. Mathon
NewcrestImage Opens Dual-Branded AC Hotel and Residence Inn by Marriott in Downtown Dallas Historic Mercantile Commerce Building
Owned by NewcrestImage, Newly-Built Embassy Suites by Hilton Opens in Amarillo, Texas
NewcrestImage Opens New 226-Room Embassy Suites in Downtown Amarillo, Texas
NewcrestImage Names Management Team for Soon to Open Dual-branded AC Hotel and Residence Inn in Dallas
NewcrestImage Celebrates Groundbreaking of Three-Hotel, 300-Room Hotel Campus in Amarillo, Texas
NewcrestImage Names Taylor Jacobs as Director of Acquisitions & Development
NewcrestImage Names Kevin Ruhman As Vice President, Sales & Marketing
NewcrestImage Launches "Lifestyle Hotel Campus" with Groundbreaking of AC Hotel and Residence Inn in North Dallas
NewcrestImage Places Modules for 142-Room AC Hotel in Oklahoma City Scheduled for May 2017 Opening
NewcrestImage to Develop Four-Brand "Lifestyle Hotel Campus" in North Dallas Opening in 2018
NewcrestImage Acquires 125-Room Hyatt Place Hotel in Grapevine, Texas
NewcrestImage Opens New Hampton Inn & Suites Dallas Downtown in Former Allen Building
NewcrestImage to Build New AC Hotel in Oklahoma City Using Modular Buildings
NewcrestImage Set for Early May Opening of Hampton Inn & Suites Dallas Downtown in Historic Allen Building
NewcrestImage Completes Multi-Million Dollar Renovation of Hyatt Place Dallas/Plano
NewcrestImage to Develop Dual-Branded AC Hotel and Hyatt Place in Oklahoma City's Bricktown Historic District
NewcrestImage Set to Open Hampton Inn & Suites Dallas Downtown in Historic Allen Building
NewcrestImage Names Executives For Dual-Brand Property, the AC Hotel by Marriott and the Residence Inn by Marriott, in Downtown Dallas
NewcrestImage Set for March Opening of New 132-Room Hyatt House Dallas/Frisco
NewcrestImage Appoints Rick Crain General Manager and Brooke Danielsen Director of Sales for Hampton Inn & Suites Dallas Downtown
Please login or register to post a comment.