NewcrestImage continues to grow its investment-focused portfolio with the purchase from Marriott International of the TownePlace Suites Dallas Las Colinas. Closing is today for the 3-floor, 135 all-suites property that offers three types of guest rooms – studio, one-bedroom, and two bedroom.
The hotel has a premium location near two major airports and two major convention centers – 7 miles from both DFW International and Love Field, one mile from the Irving Convention Center, and 10 miles from the Gaylord Texan Convention Center.
“This extended-stay property is in the heart of a high-traffic corridor that’s a popular destination for both corporate and leisure travelers,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “We look forward to expanding its appeal for travelers and to building its profit performance for our investors.”
NewcrestImage will fully renovate the property, which opened in 1998 and was last renovated in 2014. Amenities at the hotel include a fitness center and an outdoor pool.
“Our industry is built on strong partnerships between brands and owners,” explained Loren Nalewanski, Vice President Franchising with Marriott International for Element, Residence Inn, Fairfield, TownePlace, and SpringHill Suites. “This acquisition enhances the long, valued, and successful partnership between Marriott and NewcrestImage, which has owned and operated 30 Marriott-branded properties since 2013.”
In late June, Dallas-based NewcrestImage acquired the 175-room Cambria Hotel in Southlake, Texas, located six miles from DFW International Airport and five miles from the Gaylord Texan Convention Center.
In addition, the company has reached agreement with Highgate Hotels to acquire four LaQuinta properties with a total of 696 rooms. The acquisition of LaQuinta Inn & Suites Irving DFW North closed on July 14, with transactions expected to close in August for the LaQuinta Inn Phoenix North, LaQuinta Inn& Suites Anaheim, and LaQuinta Inn & Suites LAX.
NewcrestImage also owns and operates two legendary historic hotels – the 325-room, 29-floor Magnolia Hotel in downtown Dallas and the 164-room, 17-floor Sinclair Hotel in downtown Fort Worth.
Since its founding in February of 2013, NewcrestImage has completed more than $3 billion in transactions involving more than 200 hotels and 25,000 hotel rooms in 122 communities across the country. The company has transformed the hotel industry, notably by popularizing innovative concepts such as dual-brand properties, adaptive re-use of historic buildings, and “lifestyle hotel campus” neighborhoods.