newcrestimage
NewcrestImage Completes Acquisition of 45 Hotels in 11 States
NewcrestImage | November 18, 2022
Dallas-based NewcrestImage has closed on a portfolio of 45 hotels that includes 35 Marriott-branded, seven Hilton-branded, and three Choice-branded properties in 11 states -- Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas. The transaction, which totals approximately 3,300 rooms, was announced in early September. NewcrestImage has retained the management companies that were previously in place for the properties, which are Aimbridge Hospitality and HHM Hospitality. “Each of these hotels represents a strong opportunity for generating revenue in the short-term, as well as fo...
NewcrestImage, Dabu & Countrywide Form JV to Acquire Best Western Plus in Page, Arizona
September 27, 2022
The Best Western Plus in Page, Arizona has been acquired by a new joint venture of NewcrestImage, Dabu Hotels, and Countrywide Hospitality in a transaction that was completed yesterday. The 130-room hotel will be operated by Terrapin Hospitality. The property is strategically located in the heart of a major leisure destination area that is visited by more than 4.5 million visitors. Among nearby outdoor attractions are the Grand Canyon, Lake Powell, Monument Valley, Glen Canyon Dam, Antelope Canyon, and Horseshoe Bend. “This hotel is a key stop for travelers who are making the ‘grand circle’ tour of western national parks such ...
NewcrestImage & Hospitality Capital Partners Acquire 16 Hotel Portfolio In Joint Venture
September 22, 2022
A joint venture of NewcrestImage and Hospitality Capital Partners (HCP) has reached definitive agreement to acquire 16 Marriott-branded hotels with a total of 2,155 rooms in nine states. The portfolio includes 13 Courtyard and three Residence Inn properties located in Georgia, Massachusetts, North Carolina, New York, Oklahoma. Pennsylvania, South Carolina, Texas, and Virginia. Closing on the transaction is expected during the fourth quarter. “This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” explained Mehul Patel, Managing Partner and CEO of NewcrestImage. “...
NewcrestImage to Acquire 45 Hotels Across 11 States
September 8, 2022
NewcrestImage has reached definitive agreement to purchase 45 hotels from a private investment firm. Terms of the transaction were not disclosed. The portfolio totals approximately 3,300 rooms and includes 35 Marriott-branded, seven Hilton-branded, two Choice-branded, and one Radisson-branded properties, which are located in 11 states – Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas. “The current financial environment makes it very attractive to buy rather than build, and this group of fine hotels in high-traffic locations provides us with an exceptional opportunity to ...
NewcrestImage Completes Purchase of LaQuinta Inn & Suites LAX
August 30, 2022
NewcrestImage has finalized its purchase of the LaQuinta Inn & Suites LAX with a closing today on the 281-room, 10-floor property that is located less than one mile from Los Angeles International Airport. This hotel, which will be managed by Highgate Hotels, is part of NewcrestImage’s acquisition of four LaQuinta properties that together have 696 rooms. Closing on the other three hotels took place earlier in August – the LaQuinta Inn & Suites Irving DFW North; LaQuinta Inn & Suites Anaheim; and LaQuinta Inn Phoenix North. “These four hotels symbolize our company’s strategy of investing in properties and in markets ...
NewcrestImage Acquires 135-Suite TownePlace Suites Dallas Las Colinas From Marriott
July 21, 2022
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 destinati...
NewcrestImage to Acquire 4 LaQuinta Properties (696 Rooms) From Highgate and Cerberus
NewcrestImage | July 14, 2022
NewcrestImage has entered a definitive agreement with a joint venture between Highgate and Cerberus to acquire four LaQuinta-branded properties which together total 696 rooms. The properties include the LaQuinta Inn & Suites at Los Angeles International Airport (LAX) which marks NewcrestImage’s first gateway location in California. Closing is today on one hotel – the LaQuinta Inn & Suites Irving DFW North, located two miles from DFW International Airport -- while closing is expected in August for the other three hotels: LaQuinta Inn & Suites Anaheim; LaQuinta Inn Phoenix North; and LaQuinta Inn & Suites LAX. “The...
NewcrestImage Acquires Cambria Hotel Southlake DFW in Southlake, Texas
June 23, 2022
NewcrestImage has added the 175-room Cambria Hotel Southlake DFW in Southlake, Texas to its portfolio today. The company takes over operations at the property effective immediately, with management being provided by Aimbridge Hospitality. “The Cambria Hotel Southlake DFW is a vibrant, contemporary hotel strategically located to attract both business and leisure travelers,” explained Mehul Patel, Managing Partner and CEO of NewcrestImage. “We look forward to taking the hotel to new levels of performance, both for guests and for our investors.” The property, built in 2016, is six miles from DFW International Airport, five mile...
1
Technology
2
Operations
3
Market Reports
4
Industry Happenings
5
All Things Independent
Today's News
STR: U.S. Hotel Results for Week Ending 26 November
Nobu Hospitality and Simon Celebrate Opening of Nobu Hotel & Restaurant at Phipps Plaza
Tsuut’ina Nation Appoints Tyrone Waite as Resort Chief Executive Officer for Grey Eagle Resort & Casino
How Technology Is Transforming the Future of Revenue Management for Hotels
As the first news aggregate for the hotel industry, Hotel-Online is the industry’s must-read daily news source for everything hotel curated for busy professionals. Sign up today for industry news delivered to your inbox.