newcrestimage
NewcrestImage Opens Hilton Garden Inn Grapevine at SilverLake Crossings Near DFW Airport
April 15, 2021
NewcrestImage has added a 152-room Hilton Garden Inn to its portfolio with the opening on Friday, April 16 of a six-floor hotel in SilverLake Crossings, a 52-acre multi-use community in Grapevine, Texas, just two miles from DFW Airport and midway between Dallas and Fort Worth. The property creates the company’s third tri-branded hotel as it joins the immediately adjacent dual-brand property -- a 181-room Courtyard by Marriott and a 120-suite TowneSuites by Marriott – that has operated since December of 2013. This “hotel campus” offers 453 rooms, two lobby bars, multiple dining options, and more than 20,000 square feet of meeting...
NewcrestImage Acquires Magnolia Hotel in Downtown Dallas From Stout Street Hospitality
NewcrestImage | March 2, 2021
March 2, 2021 - The Magnolia Hotel in downtown Dallas begins the latest chapter in its long and rich history when Dallas-based NewcrestImage acquires the 325-room, 29-floor property today from Denver-based Stout Street Hospitality. It’s the first investment by NewcrestImage’s new $100 million real estate fund, which has raised more than $25 million since being announced on January 4th of this year. The hotel is one the most recognized buildings in downtown Dallas, opening in 1922 as the headquarters offices for Magnolia Petroleum. It was the city’s first skyscraper and the first high-rise in the United States to hav...
Joint Venture of NewcrestImage and LaPour Partners Opens AC Hotel at Arizona Center in Downtown Phoenix
NewcrestImage | February 18, 2021
February 18, 2021 - The 199-room, 13-floor AC Hotel by Marriott that opens today at Arizona Center in Phoenix is a double first – it’s the first upscale select service boutique hotel in the city’s downtown, and it’s also the first joint venture between Dallas-based NewcrestImage and Las Vegas-based LaPour Partners. “The word ‘phoenix’ symbolizes renewal, progress, and hope,” said Mehul Patel, Chairman and CEO of NewcrestImage. “This new hotel in the heart of downtown Phoenix is a powerful symbol of our company’s and our industry’s renewal, progress, and hope – we’re providing travelers with the comfort they want...
NewcrestImage Sells Hyatt House in Frisco, Texas
February 16, 2021
NewcrestImage has sold its 132-suite, six-floor Hyatt House in the Dallas suburb of Frisco, Texas to a hotel group based in the northeastern United States. The hotel, built by NewcrestImage, opened in March of 2016. “This sale demonstrates that despite the upheavals of COVID, a well-positioned asset in a strongly-performing market has attractive investment appeal,” said Mehul Patel, Chairman and CEO of NewcrestImage. Added Patel, “Our company constantly evaluates how we can best add value and boost profitably for our investors. Proceeds of the Frisco transaction enable us to move ahead promptly and efficiently with additions t...
First JV By NewcrestImage and Canterbury Hotel Group Opens Hyatt House In Beaverton, Oregon
Canterbury Hotel Group | February 10, 2021
February 10, 2021 - Downtown Beaverton, Oregon has a new world-class hotel with the opening tomorrow of a 125-room, 5-floor Hyatt House as the first joint venture between Dallas-based NewcrestImage and Portland-based Canterbury Hotel Group. The property is just seven miles west of downtown Portland. “The opening of this Hyatt House is powerful testimony that hoteliers continue to provide the best of hotel experiences even during challenging travel times,” said Mehul Patel, Chairman and CEO of NewcrestImage. “We’ve created a property that is safe, comfortable, and special -- where travelers can rest easy after a tough day on the...
NewcrestImage Opens Canopy by Hilton at Frisco Station in North Dallas
Canopy by Hilton | June 4, 2020
NewcrestImage opens its first Canopy by Hilton tomorrow -- a 150-room, seven-floor hotel at Frisco Station in north Dallas. The property is the third hotel in an innovative four-brand, 600-room “lifestyle hotel campus” developed by NewcrestImage. Operating since August of 2019 are the first two hotels – an AC Hotel and Residence Inn, each with 150 rooms – that are housed together in a dual-brand building. The fourth hotel, a 150-room Hyatt Place, currently has no scheduled date for start of construction. “The opening of this Canopy symbolizes the story of hospitality’s comeback around the country and around the world,” sai...
NewcrestImage Appoints Manuel Ortiz as Vice President, Investor Relations
February 27, 2020
NewcrestImage has named Manuel F. Ortiz to lead its investor relations department in the newly-created position of Vice President, Investor Relations. He joins the in-house finance team that is responsible for managing investment portfolios as part of a billion-dollar expansion program announced by the company in July of 2019. “We have committed to raising $250 million in equity from both institutional and non-institutional sources for investment in acquisitions, new-build projects, and adaptive re-use of historic buildings,” explained Mehul Patel, Chairman and CEO of NewcrestImage. “Now we are actively adding the personnel and cr...
NewcrestImage and Baywood Hotels Start Joint Venture Canopy by Hilton in Downtown New Orleans
NewcrestImage | January 30, 2020
Dallas-based NewcrestImage and Baywood Hotels, Inc., based in Columbia, Maryland, will begin historic renovation construction in early February of a 176-room, 14-floor Canopy by Hilton in downtown New Orleans. This joint venture launches the third hotel in New Orleans for NewcrestImage and the fourth hotel in Louisiana for Baywood. Canopy by Hilton New Orleans Downtown is scheduled to open in the summer of 2021 at 1100 Tulane Avenue in the heart of the Central Business District, immediately adjacent to the French Quarter. It will revive the former Oil and Gas Building, which originally opened in 1959 and was placed on the National Register...
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