newcrestimage
Joint Venture of NewcrestImage & Hospitality Capital Partners Acquires 16-Hotel Portfolio for $137 Million
March 23, 2023
In a joint venture, Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) have acquired 16 hotels with a total of 2,155 rooms for $137.3 million from Service Properties Trust, a Massachusetts-based REIT. The transaction was handled by Al Calhoun and Mark Fair at CBRE in Atlanta. The portfolio consists of 13 Courtyard by Marriott hotels and three Residence Inn by Marriott hotels that are located in nine states – Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas, and Virginia. Eleven of the properties underwent major renovations between 2018 and 2019. “This transa...
NewcrestImage & Hospitality Capital Partners Acquire Eleven Hotels Across Seven States
NewcrestImage | March 2, 2023
A joint venture of NewcrestImage and Hospitality Capital Partners (HCP) has completed acquisition of 11 hotels in seven states with a total of 1,551 rooms in a transaction handled by Al Calhoun and Mark Fair at CBRE in Atlanta. The properties are 10 Courtyard and one Residence Inn hotels in the states of Georgia, Massachusetts, New York, Oklahoma, Pennsylvania, Texas, and Virginia. “Our company has a strong appetite for solid investment opportunities,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “These properties and markets offer attractive potential for both profits and appreciation value.” HCP principals...
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...
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