newcrestimage
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...
Summit Hotel Properties Completes Acquisition of NewcrestImage Portfolio
Summit Hotel Properties | January 14, 2022
Austin, TX - January 14, 2022 - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company” or “Summit”) today announced that it has completed an initial closing of the previously announced portfolio acquisition through its existing joint venture with GIC from affiliates of NewcrestImage. The initial closing included 26 of the 27 hotels totaling 3,533 guestrooms, two parking structures, and various financial incentives. The remaining hotel to be acquired is the currently under construction 176-guestroom Canopy by Hilton New Orleans which is nearing completion, and the joint venture expects to close on the acquisition of the hotel during ...
NewcrestImage Becomes Minority Shareholder and Selects Aimbridge Hospitality for Management of 27-Hotel Portfolio
Aimbridge Hospitality | January 14, 2022
DALLAS, TX – January 14, 2022 – NewcrestImage, an award winning hotel development company based in Dallas, announces it will transfer its existing hotel management agreement rights to Aimbridge Hospitality, a leading, global hospitality company, and the two companies have identified new growth opportunities together. Specifically, NewcrestImage and Aimbridge will build on their respective strengths, with NewcrestImage developing and acquiring new hotels and Aimbridge further building on its value added services as one of the largest global hotel operators. NewcrestImage has acquired minority ownership in Aimbridge Hospitality. “We a...
NewcrestImage to Acquire 9 Arizona Properties From G6 Hospitality
NewcrestImage | January 6, 2022
NewcrestImage has reached definitive agreement to purchase nine hotels in Arizona from G6 Hospitality – six branded Motel 6 and three branded Studio 6. The transaction is expected to close in early March. “Acquiring properties, along with developing new hotels, are our two primary investment strategies for achieving growth in 2022,” said Mehul Patel, Chairman and CEO of Dallas-based NewcrestImage. “We look forward to creating fresh opportunities for these nine Arizona hotels in keeping with our operating philosophy, abilities, and track record.” According to Patel, Arizona is an attractive market because it...
Summit Hotel Properties Acquires NewcrestImage 27-Hotel Portfolio for $822M
Summit Hotel Properties | November 4, 2021
AUSTIN, TX – November 4, 2021 – Summit Hotel Properties, Inc. (NYSE: INN) (the "Company" or "Summit") today announced that it has entered into a definitive contribution and purchase agreement to acquire a 27-hotel portfolio totaling 3,709 guestrooms, two parking structures and various financial incentives through its existing joint venture with GIC for total consideration of $822 million (the "Transaction") from affiliates of NewcrestImage. The total consideration for the Transaction is comprised of $776.5 million, or $209,000 per key, for the 27-hotel portfolio, $24.8 million for the two parking structures and $20.7 million for the var...
NewcrestImage Sells Hyatt Place in Amarillo, Texas to an Affiliate of KAMP Hotels, LLC
NewcrestImage | September 30, 2021
September 30, 2021 – NewcrestImage has sold its 91-room, four-floor Hyatt Place in western Amarillo to an affiliate of KAMP Hotels, LLC. The hotel opened in December of 2019. “The Hyatt Place is an attractive opportunity for us because of its high-traffic, high-visibility location in the heart of the city’s medical district,” said Kevin Nelson of KAMP Hotels, which is headquartered in Amarillo. Another affiliate of KAMP Hotels recently purchased a nearby property from NewcrestImage – the 90-room, 4-floor Tru by Hilton, located immediately adjacent to the Hyatt Place and open since August of 2018. KAMP Hotels also owns and ...
1
Technology
2
Operations
3
Market Reports
4
Industry Happenings
5
All Things Independent
Today's News
Lars Pursche Appointed General Manager at Kempinski Hotel Bahía, Estepona, in Spain
Vast New Profit Opportunities With Integrated Business Intelligence
Projects & Rooms in the Early Planning Stage in Asia Pacific’s Hotel Construction Pipeline, Excluding China, Reach Record Highs in 2022’s Second Quarter
U.S. News Announces the 2022-2023 Best Travel Rewards Programs
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.