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 Keith Mishkin and Primo Parmar added, “We look forward to substantially growing the returns for these 11 hotel assets in close partnership with the team at NewcrestImage.”
HCP and its principals have owned almost 50 hotels in the western United States, notably The Saguaro Scottsdale, located in that city’s historic Old Town area. Other projects include 25 golf courses through their associated company, Parks Legacy Project.
Dallas-based NewcrestImage owns more than 70 hotels across the country with almost 8,000 rooms. Since its founding in 2013, NewcrestImage has completed more than $3 billion in transactions involving almost 275 hotels with almost 30,000 hotel rooms in 130 communities across the country.
The company has transformed the hotel industry by popularizing numerous innovative and profitable concepts, notably dual-brand properties; adaptive re-use of historic buildings; and “lifestyle hotel campus” neighborhoods. This leadership in development and in operations has been recognized with more than 80 awards during the past 10 years.