NewcrestImage Completes Acquisition Of 45 Hotels In 11 States
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 for building long-term asset value,” said Mehul Patel, Managing Partner and CEO of NewcrestImage.
This year has been marked by aggressive acquisition for NewcrestImage, which has added 77 hotels with almost 8,000 rooms since March after selling a portfolio of 27 hotels to Summit Hotel Properties in January.
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.
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.