NewcrestImage, Dabu & Countrywide Form JV To Acquire BW Plus In Page, AZ
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 as Zion Park and Bryce National Park,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “We are always looking to acquire well-positioned properties such as this one, and we are excited to partner with strong investment partners like Dabu Hotels and Countrywide Hospitality.”
This acquisition continues an active investment mode by Dallas-based NewcrestImage, which has now added 77 hotels with almost 8,000 rooms since March of this year. In September alone prior to this deal, the company has added 60 Marriott-branded hotels with about 5,500 rooms located in 19 states.
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.
NewcrestImage owns and operates two legendary historic hotels – the 325-room, 29-floor Magnolia Hotel in downtown Dallas and the 164-room, 17-floor Sinclair Hotel in downtown Fort Worth. An update is expected by year-end about the major luxury renovation and rebranding of the Magnolia.
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.