NewcrestImage Sells Hyatt Place In Amarillo
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 operates the My Place Hotel about half a mile east of the Hyatt Place and Tru properties.
NewcrestImage continues to operate two hotels in downtown Amarillo — an award-winning 107-room, 10-floor Courtyard by Marriott and a 226-room, 6-floor Embassy Suites.
“The current post-pandemic hotel market offers very rewarding situations for both buyers and sellers,” explained Mehul Patel, Chairman and CEO of Dallas-based NewcrestImage. “Our company’s real estate fund is proactively looking throughout the country for new investments that match our unique skills with upscale properties and with historic renovation projects.”
NewcrestImage now owns and operates 27 distinctive hotels nationwide, including properties through its $100 million private real estate fund which was launched on January 4th of this year.
In March, the company’s fund acquired the legendary 325-room, 29-floor Magnolia Hotel in downtown Dallas, which is currently in the development phase for renovations and conversion to a soon-to-be-announced ultra-luxury brand.