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) that 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.
“These properties are uniquely-positioned in strategic destination locations, making them very appealing as we structure a strong investment-based portfolio,” said Mehul Patel, Managing Partner & CEO of NewcrestImage.
“Highgate is pleased to execute with NewcrestImage on this transaction involving four well-located and well-positioned hotels,” according to Mahmood Khimji, Managing Principal of Highgate. “We are excited to expand our activities with Mehul and the talented NewcrestImage team, along with our friends at Wyndham – all of whom share Highgate’s commitment to delivering exceptional guest experiences and operational results.”
Geoff Ballotti, President and CEO of Wyndham Hotels & Resorts, added, “As the world’s largest hotel franchisor, we know there’s nothing more powerful than pairing great brands with proven owners who know how to deliver on guest needs. We greatly value our longstanding relationship with NewcrestImage and are proud to continue partnering with Mehul and his team as they continue growing their portfolio with Wyndham.”
In late June, Dallas-based NewcrestImage acquired the 175-room Cambria Hotel in Southlake, Texas, located six miles from DFW International Airport and five miles from the Gaylord Texan Convention Center.
The company also 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.
Since its founding in February of 2013, NewcrestImage has completed more than $3 billion in transactions involving more than 200 hotels and 25,000 hotel rooms in 122 communities across the country. The company has transformed the hotel industry, notably by popularizing innovative concepts such as dual-brand properties, adaptive re-use of historic buildings, and “lifestyle hotel campus” neighborhoods.