A three way partnership of NewcrestImage and Hospitality Capital Partners (HCP) has reached definitive settlement to amass 16 Marriott-branded accommodations with a complete of two,155 rooms in 9 states.
The portfolio contains 13 Courtyard and three Residence Inn properties situated in Georgia, Massachusetts, North Carolina, New York, Oklahoma. Pennsylvania, South Carolina, Texas, and Virginia. Closing on the transaction is predicted throughout the fourth quarter.
“This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” defined Mehul Patel, Managing Partner and CEO of NewcrestImage. “We’re hungry to be part of hospitality’s growth and prosperity.”
According to HCP principals Keith Mishkin and Primo Parmar, “Partnering with NewcrestImage for this transaction is grounded in our strong trust and respect for the company. We very much look forward to working with Mehul and his team to build the value of these hotels and to deliver uncompromising quality for guests as well as investors.”
HCP and its principals have owned virtually 50 accommodations within the western United States, notably The Saguaro Scottsdale, situated in that metropolis’s historic Old Town space. Other tasks embody 25 golf programs by their related firm, Parks Legacy Project.
“This joint venture with Keith, Primo, and HCP will take our long and valued relationship to new levels of success,” added Patel.
After promoting 27 accommodations in January to Summit Hotel Properties, Dallas-based NewcrestImage has been in an energetic acquisition mode. Since March and together with this new deal, the corporate has added 76 accommodations with roughly 7,600 rooms.
In its most up-to-date acquisition, introduced on September 8, NewcrestImage agreed to buy 45 accommodations with a complete of roughly 3,300 rooms from a personal funding agency. The portfolio contains 35 Marriott-branded, seven Hilton-branded, two Choice-branded, and one Radisson-branded properties which might be situated in 11 states — Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas.
Since its founding in 2013, NewcrestImage has accomplished greater than $3 billion in transactions involving virtually 275 accommodations with virtually 30,000 resort rooms in 130 communities throughout the nation.
NewcrestImage owns and operates two legendary historic accommodations – the 325-room, 29-floor Magnolia Hotel in downtown Dallas and the 164-room, 17-floor Sinclair Hotel in downtown Fort Worth. An replace is predicted by year-end in regards to the main luxurious renovation and rebranding of the Magnolia.
The firm has remodeled the resort business by popularizing quite a few progressive and worthwhile ideas, notably dual-brand properties; adaptive re-use of historic buildings; and “lifestyle hotel campus” neighborhoods. This management in improvement and in operations has been acknowledged with greater than 80 awards throughout the previous 10 years.
About NewcrestImage
Since its founding in February of 2013, NewcrestImage has accomplished greater than $3 billion in transactions involving greater than 200 accommodations and 25,000 resort rooms in 122 communities throughout the nation. The firm has remodeled the resort business, notably by popularizing progressive ideas comparable to dual-brand properties, adaptive reuse of historic buildings, and “way of life resort campus” neighborhoods.