DALLAS-BASED NEWCRESTIMAGE recently acquired of 45 hotels with around 3,300 rooms in 11 states in the U.S., a statement said. The properties include 35 Marriott, seven Hilton, and three Choice-branded hotels in Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas, according to the company.
“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, NewcrestImage’s managing partner and CEO.
The company added 77 hotels with almost 8,000 rooms since March after selling a portfolio of 27 hotels to Summit Hotel Properties in January.
The Dallas firm focuses on concepts such as dual-brand properties, adaptive re-use of historic buildings and ‘lifestyle hotel campus’ neighborhoods. NewcrestImage has completed more than $3 billion in transactions involving almost 275 hotels with almost 30,000 hotel rooms in 130 communities since 2013.
In September, the company formed a joint venture with Dabu Hotels, and Countrywide Hospitality to acquire the 130-room Best Western Plus at Lake Powell in Page, Arizona, operated by Terrapin Hospitality.
Also since June, NewcrestImage acquired the 135-all suites TownePlace Suites Dallas Las Colinas. The company also owns and operates two historic hotels – the 325-room, 29-floor Magnolia Hotel in downtown Dallas and the 164-room, 17-floor Sinclair Hotel in downtown Fort Worth.