NewcrestImage acquires TownePlace Suites in Dallas area

NEWCRESTIMAGE RECENTLY ACQUIRED the TownePlace Suites by Marriott Dallas Las Colinas in Irving, Texas. It is the most recent acquisition for the Dallas-based investment firm led by Mehul Patel as managing partner and CEO, and the company plans to fully renovate the property, which opened in 1998 and was last renovated in 2014.

The 3-floor, 135-suite property offers three types of guestroom: studio, one-bedroom, and two bedroom, according to NewcrestImage. It is near two major airports, Dallas Fort Worth International Airport and Love Field, and two major convention centers, the Irving Convention Center and the Gaylord Texan Convention Center.

Amenities at the hotel include a fitness center and an outdoor pool.

“This extended-stay property is in the heart of a high-traffic corridor that’s a popular destination for both corporate and leisure travelers,” Patel said.

The acquisition of the TownePlace Suites is important to Marriott, said Loren Nalewanski, the company’s vice president franchising for the Element, Residence Inn, Fairfield, TownePlace and SpringHill Suites brands.

“Our industry is built on strong partnerships between brands and owners,” Nalewanski said.  “This acquisition enhances the long, valued, and successful partnership between Marriott and NewcrestImage, which has owned and operated 30 Marriott-branded properties since 2013.”

In late June, 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.

In addition, the company reached an agreement in July with Highgate Hotels to acquire four LaQuinta properties with a total of 696 rooms.  The acquisition of LaQuinta Inn & Suites Irving DFW North closed on July 14, with transactions expected to close in August for the LaQuinta Inn Phoenix North, LaQuinta Inn& Suites Anaheim, and LaQuinta Inn & Suites LAX.

NewcrestImage also owns and operates two historic hotels, the 325-room Magnolia Hotel in downtown Dallas and the 164-room Sinclair Hotel in downtown Fort Worth.

Since its founding in 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 focused on dual-brand properties, adaptive re-use of historic buildings and “lifestyle hotel campus” neighborhoods.