IT WILL BE moving day soon enough for Dallas-based NewcrestImage, which along with an ongoing nationwide expansion has now broken ground on its new headquarters. The new home office will be in an 80,000-square-foot, four-story building in nearby Grapevine, Texas, that is expected to be completed in 10 to 12 months.
The new headquarters itself will only take up about 20,000 square feet while the rest of the energy-efficient building will be leased out. It is part of SilverLake Crossings, a 52-acre mixed-use neighborhood with 400 residential units, 30,000 square feet of retail and dining and a 15-acre park with nature trails, a zip line and a six-acre lake.
The neighborhood also includes six other NewcrestImage hotels, four under construction as part of a 702-room “hotel campus” along with a 301-room dual brand property that the company has operated since 2013. The new headquarters also is two miles from Dallas-Fort Worth International Airport.
“This is a dynamic micro-community that offers lots of convenient options for our hotel guests, our employees, and our tenants,” said NewcrestImage Chairman and CEO Mehul Patel.
The company operates in 10 states with 28 owned and managed hotels plus another 15 properties under construction or in development, including a 199-room, 13-floor AC Hotel by Marriott the company just broke ground for in Phoenix. It served 1.9 million guests in 2018.
The company announced its plan for a nationwide expansion in July, setting a target of $2 billion in growth and hiring two new finance executives, David Perel as chief investment officer and Caroline Lerner Perel as chief development officer, to oversee the expansion.
David will raise and invest $250 million in equity for investment while Caroline will evaluate and recommend investment opportunities. The plan is for the company to expand from coast to coast, Patel said in July.
“Our company is ready to move to the next level of hotel achievement,” Patel said. “We will now offer investors a unique opportunity to benefit from our proven record and reputation for creating long-term value.”
The expansion plan includes acquisition of existing properties, new-build projects, and adaptive re-use of historic buildings. The company currently owns and operates 28 hotels in Texas, Oklahoma, and Louisiana with 15 properties under construction or in development in states like Arizona, Ohio and Oregon.
Last year, NewcrestImage expanded into third-party management with the 163-room Holiday Express Inn & Suites at Dallas-Fort Worth Airport North. And, in March, Mehul Patel, Chirag Patel, and Mital Patel, operating under an investment group named Bright Force Holding, LLC, purchased Dallas-based American Bank.