NEWCRESTIMAGE RECENTLY PARTNERED with Coury Hospitality aiming to advance their efforts in the development of lifestyle hotels. As part of the collaboration, NewcrestImage acquired a 50 percent ownership stake in Coury, NewcrestImage said in a statement.
According to the statement, NewcrestImage’s portfolio includes approximately 70 hotels spread across 26 states, while Coury Hospitality specializes in managing lifestyle hotels, currently operating 12 hotels in six states. Among these are 10 Marriott Autograph Collection properties, with an additional three under development properties, the statement added.
“This investment allows us to compete, grow, and succeed together, leveraging our extensive resources, wide geographic reach, and shared commitment to fostering a close-knit corporate culture,” said Mehul Patel, chairman and CEO of NewcrestImage.
Paul Coury, CEO, Coury Hospitality, and president of Marriott’s Autograph Collection Advisory Board, emphasized the alignment of their strategic goals.
“Our singular focus on managing, developing, and owning lifestyle hotels has yielded remarkable results,” he said. “With the support of NewcrestImage, we can capitalize on our deep management expertise and strategically expand our portfolio.”
In addition to their hotel operations, Coury Hospitality also operates 27 food and beverage outlets across the U.S., further diversifying their business offerings, it said.
In March, a JV between NewcrestImage and Hospitality Capital Partners completed the acquisition of 16 hotels from Service Properties Trust, a Massachusetts-based REIT, for $137.3 million. The deal included a total of 2,155 rooms in nine states.