A JOINT VENTURE between Dallas-based NewcrestImage and Dabu Group has acquired the full-service Marriott Dallas/Fort Worth in Westlake, Texas. The sale was facilitated by Newmark Lodging Capital Markets on behalf of the seller, NewcrestImage said in a statement.
The Marriott, slated for a full renovation, features 294 rooms, some with private balconies. It includes a concierge level with a private lounge, a restaurant, a Starbucks outlet, an outdoor pool, a business center and around 15,000 square feet of meeting space. The building was designed by Mexican architect Ricardo Legorreta, the company said.
"This deal offers an attractive opportunity to partner with a strong investor in acquiring a property with a track record of robust performance and a strategic location in a dynamic market,” said Mehul Patel, managing partner and CEO of NewcrestImage.
The Marriott is close to corporate offices, downtown Grapevine, and key destinations including Charles Schwab Corp.'s world headquarters, DFW International Airport, Texas Motor Speedway, and the 120-store Southlake Town Square shopping area.
Established in 2013, NewcrestImage manages a portfolio of over 70 hotels with nearly 8,000 rooms nationwide. The company has completed transactions involving almost 275 hotels, totaling nearly 30,000 rooms, across 130 communities across the U.S.
In June, NewcrestImage announced partnership with Coury Hospitality to advance efforts in lifestyle hotel development, acquiring a 50 percent ownership stake in Coury. Additionally, in March, a joint venture between NewcrestImage and Hospitality Capital Partners completed the $137.3 million acquisition of 16 hotels from Service Properties Trust, a Massachusetts-based REIT.
