DALLAS-BASED NEWCRESTIMAGE 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, a statement said.
The company said that the Arizona property is located in a leisure destination area that is visited by more than 4.5 million visitors. Nearby attractions are the Grand Canyon, Lake Powell, Monument Valley, Glen Canyon Dam, Antelope Canyon, and Horseshoe Bend, the statement added.
“This hotel is a key stop for travelers who are making the ‘grand circle’ tour of western national parks such as Zion Park and Bryce National Park,” said Mehul Patel, managing partner and CEO of NewcrestImage. “We are always looking to acquire well-positioned properties such as this one, and we are excited to partner with strong investment partners like Dabu Hotels and Countrywide Hospitality.”
Since March, NewcrestImage has added 77 hotels with almost 8,000 rooms. In September, the company added 60 Marriott-branded hotels with about 5,500 rooms located in 19 states.
Since its founding in February of 2013, NewcrestImage has completed more than $3 billion in transactions involving almost 275 hotels with almost 30,000 hotel rooms in 130 communities across the country.
It 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.
Earlier in September, NewcrestImage announced plans to acquire 45 hotels, with a portfolio of 3,300 rooms in 11 states, from a private investment firm.