NEWCRESTIMAGE AND HOSPITALITY Capital Partners have acquired 11 hotels in seven states with a total of 1,551 rooms in a joint venture. Al Calhoun and Mark Fair at CBRE in Atlanta handled the transaction.
The properties are 10 Courtyards and one Residence Inn in Georgia, Massachusetts, New York, Oklahoma, Pennsylvania, Texas and Virginia, according to NewcrestImage.
Dallas-based NewcrestImage owns more than 70 hotels across the country with almost 8,000 rooms. Since its founding in 2013, the company has completed more than $3 billion in transactions involving almost 275 hotels with almost 30,000 hotel rooms in 130 communities across the country.
“Our company has a strong appetite for solid investment opportunities,” said Mehul Patel, NewcrestImage managing partner and CEO. “These properties and markets offer attractive potential for both profits and appreciation value.”
HCP and its principals Keith Mishkin and Primo Parmar have owned nearly 50 hotels in the western U.S., including The Saguaro Scottsdale in that Arizona city’s historic Old Town area. Other projects include 25 golf courses through their associated company, Parks Legacy Project.
“We look forward to substantially growing the returns for these 11 hotel assets in close partnership with the team at NewcrestImage,” Mishkin and Parmar said.
NewcrestImage has focused on dual-brand properties, adaptive re-use of historic buildings and “lifestyle hotel campus” neighborhoods. In November, the company acquired of 45 hotels with around 3,300 rooms in 11 states in the U.S.