A JOINT VENTURE of NewcrestImage, Dabu Group and Preeminent Hotels has acquired two Marriott-branded hotels, a 90-room Courtyard and a 90-suite Residence Inn, in The Woodlands, Texas, 35 miles north of Houston. Both properties will be fully renovated starting next year and will remain open during the renovations, NewcrestImage said in a statement.
“This transaction brings together a great team that will bring even greater service and profitability to these two fine hotels, which are strategically located in the heart of a commercially-robust and culturally-rich area,” said Mehul Patel, CEO and managing partner at NewcrestImage.
The hotels are near George Bush Intercontinental Airport and several corporate offices including Chevron Phillips Chemical Co., ExxonMobil, Huntsman Corp., McKesson Specialty Health, and Repsol USA, the statement added.
Nearby facilities also include Houston Methodist The Woodlands, The Woodlands Hospital, and The Woodlands Specialty Hospital. Additionally, popular destinations comprise the 160-store Woodlands Mall, the Lone Star Convention & Expo Center, and The Pavilion—an amphitheater with 16,500 seats, known for high usage worldwide.
Amenities at the Courtyard include an on-site restaurant, Starbucks coffee shop, business center, fitness center and indoor pool. The Residence Inn features an indoor pool, gym, tennis courts and BBQ grills.
Dallas-based NewcrestImage completed more than 100 transactions in the past year, with a current portfolio of over 70 hotels across the nation, totaling nearly 8,000 rooms. Founded in 2013, the company executed deals surpassing $3 billion, involving over 275 hotels and nearly 30,000 guest rooms across 130 communities.
In September, NewcrestImage and Dabu Group’s joint venture acquired the full-service Marriott Dallas/Fort Worth in Westlake, Texas. Newmark Lodging Capital Markets facilitated the sale on behalf of the seller.