DALLAS-BASED NEWCRESTIMAGE, under Chairman and CEO Mehul Patel, has begun a nationwide expansion of its operations, the company announced Tuesday. To further that goal, it has hired two new finance executives, David Perel as chief investment officer and Caroline Lerner Perel as chief development officer, with a target of $2 billion in growth.
Previously the Perels worked for Civitas Capital Group, David as managing director and head of lodging investments and Caroline as managing director on the lodging team. Their hiring brings the NewcrestImage executive team to eight people.
David will raise and invest $250 million in equity for investment while Caroline will evaluate and recommend investment opportunities. The plan is for the company to expand from coast to coast, Mehul Patel said.
“Our company is ready to move to the next level of hotel achievement,” Patel said. “We will now offer investors a unique opportunity to benefit from our proven record and reputation for creating long-term value.”
The expansion plan includes acquisition of existing properties, new-build projects, and adaptive re-use of historic buildings. The company currently owns and operates 28 hotels in Texas, Oklahoma, and Louisiana with 15 properties under construction or in development in states like Arizona, Ohio and Oregon.
David Perel has raised and invested more than $300 million in hotel development and acquisitions over the last decade. He holds a MBA from Northwestern University’s Kellogg School of Management and his undergraduate degree in finance and accounting is from the University of Pennsylvania’s Wharton School.
Caroline Perel led the development of 12 hotels while as Civitas. She has an undergraduate degree at Cornell University’s School of Hotel Administration with a dual major in strategic planning and finance.
“Our style at NewcrestImage is to evaluate vigorously and with vision, then proceed responsibly with conviction and determination,” Patel said. “With this new nationwide expansion initiative, we will move into many new markets to create showcase properties where guests can build memories, our employees can build a career, and our investment partners can build value.”
Last year, NewcrestImage expanded into third-party management with the 163-room Holiday Express Inn & Suites at Dallas-Fort Worth Airport North. And, in March, Mehul Patel, Chirag Patel, and Mital Patel, operating under an investment group named Bright Force Holding, LLC, purchased Dallas-based American Bank.