DALLAS-BASED NEWCRESTIMAGE plans to acquire 45 hotels from a private investment firm. The portfolio includes approximately 3,300 rooms in 11 states, but other terms of the transaction were not disclosed.
The hotels include 35 Marriott International-branded, seven Hilton-branded, two Choice Hotels International-branded and one Radisson Hotels-branded properties. They are in Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota and Texas, according to NewcrestImage.
“The current financial environment makes it very attractive to buy rather than build, and this group of fine hotels in high-traffic locations provides us with an exceptional opportunity to immediately start generating significant revenue, profit, and return on investment,” said Mehul Patel, NewcrestImage managing partner and CEO.
In January, NewcrestImage sold 27 hotels with 3,533 guest rooms to Summit Hotel Properties. The company has acquired 15 hotels prior to the current transaction, such as the 175-room Cambria Hotel in Southlake, Texas, in June and four LaQuinta properties with a total of 696 rooms from Highgate Hotels in July.
The NewcrestImage board of directors are, from left, managing partners Chirag Patel, Sanjay Patel, Yogi Patel, CEO Mehul Patel, Mital Patel and Daxesh Patel.
Two law firms, Akin Gump Strauss Hauer & Feld and Munsch Hardt Kopf & Harr, served as legal advisors to NewcrestImage for the latest 45-hotel transaction. Since its founding in February 2013, NewcrestImage has completed more than $3 billion in transactions involving more than 200 hotels and 25,000 hotel rooms in 122 communities across the country.
Also since June, NewcrestImage acquired the 135-all suites TownePlace Suites Dallas Las Colinas. The company also 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.
Since its founding in February of 2013, NewcrestImage has completed more than $3 billion in transactions involving more than 200 hotels and 25,000 hotel rooms in 122 communities across the country. The company has focused on dual-brand properties, adaptive re-use of historic buildings and “lifestyle hotel campus” neighborhoods.
