Ed Brock is an award-winning journalist who has worked for various U.S. newspapers and magazines, including with American City & County magazine, a national publication based in Atlanta focused on city and county government issues. He is currently senior editor at Asian Hospitality magazine, the top U.S. publication for Asian American hoteliers. Originally from Mobile, Alabama, Ed began his career in journalism in the early 1990s as a reporter for a chain of weekly newspapers in Baldwin County, Alabama. After a stint teaching English in Japan, Ed returned to the U.S. and moved to the Atlanta area where he returned to journalism, coming to work at Asian Hospitality in 2016.
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.
Four Seasons, Fort Partners and Merrimac Ventures plan a mixed-use project in Telluride, CO.
The project is in Mountain Village near the San Juan Mountains.
Florida-based Fort Partners and Merrimac Ventures are led by Nadim Ashi and Dev Motwani.
FOUR SEASONS, FORT Partners and Merrimac Ventures are jointly developing the Four Seasons Resort and Residences Telluride in Telluride, Colorado. The project includes 52 guestrooms, 43 hotel residences and 26 private residences for short-term and permanent stays.
The properties are being developed in Mountain Village near the San Juan Mountains in Colorado, Four Seasons said in a statement.
Toronto-based Four Seasons is led by CEO Alejandro Reynal, while Florida-based partners Fort Partners and Merrimac Ventures are led by founder Nadim Ashi and President and CEO Dev Motwani, respectively.
“This achievement would not have been possible without the support of local partners like Telluride Ski & Golf, the Town of Mountain Village and TMVOA,” Motwani said. “We are fortunate to inherit this site and build upon the work they’ve already done.”
Bart Carnahan, Four Seasons’ president of global business development, portfolio management and residential, said the company is offering a new opportunity for guests and residents to enjoy a ski destination.
“Fort Partners and Merrimac Ventures are ideal collaborators, with a deep understanding of the destination, Four Seasons’ legendary service and a shared commitment to creating experiences for both short-term visitors and residents,” he said.
“Telluride is a place of extraordinary heritage and beauty and represents a rare opportunity to create something lasting,” Ashi said. “Together with Four Seasons and Merrimac, we are creating a landmark that reflects this legacy, honors its natural beauty and endures for generations.”
Sonesta International Hotels Corp. recently launched Americas Best Value Studios by Sonesta, an extended-stay version of its franchised brand, Americas Best Value Inn.
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