- NewcrestImage buys OR hotel from Pebblebrook.
- The property is in Portland’s Cultural District
- Hotel renovated and rebranded in 2019.
NEWCRESTIMAGE ACQUIRED THE Hotel Zags, a 174-room hotel in downtown Portland, Oregon, for $10 million. Pebblebrook Hotel Trust sold the property.
The property is in Portland’s Cultural District and was renovated and rebranded in 2019, NewcrestImage said in a statement. It will manage the hotel in-house, which is near Pioneer Place, the waterfront park, art galleries, shops, coffee shops and the world’s largest independent bookstore.
The dog-friendly property features PLS on Sixth restaurant with indoor and outdoor seating, two private dining rooms, 2,700 square feet of meeting and event space, a retro game arcade, local artwork and complimentary nightly s’mores. Amenities also include a courtyard with a living wall, lounge areas and firepits, as well as a patio with a sandbox and toys for children.
Grapevine, Texas-based NewcrestImage is led by Managing Partner Mehul Patel.
“This hotel continues to build our portfolio through both geographic and segment diversification,” Patel said. “It also demonstrates our corporate commitment to acquisition as a core growth strategy.”
Since its founding in 2013, NewcrestImage completed more than $3 billion in transactions involving nearly 300 hotels and 32,000 rooms across 130 communities. The company currently owns more than 45 hotels.
In August, NewcrestImage appointed Gary Mills as senior vice president of acquisitions.
