A three way partnership of NewcrestImage and Hospitality Capital Companions (HCP) has reached definitive settlement to accumulate 16 Marriott-branded lodges with a complete of two,155 rooms in 9 states.
The portfolio consists of 13 Courtyard and three Residence Inn properties situated in Georgia, Massachusetts, North Carolina, New York, Oklahoma. Pennsylvania, South Carolina, Texas, and Virginia. Closing on the transaction is anticipated throughout the fourth quarter.
“This acquisition affirms our excessive expectations and excessive confidence in lodge investments, each close to time period and long run,” defined Mehul Patel, Managing Accomplice and CEO of NewcrestImage. “We’re hungry to be a part of hospitality’s development and prosperity.”
In keeping with HCP principals Keith Mishkin and Primo Parmar, “Partnering with NewcrestImage for this transaction is grounded in our sturdy belief and respect for the corporate. We very a lot look ahead to working with Mehul and his staff to construct the worth of those lodges and to ship uncompromising high quality for friends in addition to buyers.”
HCP and its principals have owned nearly 50 lodges within the western United States, notably The Saguaro Scottsdale, situated in that metropolis’s historic Previous City space. Different initiatives embody 25 golf programs by means of their related firm, Parks Legacy Challenge.
“This three way partnership with Keith, Primo, and HCP will take our lengthy and valued relationship to new ranges of success,” added Patel.
After promoting 27 lodges in January to Summit Lodge Properties, Dallas-based NewcrestImage has been in an energetic acquisition mode. Since March and together with this new deal, the corporate has added 76 lodges with roughly 7,600 rooms.
In its most up-to-date acquisition, introduced on September 8, NewcrestImage agreed to buy 45 lodges with a complete of roughly 3,300 rooms from a non-public funding agency. The portfolio consists of 35 Marriott-branded, seven Hilton-branded, two Alternative-branded, and one Radisson-branded properties which can be situated in 11 states — Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas.
Since its founding in 2013, NewcrestImage has accomplished greater than $3 billion in transactions involving nearly 275 lodges with nearly 30,000 lodge rooms in 130 communities throughout the nation.
NewcrestImage owns and operates two legendary historic lodges – the 325-room, 29-floor Magnolia Lodge in downtown Dallas and the 164-room, 17-floor Sinclair Lodge in downtown Fort Price. An replace is anticipated by year-end concerning the main luxurious renovation and rebranding of the Magnolia.
The corporate has remodeled the lodge business by popularizing quite a few modern and worthwhile ideas, notably dual-brand properties; adaptive re-use of historic buildings; and “way of life lodge campus” neighborhoods. This management in growth and in operations has been acknowledged with greater than 80 awards throughout the previous 10 years.
About NewcrestImage
Since its founding in February of 2013, NewcrestImage has accomplished greater than $3 billion in transactions involving greater than 200 lodges and 25,000 lodge rooms in 122 communities throughout the nation. The corporate has remodeled the lodge business, notably by popularizing modern ideas reminiscent of dual-brand properties, adaptive reuse of historic buildings, and “way of life lodge campus” neighborhoods.
