hcp
Joint Venture of NewcrestImage & Hospitality Capital Partners Acquires 16-Hotel Portfolio for $137 Million
March 23, 2023
In a joint venture, Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) have acquired 16 hotels with a total of 2,155 rooms for $137.3 million from Service Properties Trust, a Massachusetts-based REIT. The transaction was handled by Al Calhoun and Mark Fair at CBRE in Atlanta. The portfolio consists of 13 Courtyard by Marriott hotels and three Residence Inn by Marriott hotels that are located in nine states – Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas, and Virginia. Eleven of the properties underwent major renovations between 2018 and 2019. “This transa...
NewcrestImage & Hospitality Capital Partners Acquire Eleven Hotels Across Seven States
NewcrestImage | March 2, 2023
A joint venture of NewcrestImage and Hospitality Capital Partners (HCP) has completed acquisition of 11 hotels in seven states with a total of 1,551 rooms in a transaction handled by Al Calhoun and Mark Fair at CBRE in Atlanta. The properties are 10 Courtyard and one Residence Inn hotels in the states of Georgia, Massachusetts, New York, Oklahoma, Pennsylvania, Texas, and Virginia. “Our company has a strong appetite for solid investment opportunities,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “These properties and markets offer attractive potential for both profits and appreciation value.” HCP principals...
NewcrestImage & Hospitality Capital Partners Acquire 16 Hotel Portfolio In Joint Venture
September 22, 2022
A joint venture of NewcrestImage and Hospitality Capital Partners (HCP) has reached definitive agreement to acquire 16 Marriott-branded hotels with a total of 2,155 rooms in nine states. The portfolio includes 13 Courtyard and three Residence Inn properties located in Georgia, Massachusetts, North Carolina, New York, Oklahoma. Pennsylvania, South Carolina, Texas, and Virginia. Closing on the transaction is expected during the fourth quarter. “This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” explained Mehul Patel, Managing Partner and CEO of NewcrestImage. “...
