newcrestimage
NewcrestImage Acquires The Beeman Hotel In Dallas
NewcrestImage | October 3, 2024
NewcrestImage continues to grow its portfolio of luxury full-service properties with the addition of The Beeman Hotel, which features 296 guest rooms and suites over nine floors. “The Beeman is a very high-quality property that offers tremendous upside potential to help drive our ambitious growth goals,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “To further and fully optimize this hotel’s value and profits, we intend to rebrand in the high-end upscale category.” NewcrestImage has selected Coury Hospitality to manage the property. Coury, along with its Concert Hospitality affiliate, already manages four upscale...
NewcrestImage Acquires DoubleTree Suites in Downtown Columbus, Ohio
NewcrestImage | September 10, 2024
NewcrestImage has acquired the full-service DoubleTree Suites by Hilton Hotel Columbus Downtown in Ohio. The deal was brokered by Hunter Hotel Advisors, with Senior Vice Presidents Tim Osborne and Spencer Davidson representing the institutional seller. “This acquisition underscores our continued appetite for transactions that offer strong growth potential in both market share and asset value,” said Mehul Patel, Managing Partner and CEO of Dallas-based NewcrestImage. Located in the heart of downtown, the 15-floor DoubleTree Suites features 194 all-suites guestrooms with some of the largest square footage of any hotel in the Columbus mark...
JV of NewcrestImage, Dabu Group & Preeminent Hotels Acquire Two Marriott-Branded Hotels in The Woodlands, Texas
NewcrestImage | October 19, 2023
A joint venture of NewcrestImage, Dabu Group, and Preeminent Hotels has acquired ownership and operation of two Marriott-branded hotels -- the 90-room Courtyard and the 90-suite Residence Inn -- located in The Woodlands, 35 miles north of Houston. The transaction closed during the week of October 9. Both properties will be fully renovated starting next year and will remain open during the renovations. The hotels are convenient to George Bush Intercontinental Airport, as well as to a variety of major corporate offices such as Chevron Phillips Chemical Co., ExxonMobil, Huntsman Corp., McKesson Specialty Health, and Repsol USA. Also nea...
NewcrestImage Acquires Three Courtyard by Marriott Hotels at Major Airports
NewcrestImage | October 18, 2023
NewcrestImage is acquiring three Courtyard by Marriott hotels from W.P. Carey, a real estate investment trust with headquarters in New York City. Two properties – at Albuquerque International Sunport and at Indianapolis International Airport – have already closed, while the third property at Chicago O’Hare International Airport is expected to close in early November. “These hotels, with their strategic airport locations in high-traffic markets, offer significant opportunities for growth,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “To fully capture this upside potential, all three properties will undergo fu...
NewcrestImage & Dabu Group Acquire Full-Service Marriott Dallas/Fort Worth Westlake in Texas
Newcrest Image | September 26, 2023
A joint venture of two Dallas-based companies – NewcrestImage and Dabu Group – has acquired the full-service Marriott Dallas/Fort Worth Westlake. The hotel features architecture by award-winning Mexican architect Ricardo Legorreta, who is known for his innovative use of bright colors, light and shadow, and geometric shapes. Newmark Lodging Capital Markets arranged the sale on behalf of the seller. The team was led by Vice Chairman Miles Spencer and Director Parker Sherrill. The Marriott is convenient to corporate offices, historic downtown Grapevine, and destinations such as the world headquarters of Charles Schwab Corporation, DFW ...
NewcrestImage & Coury Hospitality Forge Strategic Alliance to Focus on Lifestyle Hotel Growth
NewcrestImage | June 1, 2023
Dallas, June 1, 2023 – NewcrestImage, a prominent leader in the hospitality industry, has entered into a strategic partnership with Coury Hospitality, based in Dallas, with a 50% ownership stake. This alliance marks an exciting venture between the two companies, combining their expertise and resources in the pursuit of excellence in lifestyle hotel development. NewcrestImage currently owns a portfolio of approximately 70 hotels across 26 states, while Coury Hospitality manages 12 lifestyle hotels in six states, including 10 Marriott Autograph Collection properties, with three more under development – making Coury the largest operator o...
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...
