A three way partnership of NewcrestImage and Hospitality Capital Companions (HCP) has reached definitive settlement to accumulate 16 Marriott-branded accommodations with a complete of two,155 rooms in 9 states.
The portfolio consists of 13 Courtyard and three Residence Inn properties positioned in Georgia, Massachusetts, North Carolina, New York, Oklahoma. Pennsylvania, South Carolina, Texas, and Virginia. Closing on the transaction is predicted through the fourth quarter.
“This acquisition affirms our excessive expectations and excessive confidence in resort investments, each close to time period and long run,” defined Mehul Patel, Managing Associate and CEO of NewcrestImage. “We’re hungry to be a part of hospitality’s development and prosperity.”
Based on 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 stay up for working with Mehul and his crew to construct the worth of those accommodations and to ship uncompromising high quality for visitors in addition to traders.”
HCP and its principals have owned virtually 50 accommodations within the western United States, notably The Saguaro Scottsdale, positioned in that metropolis’s historic Outdated City space. Different initiatives embrace 25 golf programs via 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 accommodations 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 accommodations with roughly 7,600 rooms.
In its most up-to-date acquisition, introduced on September 8, NewcrestImage agreed to buy 45 accommodations with a complete of roughly 3,300 rooms from a personal funding agency. The portfolio consists of 35 Marriott-branded, seven Hilton-branded, two Alternative-branded, and one Radisson-branded properties which can be positioned 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 virtually 275 accommodations with virtually 30,000 resort rooms in 130 communities throughout the nation.
NewcrestImage owns and operates two legendary historic accommodations – the 325-room, 29-floor Magnolia Lodge in downtown Dallas and the 164-room, 17-floor Sinclair Lodge in downtown Fort Value. An replace is predicted by year-end in regards to the main luxurious renovation and rebranding of the Magnolia.
The corporate has reworked the resort business by popularizing quite a few modern and worthwhile ideas, notably dual-brand properties; adaptive re-use of historic buildings; and “life-style resort campus” neighborhoods. This management in growth and in operations has been acknowledged with greater than 80 awards through the previous 10 years.
About NewcrestImage
Since its founding in 2013, NewcrestImage has accomplished greater than $3 billion in transactions involving virtually 275 accommodations with virtually 30,000 resort rooms in 130 communities throughout the nation.