NewcrestImage has reached definitive settlement to buy 45 motels from a personal funding agency. Phrases of the transaction weren’t disclosed.
The portfolio totals roughly 3,300 rooms and consists of 35 Marriott-branded, seven Hilton-branded, two Alternative-branded, and one Radisson-branded properties, that are positioned in 11 states – Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas.
“The present monetary surroundings makes it very engaging to purchase moderately than construct, and this group of superb motels in high-traffic places offers us with an distinctive alternative to instantly begin producing vital income, revenue, and return on funding,” stated Mehul Patel, Managing Companion and CEO of NewcrestImage.
Since its founding in February of 2013, NewcrestImage has accomplished greater than $3 billion in transactions involving greater than 200 motels and 25,000 lodge rooms in 122 communities throughout the nation.
This has been a 12 months of tactical transition for NewcrestImage, which started with the sale in January to Summit Lodge Properties of 27 motels totaling 3,533 visitor rooms. Since then, the corporate has targeted on making a growth-centered portfolio with transactions to accumulate 15 motels, previous to the present 45-property transaction.
In late June, Dallas-based NewcrestImage acquired the 175-room Cambria Lodge in Southlake, Texas, a premium location six miles from DFW Worldwide Airport and 5 miles from the Gaylord Texan Conference Heart.
In July, the corporate reached settlement with Highgate Resorts to accumulate 4 LaQuinta properties with a complete of 696 rooms in key vacation spot markets. Closings have occurred for all of those motels — LaQuinta Inn & Suites Irving DFW North, LaQuinta Phoenix North, LaQuinta Inn & Suites Anaheim, and LaQuinta Inn & Suites LAX.
Additionally in July, NewcrestImage acquired the 135-all suites TownePlace Suites Dallas Las Colinas, strategically positioned close to two main airports and two main conference facilities – 7 miles from each DFW Worldwide and Love Discipline, one mile from the Irving Conference Heart, and 10 miles from the Gaylord Texan Conference Heart.
NewcrestImage owns and operates two legendary historic motels – the 325-room, 29-floor Magnolia Lodge in downtown Dallas and the 164-room, 17-floor Sinclair Lodge in downtown Fort Price.
The corporate has reworked the lodge business by popularizing such progressive and worthwhile ideas as dual-brand properties, adaptive re-use of historic buildings, and “way of life lodge campus” neighborhoods. This management in improvement and in operations has been acknowledged with greater than 80 awards throughout the previous 10 years.
Two legislation corporations – Akin Gump Strauss Hauer & Feld, together with Munsch Hardt Kopf & Harr – served as authorized advisors to NewcrestImage for the most recent 45-hotel transaction.
About NewcrestImage
Since its founding in February of 2013, NewcrestImage has accomplished greater than $3 billion in transactions involving greater than 200 motels and 25,000 lodge rooms in 122 communities throughout the nation. The corporate has reworked the lodge business, notably by popularizing progressive ideas comparable to dual-brand properties, adaptive reuse of historic buildings, and “way of life lodge campus” neighborhoods.
