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 contains 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 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.”
In keeping with HCP principals Keith Mishkin and Primo Parmar, “Partnering with NewcrestImage for this transaction is grounded in our robust belief and respect for the corporate. We very a lot sit up for working with Mehul and his group to construct the worth of those accommodations and to ship uncompromising high quality for visitors in addition to buyers.”
HCP and its principals have owned nearly 50 accommodations within the western United States, notably The Saguaro Scottsdale, situated in that metropolis’s historic Previous City space. Different tasks embody 25 golf programs via their related firm, Parks Legacy Undertaking.
“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 Resort 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 non-public funding agency. The portfolio contains 35 Marriott-branded, seven Hilton-branded, two Alternative-branded, and one Radisson-branded properties which are 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 accommodations with nearly 30,000 resort rooms in 130 communities throughout the nation.
NewcrestImage owns and operates two legendary historic accommodations – the 325-room, 29-floor Magnolia Resort in downtown Dallas and the 164-room, 17-floor Sinclair Resort in downtown Fort Price. An replace is anticipated by year-end in regards to the main luxurious renovation and rebranding of the Magnolia.
The corporate has remodeled the resort business by popularizing quite a few revolutionary and worthwhile ideas, notably dual-brand properties; adaptive re-use of historic buildings; and “way of life resort campus” neighborhoods. This management in improvement and in operations has been acknowledged with greater than 80 awards through 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 accommodations and 25,000 resort rooms in 122 communities throughout the nation. The corporate has remodeled the resort business, notably by popularizing revolutionary ideas corresponding to dual-brand properties, adaptive reuse of historic buildings, and “way of life resort campus” neighborhoods.
