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Alternative Investment

NewcrestImage Finalizes Purchase of 45 Hotels

Grapvine, Texas-based real estate and alternative investment firm NewcrestImage closed Friday on the acquisition of a 45-hotel portfolio, which includes Marriott International, Hilton and Choice Hotels International brands, according to a news release.

NewcrestImage first announced the transaction in early September. The portfolio totals roughly 3,300 rooms in 11 states — Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota and Texas.

Thirty-five of the hotels are under Marriott brands, with seven under Hilton brands, and three under Choice Hotels International brands. Aimbridge Hospitality and HHM Hospitality will retain the management contracts for the hotels.

“Each of these hotels represents a strong opportunity for generating revenue in the short-term, as well as for building long-term asset value,” Mehul Patel, managing partner and CEO of NewcrestImage, said in the news release.

NewcrestImage has been aggressive in its acquisition strategy this year, adding 77 hotels with nearly 8,000 rooms since March, following its sale of a 27-hotel portfolio to Summit Hotel Properties in the first quarter of 2022.

Return to the Hotel News Now homepage.

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