Dallas-based NewcrestImage and its joint-venture partner Hospitality Capital Partners have completed the acquisition of 11 hotels across seven states, with a total room count of 1,551.
The properties are 10 Courtyards by Marriott and one Residence Inn, in Georgia, Massachusetts, Oklahoma, New York, Virginia, Texas and Pennsylvania.
Al Calhoun and Mark Fair of CBRE in Atlanta handled the transaction.
NewcrestImage owns more than 70 hotels in the U.S., totaling around 8,000 rooms. Since it was founded in 2013, the company has completed more than $3 billion in transactions involving almost 275 hotels with almost 30,000 hotel rooms in 130 communities across the country.
“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 and its principals have owned almost 50 hotels in the western U.S., including The Saguaro Scottsdale, located in the city’s historic Old Town area. Other projects include 25 golf courses through their associated company, Parks Legacy Project.
“We look forward to substantially growing the returns for these 11 hotel assets in close partnership with the team at NewcrestImage,” said HCP principals Keith Mishkin and Primo Parmar.