NewcrestImage has announced it has entered into a strategic partnership with Coury Hospitality with a 50% ownership stake. Terms of the deal were not disclosed.
The alliance marks a significant venture between the two companies and will combine their knowledge and resources in lifestyle hotel development. This partnership will allow both entities to sharpen their competitive edge and establish their presence in the lifestyle and luxury segment.
NewcrestImage’s portfolio presently consists of 70 hotels in 26 states, while Coury Hospitality manages 12 lifestyle hotels in six states, which includes 10 Marriott Autograph Collection-branded hotels with three more under development. This makes Coury Hospitality the biggest operator of Autograph Hotels.
Based in Dallas, NewcrestImage was founded in 2013 and has been involved in deals totaling more than $3 billion, which comprises around 275 hotels and 30,000 hotel rooms across 130 communities globally.
“This investment allows us to compete, grow, and succeed together, leveraging our extensive resources, wide geographic reach, and shared commitment to fostering a close-knit corporate culture,” said Mehul Patel, Chairman and CEO of NewcrestImage.
Irving, Texas-based Coury Hospitality currently operates 27 F&B outlets, further enhancing their offering to guests. The company has received multiple industry recognition and awards, including the “Opening Hotel of the Year” for Autograph for two consecutive years, with Hotel Vin in Grapevine, Texas, and The National in Oklahoma City, Okla. Marriott has also honored Coury Hospitality with the F&B Excellence Award on four occasions.
“Our singular focus on managing, developing, and owning lifestyle hotels has yielded remarkable results. With the support of NewcrestImage, we can capitalize on our deep management expertise and strategically expand our portfolio,” said Paul Coury, CEO of Coury Hospitality and president of Marriott’s Autograph Collection Advisory Board.
Founded in 1999, Coury Hospitality is known for historic renovations, guest service and new curated build design and construction. Coury Hospitality employs management techniques, from accounting and revenue management to e-commerce and asset management, to transform new and old buildings into full-service boutique hotels.