A Texas-based hotel investor has bought Courtyard by Marriott hotels near airports in Chicago, Indianapolis and Albuquerque, New Mexico, as the firm expands a portfolio that now includes more than 70 properties throughout the country.
NewcrestImage recently announced the purchase of the three hotels with a combined 481 rooms from New York-based real estate investment trust W.P. Carey.
The deal comes as W.P. Carey also plans to sell off all 87 of its office properties.
For NewcrestImage, the latest deal is the continuation of a buying spree that followed a selloff of 27 hotels in late 2021.
Acquisitions over the past year have included a 45-property purchase from Starwood Capital, which included hotels in 11 states.
NewcrestImage Managing Partner and CEO Mehul Patel described the firm as “an opportunity-driven company” in an emailed statement to CoStar News.
“At a certain point, we saw a great opportunity to sell the majority of our existing portfolio,” Patel said in the statement. “We then found solid opportunities to add properties and profits, which is a strategy we continue to pursue.”
Earlier this year, Patel said his firm planned to buy more than 100 hotels in 2023.
The latest deal comes after more than a year of interest-rate increases and other economic factors that have slowed the pace of properties sales throughout the country.
New York-based W.P. Carey did not respond to requests for comment from CoStar News.
Hotels in the deal are the 180-room Courtyard by Marriott Chicago O’Hare at 2950 S. River Road in Des Plaines, Illinois, the 151-room Courtyard by Marriott Indianapolis Airport at 2602 Fortune Circle E in Indianapolis and the 150-room Courtyard by Marriott Albuquerque Airport at 1920 Yale Blvd. in Albuquerque.
A sale price was not disclosed. The Chicago-area hotel purchase will be completed in early November, and the other two deals are already finalized, according to the buyer.
Grapevine, Texas-based NewcrestImage said it plans full renovations of the three hotels, which will be managed by Aimbridge Hospitality.
For the Record
JLL’s Ketan Patel brokered the sale.