NewcrestImage’s acquisition spate continues with an agreement to buy 16 Marriott-branded hotels in nine states through a joint venture with Hospitality Capital Partners.
This portfolio includes 13 Courtyard by Marriott and three Residence Inn properties, with a total of 2,155 rooms. Terms of the deal were not disclosed and it’s expected to close in the fourth quarter of 2022.
NewcrestImage has been in active acquisition mode. Earlier this month, the Dallas-based company agreed to purchase 45 hotels including 3,300 rooms from a private investment firm.
“The current financial environment makes it very attractive to buy rather than build,” said Mehul Patel, managing partner and CEO of NewcrestImage, at the time of that transaction.
Formerly an owner/operator, NewcrestImage in January sold its hotel management operations to Aimbridge Hospitality to focus on development and transactions. Last November, NewcrestImage sold a portfolio of 27 hotels and related assets for $822 million to hotel real estate investment trust Summit Hotel Properties and its joint venture partner, Singaporean wealth fund GIC.
Since March and including this new deal, NewcrestImage has added 76 hotels with approximately 7,600 rooms.
Since its founding nine years ago, the company has completed more than $3 billion in transactions involving almost 275 hotels with nearly 30,000 hotel rooms in 130 communities across the U.S.
Hospitality Capital Partners has owned almost 50 hotels in the western U.S. Its current holdings include The Saguaro Scottsdale, the Holiday Inn Express Scottsdale North and Sonesta ES Suites St. Louis, among others, according to CoStar data. The company’s portfolio also includes 25 golf courses through its associated company, Parks Legacy Project.