A Texas hotel investment firm is adding to its real estate portfolio with the purchase of a luxury hotel near Southern Methodist University in Dallas, with plans to rebrand the hotel into a "high-end, upscale," property, executives say.
NewcrestImage, based in Grapevine, Texas, has acquired The Beeman Hotel, a nine-story, 296-room hotel at 6070 N. Central Expressway in Dallas, for an undisclosed sum. The property was last valued by county appraisers at $30.1 million, according to the Dallas Central Appraisal District. To optimize the hotel's value and profits, NewcrestImage plans to "rebrand" the property in the "high-end upscale category," said CEO and Managing Partner Mehul Patel in a statement.
"The Beeman is a very high-quality property that offers tremendous upside potential to help drive our ambitious growth goals," Patel added.
NewcrestImage has been in acquisition mode, with ambitious plans to buy 100 hotels last year, according to plans revealed in CoStar News through its sister publication HNN. In September, the firm also purchased a full-service DoubleTree Suites hotel in downtown Columbus, Ohio. In its home region of North Texas, NewcrestImage also owns upscale hotels including The Southlake Hotel, The Magnolia Hotel, Marriott Westlake and The Sinclair.
Like its other upscale hotels, NewcrestImage has brought in Coury Hospitality to manage the property. The hospitality company has a team expected to help maximize owner profits while enhancing the guest experience by revitalizing and activating the food and beverage offerings, as well as the public spaces, Coury Hospitality CEO Paul Coury said in a statement.
The Beeman Hotel was last fully renovated in 2021. It has a heated indoor pool, a 24-hour fitness center, a 12,000-square-foot flexible conference space, a lounge with video games, a restaurant and a coffee shop. The hotel is also located near Southern Methodist University, the George W. Bush Presidential Library and is less than 6 miles from the Dallas Love Field airport.