Dallas-based hotel owner NewcrestImage reached a definitive agreement to acquire 45 hotels from a private investment firm.
The deal will add approximately 3,300 rooms to NewcrestImage’s portfolio, according to a news release. The company will gain 35 Marriott International-branded, seven Hilton-branded and three Choice Hotels International-branded properties, including one Radisson. The hotels are located across 11 U.S. states.
The company did not disclose the terms of the transaction.
“The current financial environment makes it very attractive to buy rather than build, and this group of fine hotels in high-traffic locations provides us with an exceptional opportunity to immediately start generating significant revenue, profit, and return on investment,” said Mehul Patel, managing partner and CEO of NewcrestImage.
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 then, NewcrestImage has acquired 15 hotels as part of its growth-centered portfolio strategy. The company acquired the 175-room Cambria Hotel in Southlake, Texas, in June. It acquired four LaQuinta hotels with 696 rooms in different destination markets from Highgate Hotels in July. That same month, it acquired the 135-all suites TownePlace Suites Dallas Las Colinas.
Since its 2013 founding, NewcrestImage deals have totaled more than $3 billion, involving more than 200 hotels and 25,000 rooms.