• Fri. May 24th, 2024

NewcrestImage, Coury Hospitality Form Strategic Alliance

Bynewsmagzines

Jun 1, 2023
Hotel Vin in Grapevine, Texas, is part of Coury Hospitality's portfolio and Autograph Collection by Marriott. (NewcrestImage)

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Privately owned real estate and alternative investment firm NewcrestImage entered into a strategic partnership with Dallas-based hospitality management company Coury Hospitality, in which NewcrestImage has a 50% ownership stake.

With the alliance, the companies intend to further grow in the lifestyle and luxury hotel segment.

Grapevine, Texas-based NewcrestImage currently owns a portfolio of 70 hotels across 26 states. Coury manages 12 lifestyle hotels in six states, including 10 Marriott Autograph Collection hotels and three more under development. According to a news release, Coury is the largest operator of Autograph hotels and also operates 27 food-and-beverage outlets.

Mehul Patel, chairman and CEO of NewcrestImage, said in a news release that this investment allows both his company and Coury “to compete, grow and succeed together, leveraging our extensive resources, wide geographic reach and shared commitment to fostering a close-knit corporate culture.”

Paul Coury, CEO of Coury Hospitality and president of Marriott’s Autograph Collection Advisory Board, added that with the support of NewcrestImage, his company “can capitalize on our deep management expertise and strategically expand our portfolio.”

NewcrestImage has been involved in transactions totaling more than $3 billion across 275 hotels in 130 communities nationwide. Coury was founded in 1999 and is known for historic renovations, new curated build design and construction, transforming new and old buildings into full-service boutique hotels and dining experiences.

Read more news on Hotel News Now.

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