A joint venture of NewcrestImage and Hospitality Cash Companions has closed on its acquisition of 16 Marriott Intercontinental-branded inns for $137.3 million.
The portfolio contains 13 Courtyard by Marriott qualities and three Residence Inn by Marriott resorts across 9 states, according to the news release. The resorts comprise 2,155 rooms. Eleven of the attributes underwent renovations concerning 2018 and 2019.
The two corporations introduced the offer with vendor Support Homes Have faith in, a lodge true estate expense trust, in late September 2022.
“This transaction suits our company’s type of strategically buying qualities with powerful fundamentals, in particular through occasions of a challenging or slowed-down economy,” said Mehul Patel, managing partner and CEO of NewcrestImage.
HCP principals Keith Mishkin and Primo Parmar said the offer was an prospect for the joint undertaking to incorporate revenue promptly though rising prolonged-term gain potential and asset value. HCP is a Phoenix-centered hotel ownership firm.
Dallas-centered NewcrestImage and HCP introduced in March their joint undertaking closed on yet another 11 hotels. CoStar details reveals that 11 of those motels were also from Assistance Properties. The REIT did not reply to a ask for about the remaining 4 accommodations in that offer.
NewcrestImage has been an active consumer given that offering off its actual estate portfolio to resort REIT Summit Lodge Qualities and Singapore sovereign prosperity fund GIC for $822 million. It also bought off its administration operations to Aimbridge Hospitality, which now manages its hotel portfolio.
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