• Sun. May 19th, 2024

NewcrestImage Joint Undertaking Acquires 11 Hotels

Bynewsmagzines

Mar 3, 2023
The 122-room Courtyard by Marriott Oklahoma City Northwest was one of 11 hotels acquired by a joint venture of NewcrestImage and Hospitality Capital Partners. (CoStar)

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By means of a joint enterprise, NewcrestImage and Hospitality Funds Associates have closed on the acquisition of 11 Marriott Intercontinental-branded hotels.

Inside the portfolio are 10 Courtyard by Marriott accommodations and 1 Residence Inn by Marriott hotel, in accordance to a news release. The motels, comprising 1,551 rooms, are located in Georgia, Massachusetts, New York, Oklahoma, Pennsylvania, Texas and Virginia.

“Our enterprise has a powerful hunger for good financial commitment options,” Mehul Patel, taking care of spouse and CEO of NewcrestImage, mentioned in the information launch. “These qualities and marketplaces offer appealing prospective for equally profits and appreciation value.”

CoStar knowledge shows that actual estate investment decision trust Assistance Qualities Have faith in marketed a portfolio of 7 inns to the joint undertaking in February. Although a income price was not disclosed, the fourth-quarter 2022 supplemental running and fiscal details submitted by Company Homes exhibits the REIT sold six Courtyard qualities for $40.5 million and a single Residence Inn assets for $8.3 million in February.

For the duration of the REIT’s latest earnings get in touch with, executives shared the corporation offered 4 lodges in the fourth quarter of 2022 for $25.8 million and a different 8 in January and February for a mixed $53.3 million. It has 10 inns it strategies to market, nine of which are Marriott properties, underneath contract for a overall of $103.1 million.

The identity of the seller for the remaining 4 hotels obtained by NewcrestImage was not right away accessible. As of press time, Services Attributes did not react to a request for far more information.

NewcrestImage has partnered with Hospitality Capital Companions in preceding promotions, this sort of as the acquisition of 16 Marriott Global-branded hotels in September 2022. Hospitality Funds Partners is an ownership enterprise dependent in Phoenix, Arizona. The enterprise and its principals have owned just about 50 accommodations in the western U.S., including the Saguaro Scottsdale.

An lively customer by way of the 12 months, NewcrestImage shut on its greatest acquisition of the 12 months with a portfolio of 45 inns in November 2022.

Grapevine, Texas-centered NewcrestImage owns more than 70 resorts across the U.S. with almost 8,000 rooms. The business shifted from proprietor/operator to purely proudly owning and establishing inns right after selling off a portfolio of 27 hotels and other assets to resort REIT Summit Hotel Properties and Singapore prosperity fund GIC for $822 million in 2022 and marketing off its administration operations to Aimbridge Hospitality, which now manages most of NewcrestImage’s resorts.

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