NewcrestImage has entered into a strategic partnership with Coury Hospitality, based in Dallas, with a 50% ownership stake, to pursue lifestyle hotel development.
NewcrestImage currently owns a portfolio of approximately 70 hotels across 26 states, while Coury Hospitality manages 12 lifestyle hotels in six states, including 10 Marriott Autograph Collection properties, with three more under development. The collaboration between NewcrestImage and Coury Hospitality presents an opportunity for both companies to strengthen their competitive edge and achieve significant growth in the lifestyle and luxury segment, they report.
“This investment allows us to compete, grow and succeed together, leveraging our extensive resources, wide geographic reach and shared commitment to fostering a close-knit corporate culture,” said Mehul Patel, chairman/CEO, NewcrestImage.
Paul Coury, CEO, Coury Hospitality, and president of Marriott’s Autograph Collection Advisory Board, emphasized the alignment of their strategic goals, stating, “Our singular focus on managing, developing and owning lifestyle hotels has yielded remarkable results. With the support of NewcrestImage, we can capitalize on our deep management expertise and strategically expand our portfolio.”
Coury Hospitality also operates 27 food and beverage outlets.
