NewcrestImage has closed on a portfolio of 45 hotels that includes 35 Marriott-branded, seven Hilton-branded and three Choice-branded properties in 11 states—Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota and Texas.
The transaction, which totals approximately 3,300 rooms, was announced in early September. NewcrestImage has retained the management companies that were previously in place for the properties, Aimbridge Hospitality and HHM Hospitality.
“Each of these hotels represents a strong opportunity for generating revenue in the short-term, as well as for building long-term asset value,” said Mehul Patel, managing partner/CEO, NewcrestImage.
This year has been marked by aggressive acquisition for the company, which has added 77 hotels with almost 8,000 rooms since March after selling a portfolio of 27 hotels to Summit Hotel Properties in January.
Since its founding in 2013, NewcrestImage has completed more than $3 billion in transactions involving almost 275 hotels with almost 30,000 hotel rooms in 130 communities across the country.