A joint venture between NewcrestImage and Hospitality Capital Partners (HCP) has completed the acquisition of 11 hotels in seven states with a total of 1,551 rooms in a transaction handled by Al Calhoun and Mark Fair at CBRE in Atlanta.
The properties are 10 Courtyard and one Residence Inn hotels in Georgia, Massachusetts, New York, Oklahoma, Pennsylvania, Texas and Virginia.
“Our company has a strong appetite for solid investment opportunities,” said Mehul Patel, managing partner/CEO, NewcrestImage. “These properties and markets offer attractive potential for both profits and appreciation value.”
Keith Mishkin and Primo Parmar, HCP principals, added, “We look forward to substantially growing the returns for these 11 hotel assets in close partnership with the team at NewcrestImage.”
HCP and its principals have owned almost 50 hotels in the western U.S., including The Saguaro Scottsdale, located in that city’s historic Old Town area. Other projects include 25 golf courses through its associated company, Parks Legacy Project.
NewcrestImage owns more than 70 hotels across the country with almost 8,000 rooms. 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.