NewcrestImage is acquiring three Courtyard by Marriott hotels from W.P. Carey, a real estate investment trust with headquarters in New York City.
Two properties—at Albuquerque International Sunport and at Indianapolis International Airport—have already closed, while the third property at Chicago O’Hare International Airport is expected to close in early November.
“These hotels, with their strategic airport locations in high-traffic markets, offer significant opportunities for growth,” said Mehul Patel, managing partner/CEO, NewcrestImage. “To fully capture this upside potential, all three properties will undergo full renovation and convert to being managed by Aimbridge Hospitality, our valued partner in hotel operations.”
The transaction was handled by the JLL Hotels & Hospitality Group, led by Ketan Patel, managing director at the firm’s office in Washington, DC.
The acquired hotels have a total of 481 rooms with 180 rooms at the Courtyard Chicago O’Hare, 151 rooms at the Courtyard Albuquerque Airport and 150 rooms at the Courtyard Indianapolis Airport.
