Three hotels have changed hands in recent days, including two involving NewCrestImage.
NewcrestImage sells AC Hotel by Marriott in Phoenix, acquires Sinclair Hotel in Fort Worth
NewcrestImage has concluded two hotel transactions—a sale and an acquisition.
The Dallas-based company sold its 199-room, 13-floor AC Hotel at Arizona Center in downtown Phoenix to Arbor Lodging Properties, a Chicago-based hotel investment and management firm. The hotel opened in February of this year as a joint venture with Las Vegas-based LaPour Properties and Atlanta-based Peachtree Hotel Group.
In a separate transaction, the company acquired the historic 164-room, 17-floor Sinclair Hotel in downtown Fort Worth, TX, a luxury property in Marriott’s Autograph Collection. The hotel’s features include a fine dining steakhouse; a rooftop bar; and technology such as low-voltage Ethernet to power many lights and amenities.
Newbond Holdings/Apollo Funds JV acquires Tampa Westin
Newbond Holdings, a vertically integrated real estate investment and operating platform founded by Neil Luthra and Vann Avedisian, has acquired the Westin Tampa Waterside hotel in partnership with investment funds managed by an affiliate of Apollo Global Management Inc.
Newbond and the Apollo Funds acquired the 309-key trophy hotel asset, located in Downtown Tampa, through a long-term direct relationship with the seller. Building on a recent $17-million renovation, the Newbond/Apollo Funds joint venture will take advantage of the Westin Tampa Waterside’s central location, as well as the broader resurgence of the Tampa market.
The Westin Tampa Waterside is located directly across Garrison Channel from Water Street Tampa, a $3-billion, 53-acre redevelopment that will include 3,500 new residential units, an iconic cultural arts pavilion, 1 million sq. ft. of retail and cultural spaces and 2 million sq. ft. of offices space. Additionally, the property is also near the Tampa Convention Center and Amalie Arena, as well as Tampa’s new Riverwalk, a 2.6-mile elevated boardwalk that activates Tampa’s downtown waterfront and connects riverfront parks, museums, attractions and businesses.