Dallas-based NewcrestImage has closed on a portfolio of 45 resorts that features 35 Marriott-branded, seven Hilton-branded, and three Selection-branded properties in 11 states — Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas.
The transaction, which totals roughly 3,300 rooms, was introduced in early September. NewcrestImage has retained the administration firms that had been beforehand in place for the properties, that are Aimbridge Hospitality and HHM Hospitality.
Every of those resorts represents a powerful alternative for producing income within the short-term, in addition to for constructing long-term asset worth, stated Mehul Patel, Managing Associate and CEO of NewcrestImage.
This yr has been marked by aggressive acquisition for NewcrestImage, which has added 77 resorts with virtually 8,000 rooms since March after promoting a portfolio of 27 resorts to Summit Lodge Properties in January.
The corporate has reworked the lodge trade by popularizing quite a few progressive and worthwhile ideas, notably dual-brand properties; adaptive re-use of historic buildings; and “way of life lodge campus” neighborhoods. This management in improvement and in operations has been acknowledged with greater than 80 awards in the course of the previous 10 years.
Since its founding in 2013,has accomplished greater than $3 billion in transactions involving virtually 275 resorts with virtually 30,000 lodge rooms in 130 communities throughout the nation.