Dallas-based hotel owner NewcrestImage has reached a definitive agreement to purchase 45 hotels from a private investment firm. Terms of the transaction were not disclosed.
The portfolio totals about 3,300 rooms and includes 35 Marriott-branded, seven Hilton-branded, two Choice-branded and one Radisson-branded property, which are located in 11 states —Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota and Texas.
“The current financial environment makes it very attractive to buy rather than build, and this group of fine hotels in high-traffic locations provides us with an exceptional opportunity to immediately start generating significant revenue, profit, and return on investment,” said Mehul Patel, managing partner and CEO of NewcrestImage.
