Newcrestimage Sells AC Hotel by Marriott in Phoenix, Acquires Sinclair Hotel in Fort Worth
NewcrestImage has concluded two major 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, NewcrestImage acquired the historic 164-room, 17-floor Sinclair Hotel in downtown Fort Worth, which is a luxury property in Marriott's Autograph Collection. The hotel's features include a fine dining steakhouse; a rooftop bar; and state-of-the-art technology such as low voltage Ethernet to power many lights and amenities.
"Both of these transactions are examples of very solid, very attractive hotel investment opportunities in today's post-pandemic economy," said Mehul Patel, Chairman and CEO of NewcrestImage.
NewcrestImage now owns and operates 31 distinctive hotels nationwide, including through its $100 million private real estate fund which was announced on January 4th of this year and which in March acquired the legendary Magnolia Hotel in downtown Dallas.
The Magnolia is currently in the development phase for renovations and conversion to a soon-to-be-announced ultra-luxury brand. NewcrestImage's real estate fund continues to seek additional appropriate investment opportunities.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
