NewcrestImage Becomes Minority Shareholder and Selects Aimbridge Hospitality for Management of 27-Hotel Portfolio
NewcrestImage, an award winning hotel development company based in Dallas, announces it will transfer its existing hotel management agreement rights to Aimbridge Hospitality, a leading, global hospitality company, and the two companies have identified new growth opportunities together. Specifically, NewcrestImage and Aimbridge will build on their respective strengths, with NewcrestImage developing and acquiring new hotels and Aimbridge further building on its value added services as one of the largest global hotel operators. NewcrestImage has acquired minority ownership in Aimbridge Hospitality.
"We are excited to grow with NewcrestImage as they develop new properties with Aimbridge as their strategic operating partner," said Mike Deitemeyer, Aimbridge Hospitality President & CEO. "I look forward to working closely on growth opportunities with Mehul Patel and his team at NewcrestImage who have built one of our industry's most respected hotel portfolios."
"Starting with the sale of 27 distinctive properties, with Aimbridge gaining management responsibilities for those hotels, and with NewcrestImage gaining a minority stake in Aimbridge, each of these transactions is important and impressive on its own," said Mehul Patel, Chairman and CEO of Dallas-based NewcrestImage. "This is a collaboration that will enable both companies to gain unmatched momentum and growth."
Mehul Patel will join the newly formed Aimbridge Hospitality CEO Advisory Board.