NewcrestImage Becomes Minority Shareholder and Selects Aimbridge Hospitality for Management of 27-Hotel Portfolio

USA, Plano, Texas. January 17, 2022

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.

About Aimbridge Hospitality

Aimbridge Hospitality is a leading, global hospitality company offering best-in-class hotel management services across a broad spectrum of franchised branded full service, select service, luxury hotels, destination resorts, convention centers and lifestyle hotels. Aimbridge's premium portfolio represents over 1,500 properties in 50 states and 23 countries, inclusive of pipeline. With the most robust brand diversity in the industry, Aimbridge operates 84 lodging brands, in addition to more than 90 independent boutique/lifestyle hotels in the portfolio. As the world's largest third-party operator, Aimbridge is dedicated to its mission to leverage its scale to add value for owners and opportunities for associates better than any other hotel operator. Aligned with a concentrated focus, agility, and expertise for each vertical, Aimbridge drives market success for hotels and optimizes investment returns for owners. Aimbridge Hospitality's global headquarters is based in Plano, Texas, with additional corporate offices in Atlanta, Calgary, Fargo, Puerto Rico, and Washington, D.C. Evolution Hospitality, Aimbridge's Lifestyle Division, is based in San Clemente, California, Aimbridge's International Division, Interstate Hotels & Resorts, has supporting offices across Europe in Amsterdam, Birmingham, and Glasgow. The company's division in Mexico, Group Hotelero Prisma, has offices in Monterrey and Mexico City. For more information, visit www.aimbridgehospitality.com and connect with Aimbridge on LinkedIn.

About NewcrestImage

NewcrestImage has become one of the leading hotel companies in America, having transacted over 185 hotels since its start in February of 2013. It is known and respected for unique properties and for repeatedly developing bold, award-winning projects that have transformed the hospitality industry. Among the company's notable properties are dual-brand hotels, innovatively converted historic buildings, and "lifestyle hotel campuses," which create vibrant mixed-use neighborhoods. For more information, visit https://newcrestimage.com