NewcrestImage Completes Purchase of Laquinta Inn & Suites Lax
NewcrestImage has finalized its purchase of the LaQuinta Inn & Suites LAX with a closing on the 281-room, 10-floor property that is located less than one mile from Los Angeles International Airport.
This hotel, which will be managed by Highgate Hotels, is part of NewcrestImage's acquisition of four LaQuinta properties that together have 696 rooms. Closing on the other three hotels took place earlier in August - the LaQuinta Inn & Suites Irving DFW North; LaQuinta Inn & Suites Anaheim; and LaQuinta Inn Phoenix North.
"These four hotels symbolize our company's strategy of investing in properties and in markets that are well-positioned for long-term growth and prosperity," said Mehul Patel, Managing Partner and CEO of NewcrestImage.
The LaQuinta LAX is convenient to both business and leisure destinations, notably the LA Convention Center, Venice Beach, and Santa Monica Beach. Amenities at the hotel include an outdoor pool with sun deck; 24-hour fitness center; casual dining restaurant and bar; and meeting / banquet facilities for up to 300 people.
Other acquisitions since June for Dallas-based NewcrestImage include the 175-room Cambria Hotel in Southlake, Texas and the 135-all suites TownePlace Suites Dallas Las Colinas. Both properties are strategically located near DFW International Airport and the Gaylord Texan Convention Center.
The company also owns and operates two legendary historic hotels - the 325-room, 29-floor Magnolia Hotel in downtown Dallas and the 164-room, 17-floor Sinclair Hotel in downtown Fort Worth.
Since its founding in February of 2013, NewcrestImage has completed more than $3 billion in transactions involving more than 200 hotels and 25,000 hotel rooms in 122 communities across the country. The company has transformed the hotel industry, notably by popularizing innovative concepts such as dual-brand properties, adaptive re-use of historic buildings, and "lifestyle hotel campus" neighborhoods.
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