NewcrestImage Completes Acquisition of 45 Hotels in 11 States
Dallas-based NewcrestImage has closed on a portfolio of 45 hotels that includes 35 Marriott-branded, seven Hilton-branded, and three Choice-branded properties in 11 states — Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas.
The transaction, which totals approximately 3,300 rooms, was announced in early September. NewcrestImage has retained the management companies that were previously in place for the properties, which are Aimbridge Hospitality and HHM Hospitality.
"Each of these hotels represents a strong opportunity for generating revenue in the short-term, as well as for building long-term asset value," said Mehul Patel, Managing Partner and CEO of NewcrestImage.
This year has been marked by aggressive acquisition for NewcrestImage, which has added 77 hotels with almost 8,000 rooms since March after selling a portfolio of 27 hotels to Summit Hotel Properties in January.
The company has transformed the hotel industry by popularizing numerous innovative and profitable concepts, notably dual-brand properties; adaptive re-use of historic buildings; and "lifestyle hotel campus" neighborhoods. This leadership in development and in operations has been recognized with more than 80 awards during the past 10 years.
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 
