Newcrestimage Acquires 176-Key Nylo Dallas Plano
NewcrestImage has grown its portfolio of luxury full-service properties with the acquisition of the NYLO Dallas Plano, which is part of the Tapestry Collection by Hilton. The eco-friendly boutique property features 176 industrial chic loft-style rooms and suites over five floors.
"This hotel presents a significant new profit opportunity for us and perfectly complements our existing holdings," said Mehul Patel, Managing Partner and CEO of NewcrestImage. "We previously owned five hotels in the Frisco / Plano market, so we are very familiar with the area's attractive metrics for both short and long-term returns."
NewcrestImage plans a complete renovation to reimage and rebrand the hotel within the Tapestry Collection, including the possible addition of a speakeasy. This is a similar strategy to the company's purchase last year of the 162-room NYLO Providence Warwick in Rhode Island, which was rebranded as The Loom Hotel in the Tapestry Collection.
The NYLO Dallas Plano is located in the heart of the 2,600-acre Legacy District business park. Amenities at the property include both indoor and outdoor event venues, notably a 4,000 square-foot patio surrounding a heated outdoor pool.
Since its establishment in 2013, NewcrestImage has been involved in transactions totaling more than $3 billion involving nearly 300 hotels and close to 32,000 hotel rooms in 130 communities nationwide.
The company, which currently owns more than 45 hotels, is known for its powerful commitment to innovative design, operational excellence, and guest satisfaction.
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