Dallas-based developer has now executed more than 100 transactions in the past 12 months.
NewcrestImage is acquiring three Courtyard by Marriott
hotels from W.P. Carey, a real estate investment trust with headquarters in New
York City, adding to the Dallas-based developer’s more than 100 transactions in
the past 12 months.
Two properties – the 151-room Courtyard Albuquerque Airport
and the 150-room Courtyard Indianapolis Airport – have already closed, while
the third property at Chicago O’Hare International Airport, the 180-room
Courtyard Chicago O’Hare, is expected to close in early November.
“These hotels, with their strategic airport locations in
high-traffic markets, offer significant opportunities for growth,” said Mehul
Patel, managing partner and CEO of NewcrestImage. “To fully capture this upside
potential, all three properties will undergo full renovation and convert to
being managed by Aimbridge Hospitality.”
Since its founding in 2013, NewcrestImage has transacted
deals exceeding $3 billion involving more than 275 hotels with almost 30,000
guest rooms across 130 communities. Today it has more than 70 hotels with
almost 8,000 rooms.