Grapevine-based hotel firm NewcrestImage is buying four more properties, including a hotel near DFW International Airport.
NewcrestImage is acquiring the hotels in Irving, Phoenix, Los Angeles and Anaheim, Calif from investors Highgate and Cerberus Capital Management. The hotels in the deal have almost 700 rooms.
The local property in the purchase is the LaQuinta Inn & Suites Irving DFW North located on Carpenter Freeway in Irving, north of DFW Airport.
The other three hotels in the acquisition are also LaQuinta flagged properties.
“These properties are uniquely-positioned in strategic destination locations, making them very appealing as we structure a strong investment-based portfolio,” Mehul Patel, managing partner and CEO of NewcrestImage said in a statement.
Last year a joint venture of Highgate and New York City-based Cerberus Capital Management agreed to buy CorePoint Lodging in a transaction valued at about $1.5 billion. Irving-based CorePoint owned 170 mostly LaQuinta hotels around the country.
“Highgate is pleased to execute with NewcrestImage on this transaction involving four well-located and well-positioned hotels,” Mahmood Khimji, Managing Principal of Highgate, said in a statement. “We are excited to expand our activities with Mehul and the talented NewcrestImage team.”
The LaQuinta purchases follow NewcrestImage’s acquisition last month of the 175-room Cambria Hotel in Southlake. Built in 2016, the hotel is near the popular Southlake Town Square.
NewcrestImage in 2021 sold more than two dozen of its hotels for $822 million to Summit Hotel Properties Inc. of Austin. The deal included more than a dozen hotels in the Dallas-Fort Worth area.
NewcrestImage also owns the 325-room Magnolia Hotel in downtown Dallas and the 164-room Sinclair in downtown Fort Worth.
Hotel sales in North Texas are rebounding after a slowdown during the pandemic. Properties in Frisco and Irving are among those recently sold.