Hotel Executive – NewcrestImage has concluded two major hotel transactions — a sale and an acquisition.
The Dallas-based company sold its 199-room, 13-floor AC Hotel at Arizona Center in downtown Phoenix to Arbor Lodging Properties, a Chicago-based hotel investment and management firm. The hotel opened in February of this year as a joint venture with Las Vegas-based LaPour Properties and Atlanta-based Peachtree Hotel Group.
In a separate transaction, NewcrestImage acquired the historic 164-room, 17-floor Sinclair Hotel in downtown Fort Worth, which is a luxury property in Marriott’s Autograph Collection. The hotel’s features include a fine dining steakhouse; a rooftop bar; and state-of-the-art technology such as low voltage Ethernet to power many lights and amenities.
“Both of these transactions are examples of very solid, very attractive hotel investment opportunities in today’s post-pandemic economy,” said Mehul Patel, Chairman and CEO of NewcrestImage.
NewcrestImage now owns and operates 31 distinctive hotels nationwide, including through its $100 million private real estate fund which was announced on January 4th of this year and which in March acquired the legendary Magnolia Hotel in downtown Dallas.
The Magnolia is currently in the development phase for renovations and conversion to a soon-to-be-announced ultra-luxury brand. NewcrestImage’s real estate fund continues to seek additional appropriate investment opportunities.