In a joint venture, Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) have acquired 16 hotels with a total of 2,155 rooms for $137.3 million from Service Properties Trust, a Massachusetts-based REIT. The transaction was handled by Al Calhoun and Mark Fair at CBRE in Atlanta.
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.
A joint venture of NewcrestImage and Hospitality Capital Partners (HCP) has reached definitive agreement to acquire 16 Marriott-branded hotels with a total of 2,155 rooms in nine states.