NewcrestImage to Acquire 25 Properties from La Quinta
Tuesday June 4th, 2013 - 11:00AM HE
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DALLAS—NewcrestImage has agreed to acquire 25 company-owned La Quinta properties in nine states from La Quinta Corporation and assorted subsidiaries.
“This portfolio represents a unique investment opportunity,” according to Mehul Patel, managing partner of NewcrestImage. “We are acquiring solid assets in very desirable, high-traffic locations that will become even more valuable after we strategically renovate, rebrand and reposition them.”
The hotels, which have a total of 2,978 rooms, are located in the states of Arkansas, Florida, Louisiana, Missouri, New Mexico, Oklahoma, Tennessee, Texas and Virginia.
NewcrestImage currently owns and operates 12 hotel properties, with six properties under construction, and another three real estate properties in various stages of development, including a 52-acre, master-planned community in the Dallas area that features multifamily housing alongside destinations for shopping, dining and entertainment.
Tags: • Hospitality • Acquisitions • Ownership •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.