Dallas-based NewcrestImage is acquiring 25 properties from La Quinta in a deal announced earlier this week. Mehul Patel, managing partner of the development and management firm (and current AAHOA Chair), said in a statement that the properties, which are located across the South and Southwestern U.S., will be renovated, rebranded, and repositioned.
It’s a big acquisition for Dallas-based NewcrestImage, which currently owns and operates 12 hotels. The company was created out of a merger of Newcrest Development, Brightman Construction and Image Hospitality that was only recently finalized. The properties are part of the 46 corporate-owned Inns that La Quinta announced it was putting on the block last year. They are all exterior corridor properties.