NewcrestImage acquired three Courtyard by Marriott hotels from W.P. Carey. Two properties—Albuquerque International Sunport and Indianapolis International Airport—have already closed, while Chicago O’Hare International Airport is expected to close in early November.
“These hotels, with their strategic airport locations in high-traffic markets, offer significant opportunities for growth,” said Mehul Patel, managing partner and CEO of NewcrestImage. “To fully capture this upside potential, all three properties will undergo full renovation and convert to being managed by Aimbridge Hospitality, our valued partner in hotel operations.”
The transaction was handled by the JLL Hotels & Hospitality Group, led by Ketan Patel, who is managing director at the firm’s office in Washington, D.C.
The acquired hotels have a total of 481 rooms: 180 rooms at the Courtyard Chicago O’Hare, 151 rooms at the Courtyard Albuquerque Airport, and 150 rooms at the Courtyard Indianapolis Airport.
Dallas-based NewcrestImage has completed more than 100 transactions during the past 12 months and has a current portfolio of more than 70 hotels nationwide, totaling almost 8,000 rooms. Since its founding in 2013, NewcrestImage has transacted deals exceeding $3 billion involving more than 275 hotels with almost 30,000 guestrooms across 130 communities.