DALLAS, Texas — NewcrestImage, a hotel development company based in Dallas, announced it will transfer its existing hotel management agreement rights to Aimbridge Hospitality, a global hospitality company, and the two companies have identified new growth opportunities together.
Specifically, the companies will build on their respective strengths, with NewcrestImage developing and acquiring new hotels and Aimbridge further building on its services. NewcrestImage has acquired minority ownership in Aimbridge Hospitality.
“We are excited to grow with NewcrestImage as they develop new properties with Aimbridge as their strategic operating partner,” said Mike Deitemeyer, Aimbridge Hospitality president and CEO. “I look forward to working closely on growth opportunities with Mehul Patel and his team at NewcrestImage who have built one of our industry’s most respected hotel portfolios.”
“Starting with the sale of 27 distinctive properties, with Aimbridge gaining management responsibilities for those hotels, and with NewcrestImage gaining a minority stake in Aimbridge, each of these transactions is important and impressive on its own,” said Mehul Patel, chairman and CEO of NewcrestImage. “This is a collaboration that will enable both companies to gain unmatched momentum and growth.”
Mehul Patel will join the newly formed Aimbridge Hospitality CEO Advisory Board.