JV Buys 16-Asset Hotel Portfolio for $137M
Service Properties Trust was the seller of the 2,155-room portfolio.
In a joint venture, NewcrestImage and 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.
The portfolio consists of 13 Courtyard by Marriott hotels and three Residence Inn by Marriott hotels that are located in nine states – Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas, and Virginia. Eleven of the properties underwent major renovations between 2018 and 2019.
HCP and its principals have owned almost 50 hotels in the western United States, notably The Saguaro Scottsdale, located in that city’s historic Old Town area. Other projects include 25 golf courses through their associated company, Parks Legacy Project.
Dallas-based NewcrestImage owns more than 70 hotels across the country with almost 8,000 rooms. Since its founding in 2013, NewcrestImage has completed more than $3 billion in transactions involving almost 275 hotels with almost 30,000 hotel rooms in 130 communities across the country.