NewcrestImage to Acquire 25 Properties From La Quinta
DALLAS, TX - JUNE 04, 2013: Dallas-based 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, Chairman and CEO 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 multi-family housing alongside destinations for shopping, dining, and entertainment.