NewcrestImage Acquires the 102-room Wingate Inn in El Paso, TX
EL PASO, TX - JULY 30, 2013: NewcrestImage has broadened its reach within the Texas market with its latest acquisition: the 102-room Wingate by Wyndham hotel, located a mere two-and-a-half miles from the El Paso International Airport.
The El Paso, TX market has been attracting evermore interest from hotel developers over the last twelve months, thanks to the growing occupancy and ADR seen in the market since the tail-end of the recession. This growth has been in part due to the city's investment in improving its overall appeal for both businesses and families, with numerous economic and lifestyle projects launched over the last three years.
With additional income-level growth and ever diminishing unemployment, the growth in performance and demand within the hotel and lodging market is expected to continue apace in this market, and properties already developed, or in the pipeline, have added nearly 1,000 new rooms to meet the demands of the market since summer 2010.
For NewcrestImage, El Paso is a territory which has been on their radar for a while, and one they have been considering entering, drawn to it by both the strength and diversification of the local economy, and the desire to expand their offerings in the state of Texas.
"We are overjoyed with this acquisition," said Chirag Patel, Chief Financial Officer, "as we have been actively searching for the right opportunity in El Paso for over a year. The Wingate by Wyndham, with its proximity to the airport, was the ideal hotel to add to our portfolio, allowing us to penetrate a historically high-barrier entry market and add a property with great potential to our offerings simultaneously."
The company has extensive plans to renovate the property, investing heavily in adding to, and enhancing, amenities to meet both the demands of the market and their own exacting standards. With its outstanding positioning-ten minutes from the airport, and fifteen minutes from downtown El Paso-the hotel will offer a full range of facilities and services to meet the needs of the growing number of both business and leisure travelers to the city.