Riding the Recession

Though the economy forced the two companies to put some projects on hold, between them, Newcrest Hotels and Image Hospitality accomplished a record 16 hotel openings in the span of a year.

Two Historic Buildings, One City Block

In 2014 and 2015, NewcrestImage acquired two historic buildings in Dallas, representing an entire block of Downtown, with plans to develop an AC Hotel, a Residence Inn, and a Hampton Inn & Suites, supported by a new 360-space parking garage.

The 176-room hotel that opened in 2016 was the largest Hampton Inn & Suites in the Dallas area. The office building conversion demonstrates NewcrestImage’s vision—to lead the industry with innovative properties that stand out in their individual markets.

First Homewood Suites

In another long-planned move, the partners opened a Homewood Suites in Midland, the first upscale extended stay hotel in the company’s portfolio, taking advantage of the booming oil and gas market there.

First Residence Inn

The company developed their first Residence Inn, which was later honored by Marriott International with the 2015 Strongest Collaborator Award.

Entry into Hyatt

The launch of the NewcrestImage Real Estate Fund represented an evolution in the company’s ability to raise equity from investors, it kicked off with the acquisition of two Hyatt Place Hotels— one in Plano and one in San Antonio.

The First AC Hotel by Marriott in the U.S.

NewcrestImage opened the first AC Hotel by Marriott in the U.S. with much fanfare. At the grand opening were Arne Sorenson, CEO of Marriott International, as well as the founder of AC, Antonio Catalan. NewcrestImage demonstrated their niche in the growing lifestyle hotel trend—properties with the local personality of a boutique hotel but the convenience of a chain brand.

The Historic Cotton Exchange Acquisition

The partners, now merged as NewcrestImage, purchased the Historic Cotton Exchange, an independent hotel near Bourbon Street in New Orleans, Louisiana, for 17.8 million dollars. It’s another milestone—the highest price they’d ever paid for a building or a hotel. They’d done thorough market research, but bought the historic building with an auction bid, sight unseen.

Making News in the Industry – Portfolio Sale

In one of the largest transactions of the year within the lodging industry, Newcrest Hotels and Image Hospitality jointly sold a 20-property portfolio to Starwood Capital Group.

Honors for the Conversion of the Historic Fisk Building

Newcrest Hotels undertook their first historic project, converting the historic Fisk Medical Arts Building in Amarillo, Texas, to a Courtyard by Marriott.

NewcrestImage later received the “Best Adaptive Re-Use Award” from the State of Texas, and after a detailed review, the Texas Historical Commission approved the 1928 building’s inclusion on the National Register of Historic Places, an honor that represents NewcrestImage’s dedication to preserving as well as re-purposing historic structures.

First Courtyard By Marriott

Image Hospitality opened the Courtyard by Marriott in Lufkin, Texas—the first opened by Image Hospitality and a new prototype for Courtyard. It was a novelty for locals as well; during the grand opening, they filled the parking lot, coming to celebrate and take a look at the nicest hotel in town.

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