October 18, 2023 – NewcrestImage is acquiring three Courtyard by Marriott hotels from W.P. Carey, a real estate investment trust with headquarters in New York City.

Two properties – at Albuquerque International Sunport and at Indianapolis International Airport – have already closed, while the third property at Chicago O’Hare International Airport is expected to close in early November.

“These hotels, with their strategic airport locations in high-traffic markets, offer significant opportunities for growth,” said Mehul Patel, Managing Partner and CEO of NewcrestImage. “To fully capture this upside potential, all three properties will undergo full renovation and convert to being managed by Aimbridge Hospitality, our valued partner in hotel operations.”

The transaction was handled by the JLL Hotels & Hospitality Group, led by Ketan Patel, who is Managing Director at the firm’s office in Washington, D.C.

The acquired hotels have a total of 481 rooms – with 180 rooms at the Courtyard Chicago O’Hare, 151 rooms at the Courtyard Albuquerque Airport, and 150 rooms at the Courtyard Indianapolis Airport.

Dallas-based NewcrestImage has completed more than 100 transactions during the past 12 months that together have positioned the company at the forefront of the hospitality industry with a current portfolio of more than 70 hotels nationwide, totaling almost 8,000 rooms.

Since its founding in 2013, NewcrestImage has transacted deals exceeding $3 billion and involving more than 275 hotels with almost 30,000 guest rooms across 130 communities.

NewcrestImage has earned a well-deserved reputation for innovation and for revolutionizing hotel development as it popularized game-changing concepts such as dual-brand properties, adaptive re-use of historic buildings, and the creation of vibrant “lifestyle hotel campus” neighborhoods. The company’s trend-setting approach in development, operations, and customer service has earned it more than 80 prestigious awards during the past 10 years.