Texas + Dallas-Fort Worth + Hospitality | March 27, 2023

Hobby Courtyard one of 16 properties picked by NewcrestImage

Dallas-Based Hotel Investors Acquire 16 Property Portfolio

The properties included one in Texas, The Courtyard Houston Hobby Airport.

The 16-property, 2,155-key hotel portfolio is located across nine states. A joint venture between Dallas, Texas-based NewcrestImage and Phoenix, Arizona-based Hospitality Capital Partners (HCP) acquired the portfolio for approximately $137.3 million.

Al Calhoun and Mark Fair of CBRE Hotels’ Capital Markets Institutional Group represented the seller, Massachusetts-based REIT, Service Properties Trust, in the transaction.

The portfolio consists of 13 Courtyard by Marriott hotels and three Residence Inn by Marriott hotels. Eleven of the properties also underwent major renovations between 2018 and 2019.

CBRE’s Al Calhoun added, “We were able to complete this transaction by breaking it up into three deals with three different lenders. These lenders had great confidence in the sponsorship and the quality of the brands and markets.”

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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