NewcrestImage Reaches Agreement to Purchase 45 Hotels
NewcrestImage has reached a definitive agreement to purchase 45 hotels from a private investment firm. The terms of the transaction were not disclosed. The portfolio totals approximately 3,300 rooms and includes 35 Marriott-branded, seven Hilton-branded, one Radisson-branded, and two Choice-branded properties, which are located in 11 states —Arkansas, Colorado, Illinois, Iowa, Kansas, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Texas. “The current financial environment makes it very attractive to buy rather than build, and […]
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