Hotel group to buy 2 Central New York Marriotts

Courtyard by Marriott

The 149-room Courtyard by Marriott on Yorktown Circle in DeWitt, pictured here, and the nearby 102-room Residence Inn by Marriott are among 16 Marriott-branded hotels in nine states being acquired by a joint venture of NewcrestImage and Hospitality Capital Partners. Provided photo

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DeWitt -- The 149-room Courtyard by Marriott and the adjacent 102-room Residence Inn by Marriott off Carrier Circle are among a larger collection of Marriott-branded hotels around the country that are being acquired by a joint venture company.

NewcrestImage and Hospitality Capital Partners said Tuesday they have reached a definitive agreement to buy 16 hotels with a total of 2,155 rooms in nine states, including the two DeWitt hotels. Terms of the sale were not disclosed.

The portfolio includes 13 Courtyard and three Residence Inn properties in Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas and Virginia. Closing of the transaction is expected during the fourth quarter of this year.

Residence Inn by Marriott

The 102-room Residence Inn by Marriott, pictured here, and the nearby 149-room Courtyard by Marriott on Yorktown Circle in DeWitt are among 16 Marriott-branded hotels in nine states being acquired by a joint venture of NewcrestImage and Hospitality Capital Partners. Provided photo

“This acquisition affirms our high expectations and high confidence in hotel investments, both near and long term,” said Mehul Patel, managing partner and CEO of Dallas-based NewcrestImage. “We’re hungry to be part of hospitality’s growth and prosperity.”

Hospitality Capital Partners and its principals have owned almost 50 hotels in the western U.S., as well as 25 golf courses through their associated company, Parks Legacy Project.

NewcrestImage sold 27 hotels and related assets in January for $822 million to hotel real estate investment trust Summit Hotel Properties and its joint venture partner, Singaporean wealth fund GIC, and has been in an acquisition mode ever since. Including the latest deal, it has added 76 hotels with 7,600 rooms to its portfolio since March.

NewcrestImage’s holdings include two historic Texas hotels -- the 325-room, 29-floor Magnolia Hotel in downtown Dallas and the 164-room, 17-floor Sinclair Hotel in downtown Fort Worth.

Rick Moriarty covers business news and consumer issues. Got a tip, comment or story idea? Contact him anytime: Email | Twitter | Facebook | 315-470-3148

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