The conditions
NewcrestImage will have a 50% ownership stake in what is called a strategic partnership for lifestyle hotel growth, according to a news release with the Irving-based Coury Hospitality. The terms of the deal were not disclosed.
What they’re saying
“This investment allows us to compete, grow, and succeed together, leveraging our extensive resources, wide geographic reach, and shared commitment to fostering a close-knit corporate culture,” NewcrestImage Chair and CEO Mehul Patel said in a news release.
Zooming in
NewcrestImages operates more than 70 hotels in 26 states, including the Cambria Hotel in Southlake. Coury Hospitality manages 12 hotels, including 10 Marriott’s Autograph Collection properties, including Hotel Vin, which opened in late 2021. Coury also operates 27 food and beverages outlets, including Third Rail, Magnum Speakeasy, Rioja Terrace, Harvest Hall and Bacchus Kitchen + Bar in Grapevine.
Diving in deeper
Coury Hospitality was founded in 1999 and owns 12 hotels—three in Texas: Amarillo, Fort Worth and Grapevine—in six different states. There are plans for hotels in California, Arkansas and Kentucky, according to its website.
Notable quote
“Our singular focus on managing, developing, and owning lifestyle hotels has yielded remarkable results,” Coury Hospitality CEO Paul Coury said. “With the support of NewcrestImage, we can capitalize on our deep management expertise and strategically expand our portfolio.”
