The gist
NewcrestImage, in a joint venture with Dabu Group, purchased the full-service hotel, located at 1301 Solana Blvd., Bldg. 3, Westlake, according to a Sept. 26 news release. The hotel will undergo extensive renovations on the guest rooms and public spaces, NewcrestImage Spokesperson Peter Mathon said.
Renovations are expected to start within next six months, he said. The hotel will remain operational during renovations which will be completed in waves.
Newmark Lodging Capital Markets arranged the hotel’s sale. The team was led by Vice Chairman Miles Spencer and Director Parker Sherrill, according to the news release.
“This deal represents a very attractive opportunity to join with a strong investment partner in acquiring a property that boasts strong rate performance and is strategically located in an active market,” NewcrestImage Managing Partner and CEO Mehul Patel said in a statement.
The details
The hotel has 294 rooms, a concierge level with a private lounge, a fine dining restaurant, a Starbucks coffee shop, an outdoor pool, a business center and about 15,000 square feet of space.
Its architecture was designed by award-winning architect Ricardo Legorreta, who is known for use of bright colors, light, shadow and geometric shapes.
About the owners
NewcrestImage is a privately held investment firm based in Grapevine. Since its founding in 2013, the firm has completed more than $3 billion in transactions involving nearly 275 hotels, according to the news release.
Its portfolio includes more than 70 hotels across the country with almost 8,000 rooms.
