A Macon hotel is being acquired in a joint venture that includes 15 other Marriott-branded hotels in multiple states.
Terms of the deal that include the purchase of the 108-room Courtyard by Marriott on Sheraton Drive by NewcrestImage and Hospitality Capital Partners were not disclosed.
The Courtyard by Marriott at 3990 Sheraton Drive is valued at just over $1.4 million, according to online Bibb County property tax records.
Closing on the most recent transaction, which included the Macon hotel, is expected in the fourth quarter, according to a news release from NewcrestImage, a Dallas-based hospitality development and investment firm.
In all, Marriott-branded hotels being purchased include 13 Courtyard and three Residence Inn properties located in Georgia, Massachusetts, North Carolina, New York, Oklahoma. Pennsylvania, South Carolina, Texas and Virginia.
“This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” Mehul Patel, managing partner and CEO of NewcrestImage, said in the release. “We’re hungry to be part of hospitality’s growth and prosperity.”
Arizona-based HCP and its principals have owned nearly 50 hotels in the western U.S., including The Saguaro Scottsdale in the city’s historic Old Town area, as well as 25 golf courses through their associated company, Parks Legacy Project, according to the release.
Other hotel acquisitions
Since March, NewcrestImage has added 76 hotels to its portfolio, including the Macon hotel.
Sept. 8, NewcrestImage agreed to purchase 45 hotels from a private investment firm, the release said. That followed the January sale of 27 hotels to Summit Hotel Properties.
Since its founding in 2013, the company has completed more than $3 billion in transactions involving nearly 275 hotels in 130 communities across the country, the release said.
Among the hotels owned and operated by NewcrestImage are two legendary historic hotels: the 325-room, 29-floor Magnolia Hotel in downtown Dallas and the 164-room, 17-floor Sinclair Hotel in downtown Fort Worth, according to the release.