NewcrestImage Plans to Acquire 100+ Hotels This Year
Skift Take
- NewcrestImage has plans to acquire more than 100 hotels this year, reported CoStar. So far in 2023, the company has finalized its purchase of a 45-hotel portfolio in 11 states.
- Key International and Shaner Hotels announced the grand opening of the 156-suite SpringHill Suites by Marriott Jacksonville Beach Oceanfront in Florida.
- Midas Hospitality announced the opening of the 170-room Residence Inn by Marriott, the first hotel to be built in Clayton, Missouri, in 30 years.
The DJIA was added 0.1% while Nasdaq slid less than 0.1%, the S&P 500 added 0.1% compared with Friday and the 10-year treasury yield ended at 3.414%, up slightly from Friday. Lodging stocks were mostly higher, including even ABNB getting a modest boost. SOND remained near its low.
NewcrestImage has plans to acquire more than 100 hotels this year, reported CoStar. So far in 2023, the company has finalized its purchase of a 45-hotel portfolio in 11 states. A joint venture of NewcrestImage and Hospitality Capital Partners closed on an acquisition of 11 Marriott-branded hotels. The same joint venture closed on an acquisition of 16 Marriott-branded hotels. According to NewcrestImage’s CEO, the company is keen on “lifestyle hotel campuses”, clusters of hotels totaling 500 to 700 rooms in the lifestyle, extended-stay and select-service segments, allowing a traveler a choice of which hotel best fits them. In addition to
