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DALLAS-BASED INVESTMENT firm NewcrestImage will acquire four LaQuinta-branded hotels in a joint venture between Highgate and Cerberus. The properties, with 696 rooms total, include the LaQuinta Inn & Suites at Los Angeles International Airport that is NewcrestImage's first gateway location in California. The company, led by Mehul Patel as managing partner and CEO, also has received the Partnership Circle Award from Marriott International, a statement said. NewcrestImage closed on the LaQuinta Inn & Suites Irving DFW North, located two miles from Dallas Fort Worth International Airport, on July 14. It expects to close in August on the other three hotels, including the LaQuinta Inn & Suites LAX, as well as LaQuinta Inn & Suites Anaheim and LaQuinta Inn Phoenix North. "These properties are uniquely-positioned in strategic destination locations, making them very appealing as we structure a strong investment-based portfolio," Patel said. Mahmood Khimji, Highgate's managing principal, said the four hotels are "well-located and well-positioned." "We are excited to expand our activities with Mehul and the talented NewcrestImage team, along with our friends at Wyndham - all of whom share Highgate's commitment to delivering exceptional guest experiences and operational results," Khimji said.

NEWCRESTIMAGE RECENTLY FINALIZED its purchase of the LaQuinta Inn & Suites Los Angeles International Airport in Los Angeles, the final part of the company's acquisition of four LaQuinta-branded hotels in a joint venture between Highgate and Cerberus. The company closed on the other three hotels in the deal in August. The 281-room, 10-floor hotel, which will be managed by Highgate Hotels, along with the other hotels in the deal, will add 696 rooms to NewcrestImage's portfolio. The other hotels are the LaQuinta Inn & Suites Irving DFW North in Irving, Texas; LaQuinta Inn & Suites Anaheim in Anaheim, California; and LaQuinta Inn Phoenix North in Phoenix. "These four hotels symbolize our company's strategy of investing in properties and in markets that are well-positioned for long-term growth and prosperity," said Mehul Patel, managing partner and CEO of NewcrestImage.

EVERWOOD HOSPITALITY PARTNERS has completed the acquisition of the 184-room LaQuinta I Drive/Convention Center hotel in Orlando, Florida, from Cavalier Florida, LP, the company said. Real estate capital advisory, Cronheim Hotel Capital, helped secure the loan for the acquisition and subsequent renovation of the property which includes upgrades to public and private spaces. The loan, from a Florida-based bank, which provided five-year fixed rate financing with two years of interest only, represented 65 percent of the all-in cost, according to Everwood. The hotel is next door to ICON Park and offers multiple dining and entertainment options. The property is one mile from the Orange County Convention Center and the city's many amusement parks and entertainment venues. Amenities include an outdoor pool and a fitness center. "With its proximity to many of Orlando's top attractions, the LaQuinta is an ideal addition to Everwood's expanding hotel portfolio," said Amit Patel, Everwood's managing principal and chief operating officer. "We continue to seek hotels in prime markets with barriers to new entry and multiple demand generators that help protect against occasional market fluctuations. Following the implementation of our proprietary management and marketing systems, LaQuinta I Drive will become the segment leader for leisure and business travelers in Orlando."