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AS THE FIRST investment for its recently announced $100 million real estate fund, NewcrestImage has purchased the Magnolia Hotel in downtown Dallas. The company, which is based in Dallas, purchased the historic building from Denver-based Stout Street Hospitality. Opened in 1922 as the headquarters offices for Magnolia Petroleum, the 325-room, 29-floor Magnolia Hotel was the city's first skyscraper and the first high-rise in the United States to have air conditioning. It is listed on the National Register of Historic Places and opened as a luxury boutique hotel in 1999. The hotel is across from the 37-floor world headquarters of AT&T and the $100 million AT&T Discovery District, a shopping, dining and entertainment development. The Discovery District features a 30-foot diameter interactive "walk-in" sculpture and a 104-foot high media wall for watching sports, movies and music events. The hotel features a library, a restaurant, two lounges and 11 meeting rooms, that range from 230 to 3,500 square feet. "Rooted in history and ready to be reinvented for the future - that describes this hotel, and also our entire hospitality industry right now," said Mehul Patel, chairman and CEO of NewcrestImage. "The Magnolia Hotel is an especially relevant and significant opportunity for us because it continues two important corporate commitments - re-energizing downtown Dallas and revitalizing historic buildings."

NEWCRESTIMAGE HAS OPENED its first Canopy by Hilton upscale hotel in north Dallas. The Canopy is part of Frisco Station, a four-brand, 600-room "lifestyle hotel campus" developed by the company. The 150-room, seven-floor Canopy joins the first two hotels, an AC Hotel and Residence Inn dual-brand with 150 rooms each that opened in 2019. The fourth hotel, a 150-room Hyatt Place, currently has no scheduled date for start of construction. "The opening of this Canopy symbolizes the story of hospitality's comeback around the country and around the world," said Mehul Patel, chairman and CEO of NewcrestImage. "Our company's commitment to serve travelers is not a victim of coronavirus, and we have many hygiene procedures in place so guests can feel safe, comfortable, and special." Some of those procedures include disinfecting guest luggage on arrival; using technology to reduce physical interaction between guests and staff during check-in and check-out; and improving the hotel's HVAC system to prevent spread of microbes and virus.

NewcrestImage has opened a Hyatt Place in Amarillo, Texas, the company's fourth hotel in the city. The 91-room, four-floor hotel is the second property of a three-hotel, 300-room 'hotel campus' located at the I-40 Frontage Road and South Soncy Road intersection. The first property of the hotel complex, a 90-room Tru by Hilton, was opened in August 2018 and a 90-room Aloft by Marriott is scheduled to begin construction by mid-year of 2020. "We offer travelers three distinctive hotel experiences and styles at a single, high-visibility, high-traffic location," said Mehul Patel, Chairman, and CEO of NewcrestImage. The company owns and operates two other properties in Amarillo's downtown area, a 107-room Courtyard by Marriott in the historic Fisk Building and a 226-room Embassy Suites directly across from the Amarillo Civic Center complex.

NEWCRESTIMAGE RECENTLY ACQUIRED the TownePlace Suites by Marriott Dallas Las Colinas in Irving, Texas. It is the most recent acquisition for the Dallas-based investment firm led by Mehul Patel as managing partner and CEO, and the company plans to fully renovate the property, which opened in 1998 and was last renovated in 2014. The 3-floor, 135-suite property offers three types of guestroom: studio, one-bedroom, and two bedroom, according to NewcrestImage. It is near two major airports, Dallas Fort Worth International Airport and Love Field, and two major convention centers, the Irving Convention Center and the Gaylord Texan Convention Center. Amenities at the hotel include a fitness center and an outdoor pool. "This extended-stay property is in the heart of a high-traffic corridor that's a popular destination for both corporate and leisure travelers," Patel said. The acquisition of the TownePlace Suites is important to Marriott, said Loren Nalewanski, the company's vice president franchising for the Element, Residence Inn, Fairfield, TownePlace and SpringHill Suites brands. "Our industry is built on strong partnerships between brands and owners," Nalewanski said. "This acquisition enhances the long, valued, and successful partnership between Marriott and NewcrestImage, which has owned and operated 30 Marriott-branded properties since 2013."

Homewood Suites Parsippany is now open in Parsippany, New Jersey. NewcrestImage acquired the 150-unit, five-story all-suites building in June 2022 and renovated it. Dallas-based NewcrestImage is led by Mehul Patel, managing partner and CEO. "We don't just see properties as they are, but as what they can be," said Patel. "This hotel, with its location along Interstate 80 between New York and Pennsylvania in northern New Jersey, offered a compelling opportunity for increased profitability through rebranding." The hotel offers two meeting rooms, an indoor pool and an upgraded fitness center. The Homewood Suites is near Newark Liberty International Airport, Parsippany Railway Station, and five major interstate and state highways. It is also close to the 2,500-seat Mennen Sports Arena, Frelinghuysen Arboretum, Morris Museum, American Dream Mall, and New York City.

The AC Hotel by Marriott At Arizona Center is open in Phoenix, Arizona. It is a joint venture between Dallas-based NewcrestImage, led by Mehul Patel as chairman and CEO, and Las Vegas-based LaPour Partners. The 199-room, 13-floor boutique hotel is the first joint venture between NewcrestImage and LaPour Partners. It is in Arizona Center, a million square-foot mixed use development. Nearby attractions include the Phoenix Convention Center, the state capital complex, Phoenix Suns Arena and Chase Field, Arizona State University Downtown and the University of Arizona College of Pharmacy. Amenities include a penthouse fitness center, an outdoor patio with fireplaces and water features and almost 5,000 square feet of meeting space, including a ballroom, two media salons, and a board room.

The Hyatt House In Beaverton, Oregon, is now open. It is a joint venture developed by NewcrestImage led by Mehul Patel as chairman and CEO and Canterbury Hotel Group led by Arvind Patel as CEO. The 125-room, 5-floor extended-stay Hyatt House by NewcrestImage is near Beaverton's city hall, the 550-seat Patricia Reser Center for the Arts, the Tualatin Valley and Cooper Mountain Nature Park. Also close are corporate headquarters for Nike, Reser's Fine Foods and optics manufacturer Leupold & Stevens. Hotel amenities include a 635-sq. ft. meeting room, two indoor lounges and an outdoor patio and BBQ area. It is the first joint venture by NewcrestImage and Canterbury Hotel Group. "The opening of this Hyatt House is powerful testimony that hoteliers continue to provide the best of hotel experiences even during challenging travel times," Mehul said. "We've created a property that is safe, comfortable, and special - where travelers can rest easy after a tough day on the road."