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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."

The Best Western Plus Magnolia Inn & Suites is now open in Cleveland, Tennessee. The recently renovated 87-room hotel, owned by Jay Patel, is near the Ocoee River which offers recreational activities, such as white-water rafting, swimming, fishing and boating. Also nearby is the national headquarters of Church of God, national headquarters of Life Care Centers of America, a Whirlpool Corp. manufacturing plant, the Wacker Chemical Co. plant and Cleveland State Community College. Amenities include a fitness center, outdoor pool and meeting space to accommodate up to 30 people. "The Best Western brand is known for its 75-year legacy of offering the highest degree of hospitality and unmatched value, and we are proud to be one of its newest members," Patel said. "Our newly-renovated hotel, combined with our exceptional service and outstanding amenities, will exceed guest expectations as they experience all a Best Western Plus hotel has to offer, whether for work or play." In early May, the Best Western Plus Orlando East-UCF Area in Orlando, owned by PRM Hotels led by Ishwar Naran as president and CEO, opened in Orlando. The newly renovated 70-room hotel is near the University of Central Florida and other local colleges, including Strayer University Orlando East Campus and Valencia College East Campus.