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NEWCRESTIMAGE HAS SOLD most of its hotel portfolio, along with some other properties, in a $822 million transaction with Summit Hotel Properties. Dallas-based NewcrestImage will remain invested in Summit and will own and operate two historic hotels it recently acquired and plans to make new acquisitions in the future. The definitive contribution and purchase agreement includes 27 hotels with 3,709 guestrooms for $776.5 million, or $209,000 per key. It also includes $24.8 million for two parking structures and $20.7 million for the various financial incentives through Summit's joint venture with Singapore-based sovereign wealth fund GIC, made in 2019 to acquire hotels in the U.S. "NewcrestImage has assembled a collection of high-quality distinctive Marriott, Hilton, Hyatt, and IHG hotel properties throughout the Sun Belt region, which will be a great addition to Summit's portfolio," said Mehul Patel, NewcrestImage's managing partner and CEO. "As we will become one of Summit's largest shareholders, we have confidence in Summit as one of the industry's leading owners with a highly regarded public platform. We believe the two portfolios create an excellent combination of hotels that have tremendous growth potential and are well-positioned to create long-term shareholder value as the lodging recovery continues."

TWO ASIAN AMERICAN-owned companies are working together to develop a Canopy by Hilton in downtown New Orleans. Baywood Hotels and NewcrestImage are renovating the historic former Oil and Gas Building into a 176-room, 14-floor upscale hotel. Baywood, based in Columbia, Maryland, is led by President Al Patel and Mehul Patel is chairman and CEO of Dallas-based NewcrestImage. The joint venture will update the Oil and Gas Building that was built in 1959 and placed on the National Register of Historic Places in 2014 for its use of glass, steel and abstract geometry in a skyscraper. It is near the city's French Quarter, the Mercedes-Benz Superdome, the Ernest N. Morial Convention Center, the Audubon Aquarium, Harrah's Casino and historic Jackson and Lafayette squares.