NewcrestImage

The story of NewcrestImage began not in a boardroom, but with family. In 2013, Mehul Patel, alongside his brother Sanjay Patel and partners including Chirag Patel, formed the Dallas-based hotel development and management firm. Their approach was distinctive from the start, focusing on developing unique properties, including the first dual-branded hotel in the Dallas area and specializing in the adaptive re-use of historic buildings in cities like New Orleans and Dallas. This strategy allowed them to build a portfolio of state-of-the-art hotels under renowned brands like Marriott, Hilton, and Hyatt. A pivotal moment for the company arrived in late 2021. NewcrestImage entered into a definitive agreement to sell a 27-hotel portfolio to Summit Hotel Properties for a total consideration of $822 million. This wasn't a simple exit; it was a strategic realignment. Through the transaction, which closed in January 2022, NewcrestImage became one of Summit's largest shareholders, and Mehul Patel was appointed to Summit's Board of Directors. The deal also involved transferring management of the portfolio to Aimbridge Hospitality, with NewcrestImage gaining a minority stake in Aimbridge. This move allowed NewcrestImage to pivot its focus back to its core strengths: development and acquisitions, while partnering with a large-scale operator. Following the sale, the company immediately went back into active acquisition mode, demonstrating its strategy of buying, selling, and rebuilding its portfolio.