NewcrestImage plans to expand portfolio by $2B, triple annual revenue

NewcrestImage has introduced a nationwide expansion plan with the goal of increasing its portfolio value by $2 billion. As it grows, it expects to triple its annual revenue, now at $250 million, within 36 months.

The company plans on growing its value through acquisitions, new builds, adaptive reuse of historic buildings and multihotel developments. The company currently owns and operates 28 hotels in Texas, Oklahoma and Louisiana. Another 15 are under construction or in development, including ones in Arizona, Ohio and Oregon.

“Our company is ready to move to the next level of hotel achievement—from being an accomplished, respected leader in the South and Southwestern regions to becoming a coast-to-coast force in our industry,” Mehul Patel, CEO/chairman of NewcrestImage, said in a statement. 

The owner/operator appointed David Perel and Caroline Lerner Perel chief investment officer and chief development officer, respectively, to support these expansion plans. Specifically, it has tasked David Perel with raising and investing $250 million in equity and Caroline Lerner Perel with evaluating and recommending appropriate investment opportunities.

The pair previously worked at Civitas Capital Group, where David Perel served as president and chief investment officer and Caroline Lerner Perel worked as a managing director. The Perels joined Civitas in 2013 after the company bought their company Juno Development.

Over the past 10 years, David Perel has been involved in raising and investing more than $300 million of hotel development and acquisitions. Before joining the lodging industry, he spent 10 years in investment banking, closing more than 100 advisory and capital transactions with a cumulative value of more than $10 billion.

Caroline Lerner Perel brings more than 25 years of experience in hospitality. At Civitas, she led the development of 12 hotels and all the company’s lodging asset management. At Juno Development, she acted as advisor to a private equity firm in the purchase and repositioning of more than $250 million in hotel assets.