NewcrestImage secures $28M in financing for Texas Embassy Suites

NewcrestImage secured $28.17 million in financing for the development of a 225-room, full-service Embassy Suites hotel in Amarillo, Texas.

The financing was secured by HFF on behalf of NewcrestImage through Fort Worth-based Southwest Bank. The 200,000-square-foot Hilton hotel is part of a larger plan to grow downtown Amarillo. Other plans include a convention center, parking garage, entertainment venue and ballpark. The new development will also include 30,000 square feet of meeting space, 300 parking spots in an adjacent parking garage, lounge and lobby bar, full-service restaurant, pool and fitness center.

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Construction on the property is slated for completion in 2017.

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The rebranded property, formerly an Amari hotel, operates under a franchise agreement and is managed by Le Mirage Real Estate.

The 80-room hotel, owned by Freeman & Kallaher Colorado Properties and managed by InterMountain Management, is slated to open Oct. 23.

Oyo Hotels & Homes has the largest hotel-supply count in the region, while Jin Jiang International has the most rooms in the development pipeline.