NewcrestImage has entered into a strategic partnership with Dallas-based Coury Hospitality with a 50 percent ownership stake. The terms of the transaction were not disclosed.
NewcrestImage currently owns a portfolio of approximately 70 hotels across 26 states, while Coury Hospitality manages 12 lifestyle hotels in six states, including 10 Marriott Autograph Collection properties, with three more under development, making Coury the largest operator of Autograph Hotels. Coury Hospitality also operates 27 food and beverage outlets.
Mehul Patel, chairman and CEO of NewcrestImage, expressed optimism about the partnership: "This investment allows us to compete, grow and succeed together, leveraging our extensive resources, wide geographic reach, and shared commitment to fostering a close-knit corporate culture."
Paul Coury, CEO of Coury Hospitality and President of Marriott’s Autograph Collection Advisory Board, emphasized the alignment of their strategic goals: "Our singular focus on managing, developing, and owning lifestyle hotels has yielded remarkable results," he said. "With the support of NewcrestImage, we can capitalize on our deep management expertise and strategically expand our portfolio."