NewcrestImage buys fourth Hyatt Place

(NewcrestImage Hyatt Place Grapevine Texas)

NewcrestImage expanded its portfolio with the purchase of the 125-room, six-floor Hyatt Place hotel in the Dallas suburb of Grapevine, Texas. The property is located three miles from the DFW International Airport, and is NewcrestImage's fourth Hyatt Place, joining hotels owned and operated in San Antonio, Lubbock and the Dallas suburb of Plano.

The new property has two meeting rooms consisting of 1,100 square feet and 400 square feet; a breakfast area; an outdoor pool; a cocktail and coffee bar; pand a fitness center and a business center, both of which operate 24 hours a day. Also open around-the- clock is the Gallery Market, which offers packaged “grab and go” beverages, salads and snacks.

Immediately adjacent is the Legoland Discovery Center and the Grapevine Mills Mall, which has more than 200 retail shops, numerous restaurants and a 30-screen theater complex.

“This hotel combines several qualities that are essential to our company, including stylish design, convenient location, and comfortable amenities,” said Mehul Patel, chairman and CEO of NewcrestImage. “We know that both business and leisure travelers are attracted to the casually chic environment of Hyatt Place.”

Dallas-based NewcrestImage now owns and operates 22 properties, with another 11 hotels under construction or in development. The company has three divisions -- real estate development, construction and hotel management.