NewcrestImage Buys Marriott Near DFW Airport

NewcrestImage has added to its hotel portfolio with the acquisition of a property in Westlake, a posh suburb north of Fort Worth, with plans to redevelop it.

The Grapevine-based firm, in partnership with Dabu Group, bought the Marriott Dallas/Fort Worth Westlake on State Highway 114 for an undisclosed amount, the Dallas Morning News reported. Miles Spencer and Parker Sherrill of Newmark Lodging Capital Markets helped arrange the sale.

The new owners plan to overhaul the 294-key hotel, which is part of the Solana, a large mixed-use development slated for 315,000 square feet of office space, 45,000 square feet of retail and various restaurants. Exact renovation plans have not been revealed.

NewcrestImage was attracted to the deal because of its location — it’s 10 miles from Dallas-Fort Worth International Airport — and strong room rates, CEO Mehul Patel told the outlet.

Built in the 1980s, The Westlake Marriott was designed by Mexican architect Ricardo Legorreta, whose other Texas credits include the Latino Cultural Center in Dallas and the San Antonio Public Library.

NewcrestImage, founded in 2013, owns more than 70 hotels nationwide, including the landmark Magnolia Dallas Downtown hotel. Earlier this year, the firm partnered with Dallas-based Coury Hospitality to develop new hotels, and it acquired 45 hotels with 3,300 rooms from a private equity firm last year.

Also in DFW hospitality news, a venture of 1ONEFirm and Tekmak Development are gearing up for a $70 million, 6.5-acre development in Mansfield. The project on U.S. Highway 287 is set to include a 125-room Courtyard by Marriott, 60,000 square feet of office space and 20,000 square feet of retail, restaurant and medical space. Dubbed Heritage Park Mansfield, the development is expected to start construction in 2024, the Dallas Morning News reported.

—Quinn Donoghue