In a three way partnership, NewcrestImage and Hospitality Capital Companions (HCP) have acquired 16 inns with a complete of two,155 rooms for $137.3 million from Service Properties Belief, a Massachusetts-based REIT. The transaction was dealt with by Al Calhoun and Mark Truthful at CBRE in Atlanta.
The portfolio consists of 13 Courtyard by Marriott inns and three Residence Inn by Marriott inns which are situated in 9 states – Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas, and Virginia. Eleven of the properties underwent main renovations between 2018 and 2019.
