INVESTMENT
NEWCRESTIMAGE aligns with
AIMBRIDGE ; takes minority stake
NEWCRESTIMAGE , HAVING SOLD ITS ASSETS TO SUMMIT HOTEL PROPERTIES , HAS FORGED AN ALLIANCE WITH AIMBRIDGE HOSPITALITY TO JOINTLY IDENTIFY NEW OPPORTUNITIES .
by JEFF WEINSTEIN , EDITOR IN CHIEF
Dallas-based hotel developer NewcrestImage will transfer its existing hotel management agreement rights to Plano , Texas-based , third-party hotel management giant Aimbridge Hospitality , acquire a minority ownership stake in Aimbridge , and start to work together to identify growth opportunities .
At the same time , Summit Hotel Properties has completed an initial closing of the previously announced portfolio acquisition through its existing joint venture with GIC from affiliates of NewcrestImage . The initial closing included 26 of the 27 hotels totaling
46 hotelsmag . com May 2022