Announcing cooperation between NewcrestImage and Aimbridge Hospitality ( l . to r .): Chirag Patel , managing partner , NewcrestImage ; Sanjay Patel , managing partner , NewcrestImage ; Mehul Patel , managing partner and CEO , NewcrestImage ; Mike Deitemeyer , president and CEO , Aimbridge Hospitality ; Thomas Song , CFO , Aimbridge Hospitality ; Yogi Patel , Managing Partner , NewcrestImage ; Mital Patel , Managing Partner , NewcrestImage ; Daxesh Patel , Managing Partner , NewcrestImage
3,533 guestrooms , two parking structures , and various financial incentives . The remaining hotel to be acquired is the currently under construction 176-guestroom Canopy by Hilton New Orleans which is nearing completion .
The total consideration for the Summit-NewcrestImage transaction is comprised of US $ 776.5 million , or US $ 209,000 per key , for the 27-hotel portfolio , US $ 24.8 million for the two parking structures , and US $ 20.7 million for the various financial incentives . The transaction is expected to be immediately accretive to adjusted FFO per share , generate a stabilized net operating income yield of 8 % to 8.5 % including future capital investment and excluding any ancillary joint venture fees earned by Summit , and be leverage neutral to the company ’ s balance sheet while preserving existing liquidity of nearly US $ 450 million .
Back to the NewcrestImage-Aimbridge deal , NewcrestImage will develop and acquire new hotel assets and Aimbridge will act as operator . In addition , Mehul Patel will join the newly formed Aimbridge Hospitality CEO Advisory Board .
“ We are excited to grow with NewcrestImage as they develop new properties with Aimbridge as their strategic operating partner ,” says Mike Deitemeyer , Aimbridge Hospitality president and CEO . “ I look forward to working closely on growth opportunities with Mehul Patel and his team at NewcrestImage who have built one of our industry ’ s most respected hotel portfolios .”
“ Each of these transactions is important and impressive on its own ,” says Mehul Patel , chairman and CEO of NewcrestImage . “ This is a collaboration that will enable both companies to gain unmatched momentum and growth .”
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