NewcrestImage Acquires Another Historic DFW Hotel, Sells Off Phoenix Property
Dallas-based NewcrestImage has continued its streak of historic hotel acquisitions, picking up the 17-story Sinclair Hotel in Downtown Fort Worth.
The hotel development, construction and management company announced Tuesday it had acquired the 164-room Sinclair Hotel, a luxury property in Marriott’s Autograph Collection. The revamped 1930s-era Art Deco boutique hotel features a fine dining steakhouse, a rooftop bar and low voltage Ethernet to power lights and other amenities.
In a separate transaction, NewcrestImage sold the 199-room AC Hotel at Arizona Center in Phoenix to Chicago-headquartered Arbor Lodging Properties. The hotel opened in February as a joint venture with Las Vegas-based LaPour Properties and Atlanta-based Peachtree Hotel Group.
“Both of these transactions are examples of very solid, very attractive hotel investment opportunities in today’s post-pandemic economy,” NewcrestImage Chairman and CEO Mehul Patel said in a release.
NewcrestImage now owns and operates 31 hotels nationwide, including the 325-room, 29-story Magnolia Hotel in Downtown Dallas, its first purchase through a new $100M private real estate fund announced in January. Like the Sinclair, which long served as office space for the Sinclair Oil Co., the Magnolia got its beginnings in the oil industry. The former headquarters for Magnolia Petroleum was the city’s first skyscraper when it opened in 1922 and is listed on the National Register of Historic Places.
“Historic buildings are an important part of our company history — in fact, the Magnolia will be our 10th historic renovation hotel project,” Patel told Hotel Business in March. “Over the past 20 years, it’s become a passion — and a privilege — for NewcrestImage to create hotels that blend the glamour of yesterday with the cool of today.”
The Magnolia will undergo renovations and conversion to a yet-to-be-announced ultra-luxury brand, NewcrestImage said.