NewcrestImage Launches $2B Nationwide Hotel Investment Expansion Plan
Hotel construction and management firm NewcrestImage hired two executives away from Civitas Capital Group to lead its planned $2B expansion effort across the U.S.
“Our company is ready to move to the next level of hotel achievement – from being an accomplished, respected leader in the South and Southwestern regions to becoming a coast-to-coast force in our industry,” NewcrestImage CEO and Chairman Mehul Patel said. “We will now offer investors a unique opportunity to benefit from our proven record and reputation for creating long-term value.”
The new hires are David Perel and Caroline Lerner Perel, joining as chief investment officer and chief development officer, respectively.
At Civitas, David Perel served as managing director of lodging investments, while Caroline Perel served as managing director of the lodging team. The pair joined Civitas in 2013 when Civitas acquired their company, Juno Development.
The Perels’ experience in lodging and hotel investments is expected to help NewcrestImage with a $2B nationwide hotel expansion plan. The company will be targeting new-build development and value-add acquisitions, with a particular focus on high barrier-to-entry markets.
David Perel in his new role is responsible for raising and investing $250M in equity from both institutional and noninstitutional sources within the hotel/lodging sector.
Caroline Perel will be researching the right investment opportunities for NewcrestImage. Those options include everything from the purchase of existing properties to the injection of funds into new builds or historic building renovations.
“David and Caroline become the tip of our spear for this vital mission with their sophisticated, specialized skills combined with their extensive network of contacts among investors, bankers and brands,” Patel said.
NewcrestImage currently owns and operates 28 hotels in Texas, Oklahoma and Louisiana. The North Texas-based lodging firm also has 15 properties under construction or development in Arizona, Ohio and Oregon. It is known for historic adaptive reuse projects like the AC-Residence Inn dual-brand property in Downtown Dallas, and for large hotel campuses like the four-hotel, 900-room Frisco Station.
