Dallas, Texas – In a landmark move for the hospitality industry, Dallas-based NewcrestImage has recently taken a decisive stride, securing a 50% stake in a strategic alliance with its counterpart, Coury Hospitality.
This intriguing fusion of corporate prowess not only underscores the synergistic ambitions of the two magnates, but also charts an exhilarating course in their quest for dominance in lifestyle hotel development.
With an impressive tapestry of approximately 70 hotels adorning 26 states, NewcrestImage’s portfolio is already a testament to their industry prominence. Coury Hospitality, on the other hand, brings to the table an array of 12 lifestyle hotels spanning six states, thereby further amplifying the reach and resonance of this alliance.
Their management umbrella also extends over 10 remarkable properties under the distinguished Marriott Autograph Collection, with a further three earmarked for impending development. This commendable achievement has positioned Coury Hospitality as the reigning operator in the Autograph Hotels league.
This strategic unification between NewcrestImage and Coury Hospitality signifies a seminal moment in the industry, poised to fortify their competitive stance while catalyzing substantial expansion in the lifestyle and luxury segments. The rich interplay of their combined resources and expertise promises to invigorate the sector, ushering in a vibrant new epoch of hospitality innovation and excellence.
Mehul Patel, Chairman and CEO of NewcrestImage, expressed his optimism about the partnership, stating, “This investment allows us to compete, grow, and succeed together, leveraging our extensive resources, wide geographic reach, and shared commitment to fostering a close-knit corporate culture.”
Paul Coury, CEO of Coury Hospitality and President of Marriott’s Autograph Collection Advisory Board, emphasized the alignment of their strategic goals, stating, “Our singular focus on managing, developing, and owning lifestyle hotels has yielded remarkable results. With the support of NewcrestImage, we can capitalize on our deep management expertise and strategically expand our portfolio.”
In addition to their unrelenting commitment to sterling brand standards and guest satisfaction, Coury Hospitality has carved out a niche with their 27 gastronomical ventures, augmenting their captivating guest offerings.
The firm’s formidable track record has been underscored by multiple accolades and industry recognition. Notably, they clinched the coveted “Opening Hotel of the Year” award from Autograph in two consecutive years for their noteworthy establishments, Hotel Vin in Grapevine, Texas, and The National in Oklahoma City, Oklahoma. Coury Hospitality’s dedication to culinary eminence and operational proficiency has been extolled by Marriott, who have bestowed upon them the F&B Excellence Award on four distinctive occasions.
As NewcrestImage and Coury Hospitality synergize their unique strengths and shared vision, they stand on the precipice of a new era. Their dynamic alliance promises to transcend traditional hospitality boundaries, delivering extraordinary guest experiences and navigating uncharted territories of success in the ever-evolving landscape of the hospitality industry.