(WBAP/KLIF) — A well-known North Texas hotel company is unloading nearly a billion dollars in properties. Two Texas companies are involved in the mega-hotel sale, namely, Summit Hotel Properties is purchasing 27 hotels nation-wide from Grapevine-based NewcrestImage for $822-million.
Summit is buying the hotels in partnership with Singapore-based Investor GIC. The sale includes three new hotels branded as Marriott and Hilton in the $1.8 billion Frisco Station development on the Dallas North Tollway and a new Hilton Garden Inn just opened in Grapevine.
NewcrestImage is selling all but three of its 30 nation-wide hotels. 15 of the properties are in the DFW area, while others are in Amarillo, Odessa, Tyler, Longview, College Station, Lubbock and Houston.
The seller is keeping the 325-room Magnolia Hotel in downtown Dallas and the 164-room Sinclair in downtown Fort Worth. According to the Dallas Morning News, the transaction is expected to close late this year or early 2022.
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