NewcrestImage has announced the acquisition of the NYLO Dallas Plano, part of the Tapestry Collection by Hilton. The transaction adds to the company’s portfolio of full-service properties.
The five-story hotel has 176 loft-style rooms and suites with an industrial design. Amenities include indoor and outdoor event venues, along with a 4,000-square-foot patio surrounding a heated outdoor pool.
“This hotel presents a significant new profit opportunity for us and perfectly complements our existing holdings,” said Mehul Patel, managing partner and CEO of NewcrestImage. “We previously owned five hotels in the Frisco/Plano market, so we are very familiar with the area’s attractive metrics for both short and long-term returns.”
The company plans a full renovation to reimage and rebrand the hotel within the Tapestry Collection. Plans include the possible addition of a speakeasy, following a similar strategy to the purchase of the 162-room NYLO Providence Warwick in Rhode Island. That property was rebranded as The Loom Hotel in the Tapestry Collection.
The NYLO Dallas Plano is located in the 2,600-acre Legacy District business park. Its position provides access to the business and leisure markets in the area.
NewcrestImage was established in 2013 and has been involved in transactions totaling more than $3 billion. The company has owned nearly 300 hotels with about 32,000 rooms in 130 communities nationwide. It currently owns more than 45 hotels.
