NewcrestImage has acquired the NYLO Dallas Plano, part of the Tapestry Collection by Hilton. The ecofriendly boutique property has 176 loft-style rooms and suites over five floors.
“This hotel presents a significant new profit opportunity for us and perfectly complements our existing holdings,” Mehul Patel, managing partner and CEO of NewcrestImage, said in a statement. “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.”
NewcrestImage plans a complete renovation to reimage and rebrand the hotel within the Tapestry Collection, including the possible addition of a speakeasy. This is a similar strategy to the company’s purchase last year of the 162-room NYLO Providence Warwick in Rhode Island, which 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. Amenities at the property include both indoor and outdoor event venues, notably a 4,000 square-foot patio surrounding a heated outdoor pool.
NewcrestImage has been involved in transactions totaling more than $3 billion involving nearly 300 hotels and close to 32,000 hotel rooms in 130 communities nationwide. The company currently owns more than 45 hotels in its portfolio.