Newcrestimage
Mehul Patel's Single Family Office · Grapevine, Texas
$500M estimated AUM
AUM figures are estimates compiled from public sources. How we source our data.
About Newcrestimage
NewcrestImage is a single family office in Grapevine, Texas, tied to Mehul Patel and the Patel family, whose wealth was built in hotel development and management. The firm was launched as a family business in 2013 when three sets of brothers merged their two hospitality companies, Newcrest Management and Image Hospitality. The office is best known for developing and acquiring hotels under Marriott, Hilton and Hyatt brands, including adaptive re-use of historic buildings, and today invests across diversified real estate and alternatives (a third-party estimate places assets around $500M). In late 2021 NewcrestImage agreed to sell a 27-hotel portfolio to Summit Hotel Properties for $822 million; through the deal, which closed in January 2022, it became one of Summit's largest shareholders, Mehul Patel joined Summit's board, and the office took a minority stake in Aimbridge Hospitality. It has since returned to active acquisition, with Patel also an owner of Dallas-based lender American Bank.
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Frequently Asked Questions
What is Newcrestimage?
Newcrestimage is a single family office associated with Mehul Patel, based in Grapevine, Texas.
Where is Newcrestimage located?
Newcrestimage is based in Grapevine, Texas.
How much does Newcrestimage manage?
Newcrestimage is estimated to oversee approximately $500M in assets. As a private family office it files no public AUM disclosures, so figures are third-party estimates compiled from public sources.