Why Did Three Successful Dallas-area Hotel Investors Just Buy American Bank?

Why would a group of hotel investors want to purchase a bank? For Chirag Patel, Mehul Patel and Mital Patel, it's a little bit business and a little bit personal.The three investors in Lewisville-based hotel company NewcrestImage bought North Dallas' American Bankin a deal that closed Friday for an undisclosed amount. The bank has around $55 million in assets. NewcrestImage is regarded as one of Dallas-Fort Worth's many business success stories. It was started by six immigrant families — three sets of brothers who came to the U.S. and started their own hotel companies. The company owns 28 hotels with another 15 properties currently under construction.NewcrestImage made a name for itself when it opened its first dual-branded hotel in North Texas in 2013.Dual-branded hotels allow owners to cut costs by leaning on a shared staff to serve two experiences to customers. The practice emerged after businesses began struggling amid the economic downturn of the late 2000s, according to the company.NewcrestImage will open its next dual-branded hotel in Frisco this June that will become part of a four-hotel campus in the mixed-use development of Frisco Station.  Continue reading...