NewcrestImage Acquires 174-Room Hotel Zags in Downtown Portland

October 12, 2026

PORTLAND, Ore. — Dallas-based NewcrestImage has acquired The Hotel Zags, a 174-room boutique hotel in downtown Portland, from Pebblebrook Hotel Trust for $10 million.

The transaction closed Oct. 8, and the property will be managed in-house by NewcrestImage.

“This hotel continues to build our portfolio through both geographic and segment diversification,” said Mehul Patel, managing partner of NewcrestImage. “It also demonstrates our corporate commitment to acquisition as a core growth strategy.”

Located in Portland’s Cultural District, The Hotel Zags underwent a complete renovation and rebranding in 2019. The property features PLS on Sixth, a casual restaurant offering American cuisine and cocktails, along with indoor and outdoor seating and two private dining rooms.

Additional amenities include 2,700 square feet of flexible meeting and event space, a retro arcade, a collection of local artwork and a landscaped courtyard with a living wall, lounge areas and firepits. The dog-friendly property also offers nightly s’mores and a children’s patio with a sandbox and toys.

Founded in 2013, NewcrestImage has completed more than $3 billion in transactions involving nearly 300 hotels and approximately 32,000 rooms across 130 communities nationwide. The company currently owns more than 45 hotels.