Furthers Paceline Strategy of Acquiring Unique, Value-Oriented Hospitality Real Estate
DALLAS–(BUSINESS WIRE)–Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that they have acquired the Renaissance Dallas at Plano Legacy West Hotel, a full-service, upscale hotel located in the Legacy West development in Dallas, TX. The new vintage property is one of Marriott’s flagship hotels within the Renaissance brand. The acquisition will be Paceline’s first strategic partnership with ESR Group, one of the largest real estate managers in Asia with more than $140 billion in assets under management.
The 304-key Renaissance Dallas at Plano Legacy West was developed in 2017 in conjunction with the completion of Legacy West. Legacy West is a +$2 billion mixed-use development that includes luxury retail, upscale apartments, numerous restaurants, and Class A office buildings along a four-block strip. Legacy West has become a premier shopping destination in the North Dallas MSA, as the retail is anchored by Louis Vuitton, Gucci, Tiffany & Co. and Lululemon. The property is located within 1.5 miles of numerous regional corporate headquarters including J.P. Morgan, Toyota, and Dr. Pepper / Snapple. As such, the hotel’s premier location and amenities, including a rooftop pool and bar, a 474-space dedicated garage, and 35,000 square feet of meeting space, cater to both leisure and business travelers.
“The Renaissance represents our first real estate investment in our home state of Texas, and the ninth hotel in our portfolio. The hotel has capitalized on the strong leisure and business travel in the Plano submarket as Legacy West has developed, demonstrating the demographic tailwinds in the area,” said Sam Loughlin, Chief Executive Officer of Paceline.
“We also love the assumable, fixed-rate financing embedded in this transaction which allows us to hold debt in place at significantly better terms than those currently available in the market,” added Leigh Sansone, Chief Investment Officer of Paceline. “Paceline’s acquisition of the Renaissance Dallas at Plano Legacy West highlights our ability to develop new operating partner relationships and source attractive opportunities across all market environments.”
About Paceline Equity Partners
Paceline is a Dallas-based private equity manager focused on value-oriented, opportunistic, and special situations investments across private equity, corporate credit, and real assets. With over $1 billion of commitments currently under management, Paceline’s senior leadership team has 15 years of cohesive investment experience, having worked together previously at a global private equity manager and its affiliates. To learn more, please visit www.pacelineequity.com.
Contacts
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
