High-Quality Asset in Exceptional Condition: The TownePlace Suites Dallas Las Colinas is an upper midscale, extended stay hotel featuring 135 spacious guest rooms and several amenities such as an outdoor pool, business center, fitness center, and sundries shop.
Thriving Las Colinas Economy: Las Colinas, Texas, is a thriving community in the Dallas-Fort Worth metropolitan area with a diverse economy. Key industries driving its economy include finance and banking, corporate headquarters, technology, hospitality and tourism, healthcare, and real estate. Las Colinas is known for its well-planned urban development and attractive properties, making real estate a significant component of its economy. The region serves as a hub for corporate headquarters, with many companies choosing Las Colinas as their base including McKesson Corp, Kimberly Clark, Vistra Energy and Michael’s. The city is also currently working with more than 80 companies interested in relocating to or expanding into the city.
Headquarters of Headquarters: Irving-Las Colinas calls itself the “Headquarters of Headquarters” due to having more headquarters per capita than any other city. There are eight Fortune 500 companies, including Celanese (1.0 miles), Vistra Energy (2.4 miles), and Fluor Corporation (2.1 miles), five Fortune 1000 companies, and 150 foreign-based companies in Irving-Las Colinas. With over 8,500 businesses, Irving-Las Colinas is the second-largest employment center in North Texas and has an estimated 262,067 jobs.
Proximity to Airports: Located less than seven miles from the Dallas-Fort Worth International Airport, the Property is a short drive from the fourth-largest airport in the U.S., based on passenger boarding. Dallas Love Field is located ten miles from the Property.
Significant Upside Potential Post Renovation: The Property generated approximately $3.4M in Gross Revenue during TTM May 2023. Post completion of the PIP mandated by Marriott, a new owner should be able to take advantage of the completely re-modeled property and command better rates and achieve higher occupancy. With the completion of the PIP, the prospective buyer will be able to obtain 20 years re-license as a TownePlace Suites from Marriott International.
Notable Franchise Affiliation: The Property’s access to Marriott’s loyalty program and strong distribution system gives it a major competitive edge. The brand is the largest hotel chain in the world and has more than 8,500 hotels throughout the globe.
Clean Offering: Fee simple interest in 135-room TownePlace Suites, built in 1998, offered unencumbered by management and debt.