Alex. Brown Realty Acquires Marriott Hotel Property in Dallas.
M2 EQUITYBITES-January 26, 2018-Alex. Brown Realty Acquires Marriott Hotel Property in Dallas
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26 January 2018 - Maryland, US-based real estate investment manager Alex. Brown Realty, Inc. (ABR) and Texas, US-based hotel company TCOR Hotel Partners have acquired Marriott Corporation's Lewisville, Texas, US-located TownePlace Suites, the company said.
Value-add real estate fund ABR Chesapeake Fund V, sponsored by ABR, invested USD 4.4m in the joint venture. Financing for the project will be provided by Inwood National Bank.
TCOR said the hotel was acquired in an off-market transaction at an attractive basis. The hotel recently underwent a USD 1.0m renovation.
The transaction represents the first joint venture between ABR and TCOR. TCOR said TownePlace Suites should prove to be a solid addition to the Fund's portfolio.
Alex. Brown Realty, Inc. (ABR) co-invests with joint venture partners in a broad spectrum of property types located throughout the United States.
TCOR Hotel Partners (TCOR) acquires select-service hotels that stand to benefit from a value-add strategy through management and/or revenue enhancing capital improvements.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 26, 2018|
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