- Atlantic sold the Residence Inn Dallas at The Canyon.
- It was acquired by Jean Valjean LLC.
- The sale was brokered by M&M.
ATLANTIC HOTEL GROUP sold the 103-key Residence Inn Dallas at The Canyon in Dallas to Jean Valjean LLC, a locally based private investor group. Marcus & Millichap brokered the sale.
The 4-story hotel, built in 2018, is near Reunion Tower, Museum of Illusions, the Dallas World Aquarium, Klyde Warren Park, Bishop Arts District, Trinity Groves and AT&T Stadium, M&M said in a statement. Amenities include an outdoor pool, fitness center and business center.
Atlantic was established in 1999 by brothers Perry Molubhoy and Salim Molubhoy. Based in the Dallas/Fort Worth area, the group operates a portfolio of Marriott International, Hilton Worldwide Holdings and IHG Hotels & Resorts franchises.
Perry Molubhoy currently serves as the company’s CEO. Perry Molubhoy is also an active leader in the Pakistani-American community, having served as a board member for The Pakistani Society of North Texas.
In 2000, Perry and Salim Molubhoy built their first hotel, a 79-room Holiday Inn Express & Suites off of the Dallas Tollway and Parker Road in Plano, Texas, according to the company.
Recently, in 2024, Atlantic entered into a joint venture with South Carolina-based Raines Hospitality to manage 16 of its Texas assets, according to Raines.
Arzu Molubhoy serves as the company's chief financial officer. She is also a managing partner and co-founder of Alpha3, a woman-owned hotel management and development firm she started with her two siblings.
“Extended-stay hotels continue to attract sophisticated investors due to their operational resilience and consistent performance,” said Chris Gomes, M&M's executive managing director of investments at the Dallas office. “The sale of Residence Inn Dallas at The Canyon reflects the depth of capital targeting institutional-quality hospitality assets in growing Sun Belt markets.”
Gomes and Allan Miller of M&M represented the seller, while Clayton Hill and Gordon Allred procured the buyer.
Separately, Patel Capital Group acquired the 47-key Econo Lodge Junction in Junction, Texas, from Dallas-based VSBA - REO Holdings. HVS Brokerage & Advisory brokered the sale.
