Summary:
- LXMI acquired the 88-room TownePlace Suites Dallas McKinney in Texas.
- HVS Brokerage & Advisory facilitated the deal.
- Built in 2016, the property was acquired by Jain and Champion Hotels in 2021.
LXMI CAPITAL ACQUIRED the 88-room TownePlace Suites by Marriott Dallas McKinney in McKinney, Texas. HVS Brokerage & Advisory brokered the deal.
The hotel is less than four miles from McKinney National Airport and near Historic Downtown McKinney, Chestnut Square, the Heard Natural Science Museum & Wildlife Sanctuary, Towne Lake Recreation Area and McKinney ISD Stadium, HVS said in a statement.
“Having a quiet sale was important to our investment group and the HVS team identified a buyer through a targeted, off-market process that did not disrupt our day-to-day operations,” said Neel Jain, Jain Hotels’ director of investments.
LXMI is led by Principal Tony Gupta. The sale was handled by Eric Guerrero, Andrew Frosch, Matt Almy, Fadi Rawashdeh, Kyle Peterek and Daneen Godinet.
Matt Almy, HVS senior associate, said the buyer, who owns the Sheraton next door, saw McKinney’s growth and viewed the extended-stay product and Marriott affiliation as a fit with his existing property.
“Our team is pleased to have come full circle on this property, assisting Champion and Jain Hotels with the 2021 acquisition and now the sale,” Almy said.
RAM Hotels acquired the 91-room Homewood Suites in Columbus, Georgia, from Satori Collective.
