Summary:
- Touchstone acquired two Aloft hotels in Plano and Frisco, Texas.
- The Texas-based firm is led by Managing Members Deepak Gandhi and Niren Patel.
- The Marriott-branded hotels, built in 2008, total 272 guestrooms.
TOUCHSTONE HOSPITALITY FUND acquired two Aloft hotels in Plano and Frisco, Texas. The Marriott-branded properties total 272 guestrooms, with 136 rooms at each property, and were sold in a single transaction brokered by Hunter Hotel Advisors.
Aloft Plano and Aloft Frisco are in corporate corridors near corporate offices, employment centers, sports venues and mixed-use developments, Hunter said in a statement. Both hotels were built in 2008 and together offer 504 square feet of meeting space, an outdoor pool, a fitness center and a business center.
Plano, Texas-based Touchstone is led by Managing Members Deepak Gandhi and Niren Patel.
“The transaction process was competitive and well-managed from start to finish,” said Gandhi. “We were able to conduct thorough due diligence, maintain constructive dialogue with all parties and execute within our targeted timeline.”
The Hunter team was led by Senior Vice President Kami Burnette and Vice President Mason McDavid.
Burnette said the transaction highlighted buyer interest in premium-branded, select-service hotels in the Dallas–Fort Worth market.
“The buyer was attracted to the favorable cost basis and plans to leverage economies of scale and revamped operational strategies to maximize RevPAR penetration within the comp set,” he said.
“The hotels presented a unique opportunity to acquire multiple Aloft hotels and we created a competitive process to secure an offer from a highly qualified buyer,” said McDavid. “We are appreciative of the opportunity to deliver a successful outcome for the seller and excited for the buyer to continue growing his portfolio in Texas.”
TMGOC Ventures and Ad Astra Capital recently acquired the 162-key Home2 Suites by Hilton in Fort Worth, Texas, which will be managed by TMGOC partner Lexima Lodging.
