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Whitestone Cos. acquires TownePlace Suites in Urbandale, Iowa

The company now owns a portfolio of 17 hotels in 10 states

Whitestone Cos. acquires TownePlace Suites in Urbandale, Iowa

WHITESTONE COS., A Columbus-based real estate development firm, has acquired a TownePlace Suites by Marriott in Urbandale, Iowa. The acquisition marks the company’s sixth hotel purchase in 2023 in the midtier extended-stay market.

The 116-room property is near Des Moines and features apartment-style accommodations, Whitestone said in a statement.


"Urbandale is a community poised for accelerated growth over the next few years," said Jay Batra, CEO of Whitestone. "We are enthusiastic about partnering with Marriott and being a part of it."

Whitestone now holds a portfolio of 17 hospitality assets across 10 states, with several more in development. The company's projects focus on hospitality, multi-family and office space, the statement said.

"The TownePlace Suites by Marriott is a valuable addition to our expanding extended stay portfolio," said Chuck Groger, Whitestone’s chief revenue officer. "The on-site team has excelled in building community relations. Our goal is to further leverage this success as we position the TownePlace Suites to lead the marketplace."

In October, Dallas-based NewcrestImage announced the completion of over 100 transactions in the past year. This company presently oversees a portfolio of more than 70 hotels across the nation, totaling nearly 8,000 rooms.

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Viral post targets SBA loans to Indian hotel owners

Summary:

  • A viral post on X claimed that a $1.677 million SBA loan went to Indian hotel owners.
  • The user raised concerns about taxpayer money in Ohio.
  • AAHOA president responds to the claim.

A POST ON X questioned the legitimacy of Small Business Administration loans to Indian American hotel owners. The user raised questions over how American taxpayer dollars are spent in Ohio, but AAHOA, in response, said their members contribute much to federal, state and local economies.

“Here’s where your Ohio tax dollars are going. SBA Loan $1,677,000 for Indian hoteliers,” X user The Constitutionalist posted.

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