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.