Whitestone Cos. acquires TownePlace Suites in Urbandale, Iowa

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

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Jay Batra-led Whitestone Companies has acquired the TownePlace Suites by Marriott in Urbandale, Iowa, marking its sixth hotel purchase in 2023 and strengthening its foothold in the midtier extended-stay market.

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.