The Renaissance Hotel in Plano’s $3 billion Legacy West development has sold to a Dallas investor.
Affiliates of Paceline Equity Partners, LLC in partnership with Hong Kong-based ESR Group bought the 304-room, 5-year-old hotel from developer Sam Moon Group, which built the 15-story tower on Legacy Drive near the Dallas North Tollway.
Terms of the sale were not disclosed.
The more than $80 million hotel was one of the first buildings constructed in the $400 million Legacy West Urban Village.
“The Renaissance represents our first real estate investment in our home state of Texas, and the ninth hotel in our portfolio,” Paceline CEO Sam Loughlin said in a statement. “The hotel has capitalized on the strong leisure and business travel in the Plano submarket as Legacy West has developed, demonstrating the demographic tailwinds in the area.”
Paceline is a private equity manager with more than $1 billion of assets under management. The company also has hotel investments in Orlando, Boston, Atlanta, Charlotte and Virginia Beach.
The partner in the Plano hotel purchase, ESR Group, is one of Asia’s largest real estate managers with more than $140 billion in holdings.
The sale of the Renaissance Dallas at Plano Legacy West Hotel comes as developer Sam Moon Group is about to open its 267-room, 15-story JW Marriott Hotel in downtown Dallas.
The Plano sale is the latest of several recent Dallas-area hotel trades including the landmark Mansion on Turtle Creek north of downtown and Las Colinas’ luxury Four Seasons Resort and Hotel.
