308-Room Renaissance Hotel Trades in Plano

Paceline Equity Partners and Aravest offloaded the Renaissance Dallas at Plano Legacy West. The buyer was an affiliate of Host Hotels & Resorts.

The Dallas Business Journal reports Paceline bought the hotel in June 2023 for $136 million with fixed-rate financing. During their ownership, the partners added guest rooms and renovated the hotel’s restaurants and bars. They also benefited from growing demand among corporate travelers visiting Legacy West, a mixed-use destination developed by Fehmi Karahan. Paceline said improvements helped increase room revenue, food and beverage sales and net operating income. The upscale hotel is located at 6007 Legacy Dr.

Legacy West features 91 retail and office tenants, 782 residential units and 305 hotel rooms. The property attracted about 5 million visitors last year.