A Dallas-area upscale hotel once featured on the now canceled "Real Housewives of Dallas" television show has traded to a new ownership group, a partnership between a Texas private equity manager and one of the largest real estate managers in Asia.
The Renaissance Dallas at Plano Legacy West, a 304-room upscale hotel at 6007 Legacy Drive in Plano, Texas, sold to Dallas-based Paceline Equity Partners and ESR Group, which has more than $140 billion in assets under management in the partnership's first ever deal. According to CoStar data, the full-service hotel sold for $136 million.
The luxury hotel is one of Marriott's flagship hotels within its Renaissance brand and sits in close proximity to Toyota North America's headquarters campus and other offices throughout Legacy West, such as Boeing's global services division, FedEx Office, JP Morgan Chase, NTT Data, Liberty Mutual Insurance and Vanguard. Legacy West, a 255-acre mixed-use development, has a food hall, luxury retail shops such as Louis Vuitton, Gucci and Tiffany & Co. and residential homes, along with the office campuses.
“The Renaissance represents our first real estate investment in our home state of Texas, and the ninth hotel in our portfolio," said Paceline CEO Sam Loughlin 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."
Leigh Sansone, the firm's chief investment officer, said the partnership was able to find fixed-rate financing for the deal "which allows us to hold debt in place at significantly better terms than those currently available in the market."
Paceline was not immediately available to answer further questions from CoStar News on Monday.
Tiffany Moon, a cast member of "The Real Housewives of Dallas," is the wife of Daniel Moon, who leads the hotel development arm of Sam Moon Group for the family business. Tiffany Moon, who is a Dallas anesthesiologist, hosted events at the hotel during the television show's airtime.
Meanwhile, Sam Moon Group is getting ready to open the city's first JW Marriott hotel in the Dallas Arts District, the nation's largest contiguous urban arts district with more buildings designed by Pritzker award-winning architects than any other place in the world. The high-end hotel in downtown Dallas is scheduled to open next week.
The Sam Moon Group developed the Plano hotel in 2017 in conjunction with other major developments at Legacy West. Along with office tenants within the mixed-use development, Legacy West is also within a few miles of Dr Pepper-Snapple's new dual headquarters building, the Dallas Cowboys world headquarters and the new TIAA campus being constructed in nearby Frisco.
Along with the hotel's swanky rooftop pool and bar, the Renaissance Dallas at Plano Legacy West also has a 474-space parking garage and about 35,000 square feet of meeting space. Plano's Legacy business park sits on about 2,665 acres and is home to over 33 million square feet of corporate and regional headquarters, according to the city's economic development department.