Alex. Brown Realty and TCOR Hotel Partners Acquire TownePlace Suites by Marriott in Northwest Dallas
Alex. Brown Realty, Inc. (ABR) and TCOR Hotel Partners (TCOR) have announced the acquisition of the TownePlace Suites by Marriott in Lewisville, Texas. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $4.4 million in the joint venture. Financing for the project will be provided by Inwood National Bank.
The 118-room extended-stay hotel is located within the Vista Ridge Business Park in Lewisville, a suburban-Dallas community within the thriving North Texas region. Positioned at the confluence of I-35 and state highway 121, the TownePlace Suites by Marriott Lewisville offers guests prime access to major Texas cities and is just minutes from DFW International Airport.
“We were able to acquire the hotel in an off-market transaction at an attractive basis,” noted Tom Corcoran, a principal with TCOR. “Extensive renovations have enhanced the asset and positioned the hotel to better compete within the market.” The hotel recently underwent a $1 million renovation which included renovations to the lobby and breakfast area, new carpet and lighting, as well as complete soft goods replacements in the guest rooms and upgraded televisions.
“The asset is producing attractive in-place cash flow,” stated Tom Burton, ABR's chief investment officer. “In addition, the new management team is expected to generate additional cost savings, which will further enhance asset value.”
The transaction represents the first joint venture between ABR and TCOR. “TCOR is led by a group of experienced principals with a strong market presence,” commented John Prugh, president and CEO of ABR. “The TownePlace Suites should prove to be a solid addition to the Fund's portfolio.”
About Alex. Brown Realty, Inc.
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
About TCOR Hotel Partners
TCOR Hotel Partners (TCOR) is a Dallas-based hotel company formed in 2016. TCOR acquires select-service hotels that stand to benefit from a value-add strategy through management and/or revenue enhancing capital improvements.
Media Contact:
Tom Burton
tom.burton@abrealty.com
410-547-3009
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
