Corebridge Real Estate Investors has sold two Marriott-branded Aloft Hotels located in Plano and Frisco, Texas. The buyer is Touchstone Hospitality Fund, a local group led by hotel developer Deepak Gandhi and accountant Niren Patel. Public records confirm the transaction closed on December 12.
Each of the twin properties was built in 2008 and contains 136 rooms. According to public records, Touchstone Hospitality Fund obtained a $20 million loan from Regent Bank for the purchase, which equates to about $73,500 per room. The final sale price was not disclosed.
Kami Burnette, senior vice president of Hunter Hotel Advisors—the firm that brokered the deal—said, “We took this out wide with a public marketing process and ended up getting nine offers on the assets. We ended up selecting a buyer who’s local to the DFW Metroplex, and we felt pretty comfortable with his ability to execute.”
The Plano and Frisco area has recently attracted several major companies such as Chobani, Toyota, CohnReznick, and Sally Beauty. Some firms are relocating from Downtown Dallas to Collin County.
According to the press release, proximity to major sports venues also influenced the buyers’ decision. Notable sites include The Star in Frisco (Dallas Cowboys headquarters), a PGA-branded Omni hotel and resort in Frisco, and possible future moves for teams like the Dallas Stars or Mavericks into Plano.
Burnette commented on expectations for increased demand: “[Ghandi] sees future upside in Dallas, inclusive of next year’s World Cup and some of the demand that’s going to come from that.”
Industry data shows North Texas leads the nation in hotel construction activity. Lodging Econometrics reported more than 24,000 rooms planned or under development across Dallas as of summer 2024. During next year’s World Cup semifinals in July, attendees are expected to require around 150,000 hotel rooms.
Corebridge had previously acquired both hotels in 2015; details on that transaction were not made public.
