Paceline Equity Partners and Aravest have sold the Renaissance Dallas at Plano Legacy West hotel to an affiliate of Host Hotels & Resorts, marking an exit from their hospitality investment at the mixed-use Legacy West destination. The transaction transfers ownership of an upscale Renaissance-branded property that has recently undergone targeted enhancements under the sellers’ tenure.
According to reporting cited from the Dallas Business Journal, Paceline acquired the Renaissance Dallas at Plano Legacy West in June 2023 for $136 million using fixed-rate financing. During their hold period, Paceline and Aravest implemented a capital improvement program that included adding guest rooms and renovating the hotel’s restaurants and bars. These efforts were aimed at repositioning and refreshing key revenue-generating components of the property.
The ownership group reported that the upgrades, combined with favorable demand trends, supported growth in several operating metrics. Paceline noted that room revenue increased, along with food and beverage sales and overall net operating income, during the period following the improvements. The hotel is described as an upscale asset and is located at 6007 Legacy Dr., within the broader Legacy West development.
Legacy West itself is a mixed-use destination developed by Fehmi Karahan. The project includes 91 retail and office tenants, reflecting a diverse base of commercial occupiers. The development also incorporates 782 residential units, adding a built-in customer base for on-site retail, dining and hospitality offerings. In addition, the overall property features 305 hotel rooms across its hospitality component, reinforcing the area’s role as a regional lodging and business hub.
The Legacy West destination has established itself as a high-traffic location, attracting approximately 5 million visitors in the most recent year reported. Owners of the Renaissance Dallas at Plano Legacy West benefited from this growing volume of corporate travelers and other visitors drawn to the mixed-use environment. Paceline cited this demand, alongside the completed physical improvements, as key contributors to the property’s enhanced performance prior to the sale.
With the acquisition by an affiliate of Host Hotels & Resorts, the Renaissance Dallas at Plano Legacy West transitions from private equity ownership to a new institutional hospitality owner. While terms of the current transaction were not disclosed, the deal caps a relatively short hold period for Paceline and Aravest following their 2023 purchase and subsequent investment in the hotel’s guest room and food-and-beverage offerings.
