Houston-based Wayside Investment Group announced Wednesday that it is set to acquire two Extended Stay America hotels in the DFW metroplex.
The first property is a 118-unit hotel located off Frankford Road in Dallas, and the second is a 150-unit building situated on Carnaby Street in Irving, one mile from the Irving Convention Center and seven miles from Dallas-Fort Worth International Airport.
“These acquisitions offer our company two exceptional opportunities to become an active part of the robust and growing hotel market in Dallas,” said Miraj Patel, founder and president of Wayside Investment Group and vice chairman of the Asian American Hotel Owners Association, per a news release.
The release did not disclose a purchase price for the properties. Wayside owns 15 hotels in the southern part of Texas. Most are located in Gulf Coast cities, and two are under construction.
“We are very enthusiastic about once again joining with Extended Stay America as our company continues its ongoing expansion in the extended stay sector,” Patel said, according to the release.
“Right now, there are more hotel deals available than there are people who want to make them, so our style at Wayside is to seek out interesting acquisition opportunities where we can add asset value by renovating and repositioning a property,” he said.
The two extended-stay hotels should generate long-term value for Wayside Investment Group, considering each building has a prime location and an occupancy rate between 70% and 80% over the past three years, reported The Dallas Morning News.
“Wayside’s industry expertise, combined with the strength of the Extended Stay America brand, creates a powerful platform for driving long-term success,” said Greg Juceam, president and CEO of Extended Stay America, according to the release. “We look forward to continuing our productive and successful work with Miraj and his team.”
As previously reported by The Dallas Express, DFW has some of the top world-class hotels in the state, with five local hotels recognized in Travel + Leisure’s annual World’s Best Awards for 2023.