PEG Companies, a Utah-based real estate developer, has announced its plan to build a new hotel after purchasing a freeway site in Las Colinas.
Property owner Koa Partners sold the 3-acre lot to PEG. Koa Parters also owns the office building neighboring the site, located at 500 E Carpenter Freeway in Irving.
The lot will become home to a dual-branded 220-room Marriott Hotel.
PEG, founded in 2003 by Cameron Gunter, develops multifamily homes and student housing, as well as office and retail space.
The company says its core values are transparency, integrity, respect, creativity, and hard work.
According to its website, the real estate firm’s primary focus is on the people inside the buildings versus the actual buildings themselves. The company seeks to develop a functional space where individuals can enjoy working, traveling, or living, the website explains.
“Our investment in Las Colinas is an extension of a long history in the community, and we are excited to work alongside Koa Partners to deliver something truly special at the premier gateway location entering Las Colinas from Dallas,” Gunter said in a statement.
Koa Partners, founded in 2015, says the firm focuses on creating new developments and giving back to the community.
“We are excited to work with like-minded partners like PEG Companies to deliver a high-quality hospitality experience to support the tremendous growth we are seeing in Las Colinas,” said the real estate company’s CEO Harry Lake.
He added they are eager to conduct business with PEG and look forward to the new project.
The real estate agency has a philanthropic branch that focuses on serving the community with a purpose. The company organizes marathons, food and toy drives, and “clean up the community” days.