DALLAS–(BUSINESS WIRE)–Affiliates of Paceline Equity Partners, LLC (“Paceline”), a Dallas-based private equity manager, today announced that they have acquired two limited-service hotels in the Charlotte Metro Area, the Holiday Inn Express & Suites Charlotte Ballantyne and the TownePlace Suites Charlotte Fort Mill.
The Holiday Inn Express & Suites Charlotte Ballantyne hotel was built in 2019 and is a 123-room limited-service hotel with amenities including an outdoor pool, meeting space and fitness center. Located in the Ballantyne area of Charlotte, North Carolina, the hotel is conveniently situated along Route 521 only two miles south of Ballantyne Corporate Park, which is home to a diverse tenant base and is a magnet of corporate activity in the area, including business related travel. The hotel is also expected to benefit from future demand upon completion of construction of the nearby acute care focused Novant Health Ballantyne Medical Center.
The TownePlace Suites Charlotte Fort Mill hotel was built in 2018 and is a 105-room limited-service extended-stay hotel with amenities including a full kitchen in every room, outdoor pool, meeting space and fitness center. Located in the Fort Mill area immediately south of the Ballantyne area, the hotel is also located on Route 521 four miles south of Ballantyne Corporate Park.
“Charlotte is an attractive and growing city with a hospitality market that has proven resilient throughout the pandemic,” said Sam Loughlin, Chief Executive Officer of Paceline. “Paceline is pleased to identify high-quality, newly constructed hotel assets in the thriving Ballantyne submarket, which is backed by strong demand drivers. We look forward to continuing to execute unique investment opportunities for our investors.”
“This transaction highlights Paceline’s broad opportunity set and flexible investment mandate and represents the firm’s second and third hotel acquisitions following our purchase of Sheraton Needham in the Boston Metro Area earlier this year,” added Leigh Sansone, Chief Investment Officer of Paceline. “Paceline’s management has a history of investing in value-oriented commercial and hospitality real estate and we are thrilled to expand our portfolio and bring our deep sector expertise to Charlotte.”
About Paceline Equity Partners
Paceline is a Dallas-based private equity manager focused on value-oriented, opportunistic, and special situations investments across corporate credit, real assets, and private equity. Paceline’s senior leadership team members average 24 years of professional experience. Prior to the formation of Paceline, the senior leadership team worked together for approximately 10 years at a global private equity manager and its affiliates. To learn more, please visit www.pacelineequity.com.