Private equity manager Paceline Equity Partners has announced that its affiliates have acquired two limited-service hotels in the US state of North Carolina.
The two hotels- the Holiday Inn Express & Suites Charlotte Ballantyne and the TownePlace Suites Charlotte Fort Mill, are located in the Charlotte Metro Area.
Paceline CEO Sam Loughlin said: “Charlotte is an attractive and growing city with a hospitality market that has proven resilient throughout the pandemic.
“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.”
Built in 2019, the Holiday Inn Express & Suites Charlotte Ballantyne hotel is located in the Ballantyne area of Charlotte. It features 123 rooms as well as includes an outdoor pool, meeting space and fitness centre.
The other property, TownePlace Suites Charlotte Fort Mill hotel, was built in 2018. It includes 105 rooms with a full kitchen in every room.
It also has an outdoor pool, meeting space and a fitness centre.
Paceline chief investment officer Leigh Sansone said: “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.
“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.”