Private equity manager Paceline Equity Partners has announced that its affiliates have acquired the extended stay Home2 Suites by Hilton New York Long Island City.

This deal marks Paceline’s second strategic collaboration with Highline Hospitality Partners, after the purchase of the Sheraton Suites Atlanta Galleria in June last year.

Developed in 2014, the Home2 Suites in Long Island City is one of three Hilton-branded extended-stay hotels in New York City and features 115 rooms, a fitness centre, one meeting room and 880ft² of event space.

This recently renovated all-suite property serves as an alternative to costly Manhattan hotels, mainly for extended-stay customers, Paceline Equity Partners stated.

It is an hour’s drive from Long Island Islip MacArthur Airport and less than 20 minutes from JFK International and LaGuardia Airport.

Paceline Equity Partners CEO Sam Loughlin said: “The Home2 Suites represents our first hospitality investment in New York City and the tenth hotel in our portfolio.

“The hotel has capitalised on the strong leisure and business travel in the Long Island City submarket as the neighbourhood has developed, highlighting the area’s strong recovery from the pandemic and diverse economic tailwinds.”

The corporation noted that the latest deal follows the acquisition of a full-service hotel, Renaissance Dallas at Plano Legacy West Hotel, in the Legacy West development in Dallas.