Avistone Acquires First Hotel in Frisco (Dallas), Texas

LONE TREE, Colo., Dec. 7, 2021 /PRNewswire-PRWeb/ -- Lone Tree, CO - Avistone LLC, a privately held real estate investment company, announced today it has acquired the Hampton Inn & Suites Legacy Park-Frisco, a 105-room premium select-service hotel located in Frisco, Texas just north of Dallas. The hotel is the first acquisition for the firm's Avistone Strategic Fund I which targets the opportunistic purchasing of hotels below replacement cost in high growth markets that can offer investors attractive risk-adjusted returns over a 3- to 5-year holding period.

The Hampton Inn & Suites is well-located at the intersection of Dallas North Tollway and Sam Rayburn Tollway in the city of Frisco, one of the fastest-growing cities in the U.S. over the last 10 years. The location provides access to the entire Dallas-Fort Worth MSA with ease of connectivity to I-35E, I-635, and Highway 75. The Hotel is within 25 minutes of DFW International Airport and Dallas Love Field Airport. Local attractions include Dallas Cowboys World Headquarters, Toyota Stadium, Dr. Pepper Ballpark and the future home to the PGA of America Headquarters.

Built in 2002 with a $3.5 million renovation completed in early 2019, the hotel has amenities including free breakfast, an outdoor pool, a business center, free Wi-Fi, free parking, a fitness center and pet-friendly rooms. The combination of location, the well-respected brand name and resurgence of leisure travel has the hotel well-positioned for success moving forward. A 24-room expansion is currently being planned for the hotel.

"We couldn't be more excited to add the Hampton Inn & Suites Legacy Park to the Avistone portfolio and have it be the first hotel acquisition in Avistone's expansion into the hospitality sector." said Richard Kent, President and Managing Principal of Avistone. "We look forward to adding more hotels to our portfolio in the near future."

Avistone is currently seeking hotels to add to its portfolio through direct investment or co-investment with partners. The company targets premium branded limited-service and compact full-service hotels in primary or secondary markets with job growth and planned innovation at a minimum deal size of $15 million. Avistone's second acquisition is expected to close by year end.

About Avistone, LLC
Founded in 2013, Avistone is a fully integrated real estate investment firm engaged in the acquisition, development, management and disposition of high-quality commercial and hospitality properties in select markets nationwide. The company offers accredited investors the opportunity to purchase equity shares in its offerings. Avistone has acquired over 3.9 million square feet of commercial properties in Georgia, Ohio, Texas, and Florida.

Media Contact

David Sheets, Avistone, LLC, 1 949.682.7216, [email protected]

SOURCE Avistone, LLC