A high-rise hotel at the center of Plano's Legacy West district has new owners. Host Hotels & Resorts announced it acquired the fee simple interest in the Renaissance Dallas at Plano Legacy West Hotel for approximately $172 million in cash, a price tag that caps a three-year ownership run by a private investment group that says it beat its own timeline for selling the property.
A Quick Turnaround for Investors
Host described the deal as closing on the 308-room tower on Tuesday, according to Host Hotels & Resorts. The seller, Paceline Equity Partners, said it and joint-venture partner Aravest had owned the hotel since June 2023, a detail that sits alongside earlier reporting from CoStar describing the property as a 304-room hotel and naming Hong Kong-based ESR Group, rather than Aravest, as Paceline's partner in that original purchase. The Dallas Morning News likewise reported in 2023 that Paceline affiliates partnered with ESR Group to buy the hotel from developer Sam Moon Group, which CoStar says built the property in 2017.
Whatever the precise lineup of partners back in 2023, Paceline's framing of the 2026 sale is clear: the firm says it exited ahead of schedule. Chief Investment Officer Leigh Sansone said in a statement carried by FinancialContent that “we ultimately realized the investment a year ahead of our underwritten exit.” The release adds that CBRE Hotels served as exclusive advisor and King & Spalding served as legal counsel to Paceline on the transaction.
Renovations Behind the Price Tag
Paceline said its strategy during its ownership included adding guest rooms and reconfiguring the hotel's food-and-beverage outlets, which it credits with driving growth in room revenue, food-and-beverage revenue, and net operating income, per the same release. Parkway Construction, which worked on the property, described a Phase 1 remodel that converted a former presidential suite into five new guest rooms, according to Parkway Construction's project page. The hotel's amenities also include a rooftop pool and bar, a 474-space dedicated garage, and 35,000 square feet of meeting space, as listed on Paceline Equity Partners' portfolio page.
Earlier coverage from Connect CRE, which first reported the room-count discrepancy and the 2023 purchase details, noted that Paceline paid $136 million for the hotel in that original deal, using fixed-rate financing, attributing those figures to the Dallas Business Journal. Connect CRE's report on the latest sale, filed by reporter Mike Boyd, situates the hotel at 6007 Legacy Dr. in Plano and notes the broader Legacy West district — developed by Fehmi Karahan — includes 91 retail and office tenants and 782 residential units, and drew about 5 million visitors last year.
How Host Values the Deal
Host said the purchase price works out to an 11.2x EBITDA multiple, or roughly a 7.9% cap rate, based on the company's estimate of the hotel's 2026 results. The company expects the property to rank among its top 25 assets on a Total RevPAR and EBITDA-per-key basis, projecting 2026 Total RevPAR of $380, RevPAR of $200, and EBITDA per key of approximately $50,000, according to the same Host Hotels & Resorts release. Those figures are Host's own estimates rather than independently verified results. Host also said the Plano acquisition, paired with another hotel purchase announced the same day, is expected to be immediately accretive to earnings and to contribute $6 million of EBITDA during its 2026 ownership period.
The sale fits into a broader pattern of hotel trading activity in the Dallas area. The Dallas Morning News described the 2023 sale as one of several recent Dallas-area hotel transactions at the time, also naming the Mansion on Turtle Creek and the Four Seasons Resort and Hotel in Las Colinas, and described the Plano property as a 15-story tower on Legacy Drive near the Dallas North Tollway.
