July 18, 2023
Wayside Investment Group has reached an agreement to purchase two Extended Stay America Suites properties in Dallas – the 118-unit hotel on Frankford Road and the 150-unit hotel on Carnaby Street in Irving – the company announced on Tuesday. The transaction is expected to close by the end of July, according to a press release.
“These acquisitions offer our company two exceptional opportunities to become an active part of the robust and growing hotel market in Dallas,” said Miraj Patel, President of Houston-based Wayside Investment Group. “We are very enthusiastic about once again joining with Extended Stay America as our company continues its ongoing expansion in the extended stay sector. The DFW metroplex is generating strong lodging demand from both business and leisure travelers, which can result in exceptional return on investment for hotel owners.”
Currently, Wayside owns and operates a portfolio of 13 hotels located in south Texas, primarily in Gulf Coast cities. In addition, the company is scheduled to open a 90-unit extended stay hotel next month in Houston, and has two other extended stay properties under development.
“We appreciate our long and valued relationship with Wayside Investment Group,” according to Greg Juceam, President and CEO of Charlotte-based Extended Stay America. “Wayside’s industry expertise, combined with the strength of the Extended Stay America brand, creates a powerful platform for driving long-term success. We look forward to continuing our productive and successful work with Miraj and his team.”
Patel, who currently serves as Vice-Chairman of the Asian American Hotel Owners Association (AAHOA), is a second-generation hotelier who launched Wayside Investment Group in 2020.