Affiliates of Paceline Equity Partners LLC, a Dallas-based private equity manager, have acquired the Home2 Suites by Hilton New York Long Island City, an extended-stay, all-suite hotel located in Long Island City, NY. This recently renovated hotel is one of three Hilton-branded, extended-stay properties in New York City.
The acquisition represents Paceline’s second strategic partnership with Highline Hospitality Partners, following the acquisition of the Sheraton Suites Atlanta Galleria, which was announced in June 2022.
“The Home2 Suites represents our first hospitality investment in New York City, and the 10th hotel in our portfolio,” said Sam Loughlin, CEO, Paceline. “The hotel has capitalized on the strong leisure and business travel in the Long Island City submarket as the neighborhood has developed, highlighting the area’s strong recovery from the pandemic and diverse economic tailwinds.”
Leigh Sansone, chief investment officer, Paceline, said, “The transaction’s favorable tax abatement and assumable, fixed-rate financing provide attractive cash-on-cash yields relative to the current tax and debt structures available in the market. Paceline’s acquisition of the Home2 Suites by Hilton New York Long Island City highlights our ability to leverage our existing operating partner relationships and to identify attractive opportunities across all market environments.”
This acquisition follows Paceline’s recent purchase of the Renaissance Dallas at Plano Legacy West Hotel, a full-service, upscale hotel located in the Legacy West development in Dallas.