The Koa Partners development company, based in Irving, Texas, has purchased this land with the intention of developing it into an inn. The planning stages for the construction of this hotel are now underway.
An announcement from PEG Companies of Utah stated that it had purchased a three-acre parcel of land adjacent to Koa Partners’ office building at 500 E. John Carpenter Freeway in Las Colinas with the purpose of developing a Marriott hotel on the property. Koa Partners’ corporate offices are located in the city of Irving, Texas.
‘We are delighted to collaborate with like-minded partners such as PEG Companies to develop a high-quality hospitality experience that will complement and accelerate the incredible growth that we are witnessing in Las Colinas,’ the business stated. A number of other companies, including PEG Companies, are also interested in this project, which has attracted the attention of investors. Harry Lake, the chairman and chief executive officer of Koa Partners, expressed his excitement about the planned collaboration in a statement. Through our relationship with neighborly, one of our tenants, they have put their trust in our ability to not just develop a high-performing office complex, but also to surround it with amenities that will benefit both their staff and their customers.
Several announcements have been made recently, including the construction of a 220-room Marriott hotel with two distinct brand identities, which will be completed in two phases and will have two distinct brand identities.
“Our investment in Las Colinas is a natural extension of our longstanding relationship with the neighborhood, and we are excited about the prospect of working with Koa Partners to create something truly extraordinary at the ideal gateway position entering Las Colinas from Dallas,” said Cameron Gunter, CEO of PEG Companies, in a prepared statement. “Our investment in Las Colinas is a natural extension of our longstanding relationship with the neighborhood, and we are excited about the prospect of working with Koa Partners to create something truly extraordinary at the ideal
During the land transaction, PEG Companies was represented by Lynn Dowdle, an attorney with the Dowdle Law firm in Toronto. PEG Companies has received approval from the City of Irving for its proposed hospitality use, which will allow the company to proceed with its building plans in the near future. A conversation between the corporation and the Las Colinas Association is presently underway, which will allow the company to move forward with its plans as well.
Neighborly CEO Mike Bidwell issued a statement immediately following the announcement, stating that “our staff have immensely enjoyed their time in Las Colinas as we continue to develop our businesses throughout the world.” It says that Koa Partners’ ongoing commitment to lean in on our behalf and support this expansion with a quality hospitality development that will serve both our people and clients long after we signed our lease at Rochelle and 114 is yet another example of the culture that both companies are working together to establish at Rochelle and 114. Franchise owners who come in for training sessions will benefit from the presence of a Marriott hotel nearby, according to the corporation, which claims that having a Marriott hotel nearby will enhance their experience.