Utah developer Peg Cos is converting the Sonesta Es Suites hotel in North Dallas into apartments.
A Utah developer plans to convert a North Dallas hotel into rental apartments.
The company describes the property as “part of a large portfolio of extended-stay hotels that Peg Cos. has acquired for the conversion into quality Class B multifamily housing communities.”'In May, Peg Cos. purchased nine extended stay hotels, including the property in North Dallas. The developer’s Peg Extended Stay Conversion Fund L.P has bought 15 extended stay hotels so far, including the nine hotels this year. The fund is raising $130 million for the conversion program.
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