PEG Companies Secures Building Permits for Dual-Branded Hotel in Irving, Texas

IRVING, TEXAS – PEG Companies [“PEG”] announced the acquisition of essential building permits for the development of a vast 220-key dual-branded hotel at 550 E John Carpenter Freeway. Situated on a three-acre parcel in a prime location, just a nine-minute drive from Dallas Fort Worth International Airport, this hotel is poised to become a premier choice for both Courtyard by Marriott and Residence Inn by Marriott guests.

The development is an integral part of the esteemed Las Colinas Association, a master-planned community and vibrant business hub. The dual-branded property will comprise 112 Residence Inn keys, meticulously designed to prototype with extended-stay features, and 108 Courtyard keys. Both brands will seamlessly share common areas, amenities, and parking facilities, enhancing the guest experience while optimizing operational efficiency.

“We chose the dual-brand approach to accommodate the diverse needs of business and leisure travelers visiting Las Colinas and to leverage the operational efficiencies of pairing Marriott’s leading extended stay business with a compact full-service offering,” explained Loren Berkley, Chief Investment Officer, Hospitality at PEG. “Given that both brands currently exist in the market in 1980’s era vintage, these new-generation assets are designed to attract a more discerning and high-paying guest, ensuring an elevated experience for all.”

Some key amenities of the new hotel include:

• 1,800 square feet of meeting space
• The Bistro, Courtyard by Marriott’s signature restaurant
• 2,500 square feet of outdoor patio space with fire pits and barbeques
• A spacious outdoor pool
• A robust fitness center

PEG currently owns the existing Residence Inn by Marriott located less than a mile from the new site. As part of an exclusive agreement with Marriott, PEG secured the rights to the Residence Inn brand flag within the Las Colinas market. PEG and its valued investor partners anticipate breaking ground in August, with an expected construction duration of approximately 22 months. This timeline sets the stage for a grand opening in mid-2026.