DALLAS-GVM Hotel Partners LLC secured $23.37 million to finance its first acquisition: A five-asset portfolio of TownePlace Suites by Marriot. The joint venture paid $30 million to buy the portfolio from Inland American Lodging Advisor Inc., with more acquisitions planned.

The JV is consists of locally based Gatehouse Capital, Plano, TX-based Varro Hospitality and another private investor. Gatehouse Capital’s Marty Collins tells GlobeSt.com that his company is the strategic muscle of the partnership, with the other two entities putting capital into the mix. Financing for the transaction was arranged by Holliday Fenoglio Fowler LP’s Travis Anderson and John Bourret, who worked with Texas Capital Bank to secure the three-year, adjustable-rate loan.

Collins explains the portfolio was attractive to the new partnership on many levels; for one thing, it was acquired at half of replacement cost. “We’re spending another $3 million over the 500-plus rooms to upgrade,” he comments. In addition to operating under the TownPlace Suites brand, another common denominator of the assets is they’re all approximately 10 years old, Collins adds.

Another point of commonality is that four of the five assets are located in Texas; specifically, Austin, College Station and Houston. The fifth asset is in Birmingham, AL.

“We’re looking at purchasing other assets, primarily here in Texas,” Collins says, adding that the partnership’s sweet spot is branded, select service/extended stay assets in major markets that are no more than 10 years old. He adds that more deals are in the pipeline.