NEW YORK, NY – HFF announced today that it has arranged a $75 million refinancing for the Westin DFW Airport, a 506-room hotel situated near the Dallas/Fort Worth International Airport in Irving, Texas.
Working exclusively on behalf of Investcorp International, Inc. and The Procaccianti Group, HFF secured the adjustable-rate loan through J.P. Morgan Chase Bank N.A. The loan will be serviced by HFF.
The Westin DFW Airport is located at 4545 West John Carpenter Freeway northwest of downtown Dallas and less than two miles from the Dallas/Fort Worth International Airport.
In addition to guest rooms, the property offers 29 meeting spaces totaling 38,000 square feet, the largest being a 10,541-square-foot ballroom. Renovated in 2007, the hotel features 24-hour room service, a business center, dry cleaning service, concierge service, restaurant with bar and lounge, fitness center and outdoor heated pool.
The HFF team representing the borrower was led by senior managing director Mike Tepedino (top right photo), managing director John Bourret (middle left photo)and associate director Michael Gigliotti (lower right photo).
Investcorp is a global investment group with offices in London, New York and Bahrain and has more than 300 employees worldwide. The Investcorp real estate team is an established, well-capitalized, value-oriented real estate investor with a distinguished 30-year track record of success, having completed transactions with an aggregate value of nearly $43 billion globally.
The Procaccianti Group (TPG), founded in 1964, is a second generation, privately-held real estate investment and management company with a broad national platform that spans all sectors of real estate. Throughout five decades, the company has owned or managed hundreds of real estate assets surpassing 50 million square feet with a value of more than $5 billion.
Contacts:
MICHAEL TEPEDINO
HFF Senior Managing Director
(212) 245-2425
MICHAEL GIGLIOTTI
HFF Associate Director
(212) 245-2425
JOHN BOURRET
HFF Managing Director
(214) 265-0880
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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