Tuesday, November 10, 2015

HFF secures $35.65 million financing for downtown Dallas, TX hotel redevelopment

Travis Anderson
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $35.65 million in financing to redevelop a vacant office building into a dual-branded AC Hotel and Residence Inn hotel with 206 rooms in downtown Dallas, Texas. 

HFF worked on behalf of the borrower, NewcrestImage, to secure the financing through Fifth Third Bank. 

The borrower is taking the 22-story Mercantile Commerce Building, which has been vacant since the 1980s, and redeveloping it into a select-service hotel that encompasses two Marriot brands:

 AC Hotels, which are modern hotels with Spanish roots and European design, and Residence Inn, an extended-stay all-suite hotel.  The hotel will feature a fitness center, lobby lounge and bar, business center and meeting space with two boardrooms that can fit up to 14 people each. 

The hotel will also have a 360-space parking garage.  Located at 1712 Commerce Street, the new hotel will be located south of the Main Street District in downtown Dallas and less than one block from the Main Street Garden Park. 

According to HFF, the hotel will be in one of the largest employment centers in north Texas with more than 35.3 million square feet of office space. 

 The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and director Jim Curtin.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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