DALLAS, TX –HFF announced today that it has closed the sale of the Hilton Dallas/Park Cities (top left photo), a 224-room, full-service hotel in Dallas, Texas. HFF exclusively represented the seller in marketing the top-performing property. Apple Nine Hospitality Ownership, Inc. purchased the hotel for an undisclosed amount.
The Hilton Dallas/Park Cities is located at 5954 Luther Lane in the heart of Preston Center.
Originally built in 2001, the property was renovated in 2010, and features 5,000 square feet of meeting space, a full-service restaurant and bar, 24-hour fitness center, outdoor swimming pool, club lounge, dry cleaning service, and shuttle service within the surrounding area.
As a result of the recent acquisition, the property will receive additional renovation and updates from the new owner. The HFF team representing the seller was led by director John Bourret (middle right photo), senior managing director Whitaker Johnson (bottom left photo) and senior managing director Dan Peek.
According to HFF, the Hilton Dallas/Park Cities is a unique property in the Dallas landscape due to the high barriers-to-entry in Preston Center. Apple immediately recognized value and opportunity in owning such a great asset, and executed perfectly in their acquisition.
The sale of the Hilton provides additional evidence to the rapid recovery of the hotel sector, which has spread beyond a handful of cities to the major markets of the heartland and beyond.Sam Reynolds, senior vice president and director of acquisitions for Apple said, “We are excited about continuing our investment in the Dallas market with the Hilton.
"This was a unique opportunity to acquire a premiere property in the Preston Center and we anticipate that it will be a strong performing property for Apple for many years to come.”
Contacts:
Daniel Peek, HFF Senior Managing Director, (813) 870-1001, dpeek@hfflp.com
John Bourret, HFF Director, (214) 265-0880, jbourret@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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