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| David B. Pollin |
WASHINGTON,
DC —Officials of The Buccini/Pollin Group, a privately-held, full-service real
estate acquisition, development and management company (BPG), announced that it
has completed the acquisition of the 282-room DoubleTree by Hilton DFW
Airport North.
The hotel will be operated by PM Hospitality Strategies,
Inc. (PMHS), a leading, national hotel management company.
The acquisition capped off a banner year for
BPG, which completed the development or acquisition of more than $225 million
of hotel projects in Del., New York, Tenn., and Texas.
“BPG
continues to execute its strategic plan of acquiring full-service, stabilized
hotels in primary and secondary markets and selectively developing new hotels
in high barrier-to-entry urban locations.
"2014 was one of the strongest years the hotel industry ever has
experienced, and all signs point towards continued prosperity in the New Year,”
said Dave Pollin, co-founder.
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| Doubletree by Hilton DFW Airport North, Irving, TX |
“As occupancies and
average daily rate (ADR) climb further, new supply remains limited, and many
hotel owners look to monetize their stakes, hotel sales are likely to
increase.
"We plan to be an active player
as we grow our portfolio of well-respected hotel brands in markets with high
barriers to entry and demonstrated demand growth.
"The
Hilton DFW Airport North acquisition meshes nicely with this strategy as
leading prognosticator PKF-Hospitality Research predicts that occupancies will
hit a record high of 69 percent in 2016, fueled in part by corporate
expansions; American Airlines completing its merger integration; and two major
national events - the NCAA Football Championship and the Academy of Country
Music Awards – taking place in the near future," Pollin continued.
"We identified
Texas, and Dallas in particular, as a market to focus on due to its diversified
economy, strong employment growth, and skilled workforce.
"We believe that this is the ideal time for
us to continue expanding our footprint beyond our East Coast home base, and all
signs suggest that Dallas is a smart long-term play."
Located less than two miles from DFW Airport in Irving,
Texas, the eight-story hotel is situated near such business demand generators
as Allstate, Siemens, Verizon, AT&T, IMB and Microsoft.
For a complete copy
of the company’s news release, please contact:
Chris Daly
Daly Gray, Inc.
703-435-6293
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