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| 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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