HEI Hotels and Resorts Acquires Sheraton Dallas North
HEI Hotels & Resorts acquired the 309-room Sheraton Dallas North for an undisclosed amount.
This is the second hotel acquisition made by the company this year, the sixth hotel purchased under Starwood’s Sheraton brand and the company’s 34th owned hotel.
“HEI’s acquisition of the Sheraton North Dallas underscores our ability to seek value-added hotel opportunities that will benefit from our core strengths in management and renovation,” said Russell Urban, senior vice president of acquisitions of HEI. “We have confidence in the market recovery and our ability to drive profitability through a comprehensive renovation.”
The hotel was acquired out of REO directly from a lender that foreclosed on the property.
“This is a core HEI asset in a prime location in the foremost business center of Dallas and, once renovations are completed, will align perfectly with our portfolio of upper-upscale properties in leading U.S. markets,” said Steve Mendell, president of acquisitions and development at HEI, Norwalk, Conn.
Located near Dallas’ Galleria area, the hotel is situated near shopping facilities, dining and entertainment options. The hotel is about 20 minutes away from the airport. Famous corporations that are in the business district include Nordstrom’s corporate headquarters and the offices of FedEx/Kinko’s, Highland Capital Management, ABC Broadcasting/Disney and Coca Cola.
“Our knowledge of both the brand and the region made this a particularly attractive deal for us,” said Anthony Rutledge, CFO of HEI. “We are uniquely positioned to maximize this hotel’s performance through our industry-leading management team’s deep understanding and experience of the brand and region.”