$35.65 million financing secured by HFF for downtown Dallas hotel redevelopment
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
Planting its roots as early as 1993, NewcrestImage is a privately-owned, Texas-based hotel development, construction, and management firm. The company’s principals have a combined experience of over a century in the hospitality industry. Their collective experience, combined with their single-minded dedication to providing guests with first-rate lodging accommodations and best-in-class guest services, are at the core of the company’s continuing success. The company designs, builds and operates state-of-the-art hotels for the most renowned brands in the hospitality industry. For more information, visit www.newcrestimage.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.