HFF closes sale of and secures acquisition financing for Le Méridien Dallas by the Galleria
DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for Le Méridien Dallas by the Galleria, a 258-suite, upscale hotel in Dallas, Texas.
HFF marketed the property on behalf of the seller, a partnership between Arden Group, Inc. and HEI Hotels & Resorts. NB Holdings purchased the asset for an undisclosed amount. Additionally, HFF worked on behalf of the new owner to place the 10-year, fixed-rate acquisition loan with Principal Commercial Capital, part of Principal Real Estate Investors.
Le Méridien Dallas by the Galleria is an all-suite, upscale, 11-story hotel with a contemporary, European aesthetic. Originally constructed in 2002, the hotel underwent substantial renovations in 2009 when it was converted into a Le Méridien. Hotel amenities include the recently renovated fitness center, 5,079 square feet of meeting space, indoor heated swimming pool, 24-hour business center and concierge service. Le Méridien Dallas by the Galleria is situated on 2.975 acres in the North Dallas Galleria market, a retail, office and entertainment district positioned at the city’s major intersection of Interstate 635 (LBJ Freeway) and the North Dallas Tollway. Located at 13402 Noel Road, the hotel is across the street from the Dallas Galleria, a 1.8 million-square-foot, nationally-recognized destination mall that is the second most popular tourist attraction in North Texas with approximately 19 million visitors a year. Additionally, the hotel is surrounded by Class A office space serving as regional and national headquarters for major companies, including Coca-Cola, Frito Lay and Mary Kay Cosmetics.
The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Dan Peek and managing director John Bourret.
The HFF debt placement team representing the new owner was led by senior managing director Brian Carlton.
About Arden Group, Inc.
Arden Group, Inc. (Arden Group) headquartered in Philadelphia through its discretionary real estate fund platform acquires value-add full-service hotels and Class A office properties in major U.S. markets. Since its founding in 1989, Arden Group has purchased $3 billion of real estate and its asset management division has managed more than $5 billion of assets. www.ardengroup.com
About HEI Hotels & Resorts
HEI Hotels & Resorts (HEI), headquartered in Norwalk, Connecticut, is a leading hospitality investment firm that acquires, develops, owns and operates premium select-service, full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand families as Starwood, Marriott, Hilton, Hyatt and IHG. For more information about HEI, visit the company's website, www.heihotels.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.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.