HFF closes sale of Sheraton Dallas by the Galleria in Dallas, Texas
DALLAS, TX – December 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Sheraton Dallas by the Galleria, a 309-room, full-service hotel in Dallas’ Galleria submarket.
HFF marketed the property on behalf of the seller, HEI Hotels & Resorts. A partnership between Driftwood Hospitality Management, LLC (Driftwood) and an institutional real estate investor purchased the asset. Driftwood has assumed management of the hotel.
Sheraton Dallas by the Galleria is situated at 4801 Lyndon B. Johnson Freeway across from the nationally-recognized, 1.7 million-square-foot Galleria Dallas regional mall, which welcomes more than 19 million visitors annually. The hotel is at the intersection of LBJ Freeway and the Dallas North Tollway, considered the busiest intersection in the state of Texas. More than 11 million square feet of office space is within a one-mile radius of the hotel. Sheraton Dallas by the Galleria has received more than $12 million in capital improvements since 2012. The hotel features 13,741 square feet of function space across 21 meeting rooms; Front Yard, a full-service restaurant serving breakfast, lunch and dinner; Sheraton Club Lounge; a 24-hour fitness center; 24-hour business center and an outdoor pool.
The HFF investment sales team representing the seller was led by managing director John Bourret, associate director Austin Brooks and senior managing director and head of HFF’s hotel group Daniel Peek.
About HEI Hotels & Resorts
HEI Hotels & Resorts (HEI), headquartered in Norwalk, Connecticut, is a leading hospitality owner/operator that acquires, develops, owns and operates premium select-service, full-service, upper upscale, luxury and independent 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, heihotels.com
About Driftwood Hospitality Management, LLC
Driftwood Hospitality Management is a leading hotel management company currently operating approximately 40 hotels with more than 8,000 rooms throughout the United States and Costa Rica. The company’s portfolio includes a broad cross-section of branded hotels ranging from large full-service to mid-size, extended stay and limited-service properties, as well as independent hotels, boutiques and resorts. Members of the company's senior management team have an average of 20 years of experience in all segments of the lodging industry and have proven highly successful in the development of new hotels and hotel takeovers, as well as re-positioning and optimization of hotel operations. Driftwood has extensive management experience and relationships with most major brands, including Hilton Worldwide, Marriott International, Starwood Hotels & Resorts Worldwide, InterContinental Hotels Group, Inc., Choice Hotels International, Inc. and Wyndham Worldwide, and has successfully cultivated long-term relationships with some of the most renowned institutional investors and banking institutions in the world. Learn more at driftwoodhospitality.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.