HFF marketed the 536-room hotel in central Dallas on behalf of the seller, a joint venture between FelCor Lodging Trust and Starwood Hotels & Resorts Worldwide. The buyers were a partnership between AWH Partners of New York City and Building and Land Technology of Stamford, Conn.
HFF’s sales team was headed by managing director John Bourret and the debt placement team was led by HFF FFH senior managing director Brian Carlton, both in the Dallas office.
The 20-story hotel is located on 3.5 acres at 12720 Merit Drive in the Park Central mixed-use development. The hotel has 42,000 square feet of indoor function space, including a 15,050-square-foot grand ballroom and a 5,745-square-foot penthouse venue. It also has a restaurant, fitness studio, business center, heated rooftop pool and sundeck.
AWH Partners, a privately held real estate investment, development and management firm, did not release the price it paid but did announce it was planning to spend more than $20 million on renovations. Spire Hospitality will oversee the repositioning and manage operations under a franchise agreement with Starwood.
This is AWH Partners’ first purchase in the Dallas market.