Holliday Fenoglio Fowler, L.P. announced 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 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.