Will the 198-room Palomar in Dallas have a new owner soon? Could be, reports Dallas News. The hotel is owned by a company controlled by Addison, Texas-based investor Behringer Harvard, who earlier this month entered into an agreement with an outside investor to buy the hotel for $48 million. This according to filings with the Securities and Exchange Commission.
The undisclosed buyer has already put up $1 million in "earnest money" toward the transaction, and has until the end of June to drop out of the deal without losing the cash.
Behringer Harvard in 2005 formed a partnership to redevelop the derelict Hotel Santa Fe into a mixed-use project with luxury accommodations, condos and retail space.
Only the hotel and retail space are included in the pending sale. The condominium tower is in separate ownership.
Built in the 1960s as the Hilton Inn, the Palomar is operated under a long-term management contract by Kimpton Hotels.