Newmark Grubb Knight Frank (NGKF) has completed the sale of a 130-room Homewood Suites by Hilton in Dallas that recently opened in a converted office building. The property, on the northeast corner of North Griffin and Elm streets, opened this fall.
Rick Besse, a senior managing director at NGKF in Dallas, with Bhavesh "B.J." Patel and Sam Winterbottom, from the Atlanta office, represented the seller, Lowen 1025 Elm LP.
“Even before this new Homewood Suites opened its doors, the buyer recognized it as a magnificent property, with unique guest amenities that would set it apart from the competition and help to drive room rentals,” Besse said.
The developer created oversized guest suites and amenities, including a half basketball court, golf simulator room sponsored by Cleveland Golf, media room with seating for 20, video game room and a billiard room. There is also a large exercise room with cardiovascular equipment and free weights, an indoor swimming pool and a Jacuzzi.
Other amenities include eight meeting rooms totaling 4,412 square feet, a business center, guest laundry, and high-speed internet access. Parking includes approximately 90 spaces in a seven-story, above-ground garage.
The hotel is on the Dallas Area Rapid Transit line as well as the Dallas bus route, and has direct access to the Woodall Rodgers Freeway, which connects to I-35E to the west and to Central Expressway (US 75) to the east.
“This is the only Hilton-branded product, and in fact the only premium-branded extended-stay hotel, in all of downtown Dallas,” Mr. Besse said. “We expect the meeting rooms will be highly attractive to area businesses and government, given that City Hall, U.S. Bankruptcy Court and other government buildings are only blocks away.”
The hotel is also adjacent to several high rise office towers and is a few blocks away from many of the city’s most significant demand generators for hotels, including the convention center, the West End Entertainment District, federal and county courthouses, Dealey Plaza, John F. Kennedy Memorial, Pegasus Plaza, American Airlines Center, The House of Blues, Dallas Aquarium, the Neiman Marcus Flagship Store, El Centro College and the newly opened Perot Museum of Nature and Science.