Urbana Varro, a national commercial real estate investment, development, and management firm, said it has acquired the 311-room Sheraton Arlington in Texas. A purchase price was not disclosed. The hotel is adjacent to the Arlington Convention Center and within walking distance to AT&T Stadium, home of the Dallas Cowboys, and Globe Life Park in Arlington, home of the Texas Rangers.
“The Sheraton Arlington Hotel will provide us with exposure in the thriving Dallas market and will be a great addition to our growing portfolio,” said Jeremy Soder, CMO for Urbana Varro. “While several other buyers were evaluated throughout the selection process, we prevailed, primarily because we were successful in demonstrating our financial ability to close large transactions.”
Urbana Varro closed on the property on October 21, 2014, and its affiliate, Urbana Varro Hospitality Management Company, assumed all operations for the property at that time.
“We are excited to acquire this significant full-service hotel in Arlington, which has evolved within the past few years as a prime tourist attraction and sports hub for the D/FW Metroplex,” said Feliz Jarvis, Chief Hotel Operations Officer for Urbana Varro. “This transaction wouldn’t be possible without our investors, and we look forward to working with Sheraton and Starwood Hotels & Resorts, one of the premier, global hotel companies.”
“Sheraton Arlington Hotel complements our hotel portfolio of premium branded assets acquired below replacement costs that offer excellent opportunities to enhance value through renovation,” added Allan Gutierrez, Chief Executive Officer for Urbana Varro.