Wheelock acquires Dallas/Addison Marriott from Host for $55M

An affiliate of Wheelock Street Capital has acquired the 547-key Dallas/Addison Marriott Quorum by the Galleria from Host Hotels & Resorts for $55.7 million.  Addison/Galleria is submarket in Dallas. Wheelock will franchise the asset as a Marriott hotel, and has engaged Aimbridge Hospitality to manage the asset.

The hotel, built in 1982, has over 20,000 square feet of flexible meeting space, the Addison Grill restaurant, Starbucks, a large fitness center, indoor and outdoor pools, concierge lounge, business center and a structured parking garage.

"We are pleased to add another sizeable hotel asset to our hospitality platform and are excited to increase our exposure to the fundamentally strong and growing Texas economy" said Patrick Campbell, a principal of Wheelock Street Capital. "With fresh capital invested in the asset and Aimbridge running day-to-day operations, we believe the hotel has significant upside."

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The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.

The sale is the latest step in Park's asset-light strategy.