HILTON DALLAS LINCOLN CENTRE TRADES HANDS FOR $72.25M
DALLAS — The Hilton Dallas Lincoln Centre has traded hands for $72.25 million in Dallas. AP VEF Hilton Dallas Owner’s LLC, an affiliate of Apollo Real Estate Advisors LP, acquired the property from Ashford Hospitality Trust. Jones Lang LaSalle Hotels (JLLH) provided brokerage advisory services to the seller.
The 20-story, glass façade high-rise features 500 units and 35,000 square feet of meeting space.
“This sale demonstrates there is both debt and equity liquidity for quality hotel assets in major markets,” said Romy Bhojwani, senior vice president with Jones Lang LaSalle Hotels. “Ashford was interested in selling the hotel it had recently acquired in a large portfolio due to its existing concentration of hotels in the Dallas/Ft. Worth Metroplex, and the high capital expenditures required to renovate the property. JLLH located several interested buyers seeking to spend the capital and take the longer term view to implement a new strategic capital plan for the property,” Bhojwani said.
“Apollo will implement a significant capital improvement plan that will result in a complete renovation of the guestrooms, meeting space and public areas, and the addition of a branded restaurant,” said Evan Stone, managing director for JLL. “The implementation of this capital plan will upgrade the hotel and position it to be a leader in the Galleria/North Dallas market,” Stone said.