HREC Investment Advisors has arranged the sale of the 160-room Sonesta Select – Dallas Central Expressway. A Texas-based investment hotel group is the new owner.
To better serve Dallas Central Expressway Corridor, the property will undergo extensive renovations.
HREC is exclusively represented by an affiliate Service Properties Trust (SVC) was the seller of this transaction. The marketing and negotiations were led by Scott Stephens, senior principal/COO – Tampa office; Monty Levy, managing director – Atlanta office; Mark Rome, SVP – Dallas office and Texas broker of record; and Dan Miller, SVP – Dallas office.
Rome and Miller stated that, “after completing an extensive marketing campaign, multiple competitive bids were presented to the seller to be considered.” Once the best offer was identified, we worked diligently with the seller and buyer to navigate a ‘choppy’ lending environment to see the transaction through to closing.”
Levy continued, “Yet another time, HREC has benefited SVC, our valued client.” SVC has now sold over 20 hotels in the last five years.
The hotel is located off US Highway 75. It’s within two miles of the 235 store NorthPark Shopping Center and Presbyterian Hospital. This hotel offers a total of 12,3 million square feet (or ft.) of class A office space.
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