HFF Closes Sale of Sheraton Dallas
- Dec 09, 2016
Dallas—HFF recently closed the sale of Sheraton Dallas by the Galleria, a 309-key, full-service hotel located at 4801 Lyndon B. Johnson Freeway. The sale price was undisclosed.
HFF marketed the property on behalf of the seller, HEI Hotels & Resorts. Managing Director John Bourret, Associate Director Austin Brooks and Senior Managing Director & head of HFF’s hotel group Daniel Peek led the investment sales team in the transaction. A partnership between Driftwood Hospitality Management and an institutional real estate investor was the buyer, and Driftwood assumed management of the hotel.
The hotel is located at the intersection of LBJ Freeway and the Dallas North Tollway, near the 1.7 million-square-foot Galleria Dallas regional mall, which houses more than 19 million visitors annually. More than 11 million square feet of office space is within a one-mile radius of the hotel.
Since 2012, Sheraton Dallas by the Galleria underwent extensive renovations worth more than $12 million. The hotel offers 13,741 square feet of function space across 21 meeting rooms, a 24-hour business center, a full-service restaurant, lounge ,a 24-hour fitness center and an outdoor pool.
Image courtesy of HFF