Urbana Varro Acquires 311-Room Sheraton Arlington Hotel
- Nov 21, 2014
Urbana Varro, a Dallas-based commercial real estate investment, development and management firm, recently announced the acquisition of the full-service, 311-room Sheraton Arlington Hotel. The asset, which was acquired for an undisclosed amount, is located near the Arlington Convention Center, AT&T Stadium and Globe Life Park.
“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, chief marketing officer 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.”
“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 Dallas-Fort Worth Metroplex,” added Feliz Jarvis, chief hotel operations officer for the company.
While Urbana Varro has increased its Texas footprint through such acquisitions as the TownePlace Suite by Marriott in Austin and Houston, this is its first Dallas-area purchase.
Allan Gutierrez, CEO for Urbana Varro, added that the hotel aligned itself with the company’s portfolio of premium branded assets purchased below replacement cost. The hotel, he said, represented an excellent investment due to its value-added potential.