Wheelock Street Capital Acquires 547-Room Dallas/Addison Marriott Quorum by the Galleria
- Dec 30, 2013
Wheelock Street Capital recently announced that an affiliate has acquired the Dallas/Addison Marriott Quorum by the Galleria hotel. The 547-key hotel, located in the Addison/Galleria submarket in Dallas, was acquired from affiliates of Host Hotels & Resorts, a publicly traded REIT.
Wheelock has announced it will franchise the newly acquired asset as a Marriott hotel, with Dallas-based third-party operator Aimbridge Hospitality engaged to manage it.
Located at 14901 Dallas Parkway, the hotel was built in 1982 and features more than 20,000 square feet of flexible meeting space, the Addison Grill restaurant, Starbucks, indoor and outdoor pools, a large fitness center, a concierge lounge, a business center and a structured parking garage. The hotel is situated in Addison on the Dallas North Tollway, the major north-south thoroughfare that connects downtown Dallas with the Galleria, Addison and Plano. Strategically positioned in the center of a 23 million-square-foot office market, the hotel is close to major employers such as Bank of America, Dresser and USAA. The submarket also features the Galleria Mall, the 1.7 million-square-foot shopping destination, located less than 2 miles from the property.
Talking about the transaction, Patrick Campbell, a principal of Wheelock Street Capital, in a statement said: “We are pleased to add another sizable hotel asset to our hospitality platform and are excited to increase our exposure to the fundamentally strong and growing Texas economy. With fresh capital invested in the asset and Aimbridge running day-to-day operations, we believe the hotel has significant upside.”
Photo Credits: www.marriott.com