HREC Arranges Financing of Doubletree, Dallas
MARCH 16, 2009 - HREC Investment Advisors has announced it arranged the senior financing for the 228-room Doubletree located in the Market Center area of downtown Dallas, TX. HREC procured a $13 million, five-year loan, fixed at 7.0%, through a Texas based bank.
"HREC had placed the original loan and it was coming up on maturity," said Geoff Davis, HREC IA's President, based in New York, "Thanks to good asset performance and good sponsorship, we were able to secure an attractive loan despite the difficult macro credit crunch."
The hotel is owned by Market Center Lodging LP and operated by Alliance Hospitality Management.
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