Somera Capital Acquires Hilton DFW Lakes Hotel and Conference Center in Grapevine,TX
SANTA BARBARA, CA, December 29, 2005. Somera Capital Management today announced that it has acquired the Hilton DFW Lakes Hotel and Conference Center in Grapevine, TX.
Quorum Hotels and Resorts, a Dallas-based hotel operator that focuses on full service hotels across the country, will manage the property. Somera Realty Value Fund, L.P., a value-added, closed-end private-equity real estate fund, in addition to affiliates of Zelman Development Company, provided the equity. The seller was Hilton Hotels Corporation. The hotel will remain a Hilton under a new long-term franchise agreement.
Ownership will spend over $6 million dollars to renovate the 395-room hotel and capitalize on the growth of the DFW/Grapevine market. The renovation will be mostly completed by the summer of 2006.
"By renovating this hotel we will create a superior product in the vibrant and expanding DFW/Grapevine market," said David Brown, President and CEO of Somera Capital Management. "We are excited to work with Quorum Hotels and Resorts, the principals of which were involved in developing and operating this asset over 20 years ago."
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