IALG Buys Fairmont Dallas for $69 Million
August 3, 2011 - Inland American Lodging Group, Inc. (IALG), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., announced today that it has acquired The Fairmont Dallas for $69 million, or approximately $127,000/key. The Fairmont Dallas opened in 1969 as the first luxury hotel in Texas
The Fairmont Dallas is a 545 guestroom hotel consisting of two towers and 70,000 square feet of meeting space. Opened in 1969 as the “first” luxury hotel in Texas, the property exudes an air of elegance and luxury, combined with a dash of Texas flair. The Fairmont Dallas offers unparalleled accommodations that have received approximately $50 million of capital improvements since 1997, including $14.9 million ($27,300 per key) over the last four years. Inland American intends to invest in additional capital improvements that will allow the hotel to maintain and improve upon its luxury status.
"This unique asset represents a significant acquisition for Inland American at an attractive price per room,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisors, Inc. “The Fairmont Dallas fits all of our value and strategic investment criteria. The acquisition of this hotel will contribute to the ongoing enhancement of the overall quality of our portfolio and further diversifies our portfolio by customer and asset mix. This transaction also extends our commitment to furthering the success of downtown Dallas and the Arts District.” Inland American acquired the 407-room Dallas Marriott City Center in October of last year. The hotel is currently undergoing substantial renovations to its guest rooms and public space that are scheduled to be completed by the end of this year.
Downtown Dallas is a great destination for conventions, business travelers and leisure travelers who are seeking great hotels with world class museums, restaurants and entertainment. Dallas-Fort Worth has more corporate headquarters than any other U.S. metropolitan area, including 24 companies in the Fortune 500. Following the acquisition of The Fairmont Dallas, Inland American Real Estate Trust has whole or partial ownership interest in 16,628 hotel rooms across the U.S., including 16 full service hotels.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 104 hotels branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, Wyndham, IHG and Choice brands that are managed either by the brand's managers or independent third-party management companies.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
