HFF Arranges $43 million Financing for Hilton DFW Lakes in Grapevine, TX
DALLAS, TX - August 19, 2011 - HFF announced today that it has arranged $43 million in financing for Hilton DFW Lakes, a 395-room, full-service hotel and conference center in Grapevine, Texas.
HFF worked exclusively on behalf of the borrower, a joint venture led by Somera Capital Management, LLC along with affiliates of Zelman Development Company and Quorum Hotels & Resorts, to secure the adjustable-rate loan through Cornerstone Real Estate Advisers. The lender was represented in-house by Tom Cross.
The “award-winning” Hilton DFW Lakes is located at 1800 Highway 26 East close to the DFW International Airport and equidistant between Dallas and Fort Worth. The property features two nine-story guest room towers plus 60,000-square feet of meeting space and a 14,400-square-foot exhibit hall. Hotel amenities include four restaurants, an indoor and outdoor pool, fitness center, basketball, tennis and volleyball courts, a private lake and horseback riding.
The HFF team representing the borrower was led by director John Bourret and senior managing directors Dan Peek and Paul Brindley.
Somera Capital Management, LLC is a boutique real estate investment firm that was founded in 1994 to acquire and manage value-added real estate investments on behalf of its principals and third party investors. www.someracapital.com
Zelman Development Company is a privately-owned commercial real estate development company headquartered in Los Angeles, California.
Quorum Hotels & Resorts is an independent, Dallas-based hotel operator that has provided management and advisory services to over 163 full service hotels (51,000 rooms) since 1987, and is an approved operator of all major franchises including Hilton, Intercontinental, Marriott, and Starwood products. www.quorumhotels.com.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.
Contacts:
DANIEL PEEK
HFF Senior Managing Director
(813) 870-1001
[email protected]
JOHN BOURRET
HFF Director
(214) 265-0880
[email protected]
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
[email protected]
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