changed its name

Chartres Lodging Group principal Bruce Blum tells GlobeSt.com the portfolio was put under contract in the summer and would have closed sooner had it not been for the "capital markets dislocation," which he says caused numerous transactions to be delayed or not close at all. The sale price was not disclosed by the parties involved, but one industry expert tells GlobeSt.com the portfolio likely traded for around $500 million, or $100,000 per key. The sale closed yesterday.

"We addressed the owners' need to sell all the properties at once," Blum tells GlobeSt.com. "We're confident we got a discount to market value."

The largest asset in the portfolio is the 1,840-room, 38-floor Adams Mark in Dallas. Built in 1958 and renovated last year, the property includes 230,000 sf of meeting space. The property sits at 555 S. McDowell St., on the city's light rail line and across the street from John Carpenter Plaza Park. The new ownership plans to spend $87 million to renovate and reposition the property as the Sheraton Dallas Hotel. Sheraton already has assumed management of the hotel. The rebranding is scheduled for spring 2008.