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247-Key Radisson Draws Chhatrala to North Texas

FORT WORTH-The 26-year-old Chhatrala buys the renovated Radisson Fort Worth South as its inroad, bagging the deed for less than the $100,000 per room replacement cost.

By Connie Gore | Updated on May 20, 2008

FORT WORTH-After nearly 18 months on the de-listing roster, the 247-key Radisson Fort Worth South has bounced back with full force, bringing a San Diego-based hospitality investment group to the region for its first buy. The contract went down within weeks of the deal resurfacing and pushed across the goal line in recent days.

Chhatrala Hotel Group bought the hotel, with a renewed Radisson franchise, at 100 Altamesa E. Blvd. from Charlotte, NC-based Allegiance Hospitality Corp., which sold its twin, the Radisson Fort Worth North at 2540 Meacham Blvd., in January 2007. The just-sold hotel previously was listed for $13.95 million, but was pulled from the market shortly after its sister sold until its numbers and south Fort Worth’s redevelopment climate could gain some traction, Monty S. Levy, senior vice president in Atlanta for Chicago-based Jones Lang LaSalle Hotels, tells GlobeSt.com.

Allegiance bought the pair in June 2005, pumped $12 million into their renovations and replaced a 20-year Holiday Inn flag with the Radisson as part of the repositioning plan. Levy says the Radisson Fort Worth South’s latest stats show occupancy at 50% and revPAR at $86 per night based on 12-month trailing calculations. “But, it’s clearly trending up,” he says, citing a recent teardown that put the hotel in an enviable position. “Between the Downtown and Waco [nearly 90 miles south] along Interstate 35, it’s the only true full-service hotel.”

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