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$50M Westin Trade Indicates Improving Market

DALLAS-The sale of the 407-unit luxury hotel property is proof that investors are increasingly confident in local market performance.

By Jennifer Duell Popovec | Updated on October 04, 2010

DALLAS-The $50 million sale of the 407-unit Westin City Center is proof that investors are increasingly confident about the future performance of upscale luxury hotels located here, according to Bert Stevens, a first vice president with CBRE’s Hotel Partners division.

“This is one of the largest transactions in Dallas in the past three years,” Stevens tells GlobeSt. “It signifies an improving market. Dallas has been one of the top two markets in the nation in terms of revenue gains in the last two quarters. During the second quarter, Dallas had revenue gain of 7.3% with higher priced hotel leading the gain.”

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