DALLAS-Apple Nine Hospitality Ownership Inc. has acquired the Hilton Dallas/Park Cities, a 224-room, full-service hotel located in the Preston Center submarket.

The purchase price was not disclosed, but a local expert says the 10-year-old property traded for a little more than $40 million, or roughly $190,000 per key. “The deal marks one of the largest trades in the Metroplex in several years,” the expert notes. “Moreover, the aggressive pricing reflects the uniqueness of the property.”

Apple Nine Hospitality bought the hotel from local developer RM Crowe. Located at 5954 Luther Lane, the hotel was renovated in 2010 and features 5,000 square feet of meeting space, a full-service restaurant and bar, 24-hour fitness center, outdoor swimming pool, club lounge, dry cleaning service and shuttle service within the surrounding area.