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.
“We are excited about continuing our investment in the Dallas market with the Hilton,” says Sam Reynolds, senior vice president and director of acquisitions for Apple. “This was a unique opportunity to acquire a premiere property in the Preston Center and we anticipate that it will be a strong performing property for Apple for many years to come.”
HFF exclusively represented the RM Crowe in the deal. Director John Bourret led the HFF team, which also included Whitaker Johnson and Dan Peek, both senior managing directors.
Bourret says his team marketed the hotel to a select pool of investors comprised of REITs and private equity. “Everyone we called on was very interested and made an offer,” he says, explaining that investors were attracted to the property’s location and strong performance during the recent recession. “This is a market-leading property that is significantly outperforming its competitive set. It saw its NOI drop less than 10% during the downturn.”
Bourret tells GlobeSt.com that offers for the Hilton Dallas/Park Cities were very similar in terms of pricing, but “Apple had the best offer and the most certain execution.” He contends that the property is a perfect fit for Apple’s portfolio.
“Although the company typically owns select-service properties, this hotel is the same size as some of their other urban properties,” Bourret says. The new owner plans to carry out additional renovations.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
