(Mark Your Calendars: RealShare HOTELS 2011, September 15 in New York City).
GRAPEVINE, TX-A joint venture of Somera Capital Management LLC, Zelman Development Co. and Quorum Hotels & Resorts has acquired $43 million in financing for the 395-room Hilton DFW Lakes here. HFF secured the adjustable-rate loan for the conference center through Cornerstone Real Estate Advisers.
The property is at 1800 Highway 26 E., between Dallas and Fort Worth. The property features two nine-story guestroom towers, as well as 60,000 square feet of meeting space and a 14,400-square-foot exhibit hall, as well as four restaurants. Amenities also include a fitness center with indoor and outdoor pool, basketball and tennis courts, a private lake and horseback riding.
Somera, through its Somera Realty Venture Fund LP, reportedly acquired the 40-acre property in December 2005 for $65.5 million from Hilton Hotels Corp., with Zelman providing equity. Quorum, which developed the hotel about 25 years ago, will remain the manager of the site.
John Bourret, Dan Peek and Paul Brindley with HFF worked on the loan. Cornerstone was represented in-house by Tom Cross. Somera is based in Santa Barbara, CA. Zelman is based in Los Angeles, while Quorum is based in Dallas.
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