DALLAS—HREC Investment Advisors arranged the sale of the 227-room DoubleTree Market Center located in Dallas, Texas.

California-based Axle Capital Group and an undisclosed partner purchased the property. The seller, Alliance Hospitality Management in Raleigh, North Carolina, will continue to manage the property.

The hotel is located along I-35E just 5 minutes from downtown Dallas, 5 minutes from Dallas Love Field Airport, and 20 minutes from DFW International Airport.  The DoubleTree Market Center is situated in the Dallas Market Center (DMC) area.  The DMC is comprised of 5 million square feet of event space and host 50 events a year that not only stabilize occupancy for the hotel but impact local economy as well, noted HREC in a statement.

"We were pleased to be working with the parties to this transaction and know the hotel is well positioned with all emerging development in Market Center, the Design District, the Medical District, Uptown and the Dallas CBD," stated Hank Wolpert, Vice President with HREC.

Wolpert with HREC Dallas office and Geoff Davis, President and Senior Principal in the New York office, represented the seller. HREC is a lodging and gaming real estate advisory firm specializing in hotel/casino property sales across the nation.