RobertDouglas Advises On The Sale Of The Sheraton Dallas-Fort Worth Airport Hotel
RobertDouglas announced today that it advised a private owner in the sale of the Sheraton Dallas-Fort Worth Airport Hotel to the Buccini/Pollin Group.
The Sheraton is a recently-renovated, full-service property with 302 spacious rooms, 30,000 square feet of meetings and event space, and a thoughtful mix of premium guest amenities. The property is located in the heart of the multi-faceted Dallas-Fort Worth International Airport submarket and benefits from a robust corporate, event and travel infrastructure, including over 30 million square feet of office space, the nation’s third-busiest airport, and the 275,000 square foot Irving Convention Center.
“Dallas-Fort Worth is one of the most dynamic submarkets in the Dallas Metroplex and one of the most heavily trafficked business-travel corridors in the entire country,” commented David Smith, a Director with RobertDouglas. “The region’s business-friendly environment and excellent infrastructure have compelled a number of companies to relocate to Dallas from other parts of the country, fueling substantial demand growth.”
Evan Hurd, a Managing Director with RobertDouglas noted, “The Sheraton features many of the characteristics investors are seeking – a strong in-place yield, a location in a market with multiple demand generators, and relatively little capital required post-acquisition. As a result, this was a highly-competitive process that generated multiple offers from investors including private equity funds, 1031 investors, owner-operators, and high-net-worth investors.”