Thursday, June 26, 2008

Apollo buys Hilton Dallas Lincoln Centre

New York-based Apollo Real Estate Advisors has purchased a high-profile North Dallas hotel.

On Wednesday, Apollo acquired the 482-room Hilton Dallas Lincoln Centre hotel at the Dallas North Tollway and LBJ Freeway. The hotel was purchased from Ashford Hospitality Trust Inc., according to real estate brokers familiar with the deal.

Built in the 1980s, the curved, silver-glass hotel is part of the four-building Lincoln Centre complex, which also includes office space.

Evan Stone and Romy Bhowanji of Jones Lang LaSalle worked on the sale.

Ashford acquired full ownership in the hotel last December in a deal with Hilton Hotels.

The firm has recently sold several of its hotels including properties in Montreal and the Washington, D.C. area.

In the Dallas area, Apollo is a partner in the Stoneleigh Hotel, which just under went a major renovation.

Apollo is one of the country’s largest opportunistic real estate investors with more than $5 billion in equity invested in projects.

By Steve Brown