Tuesday, August 13, 2013

Arden Group Purchases Expensive Real Estate

A real estate investor that’s making a push in North Texas has made two purchases: a North Dallas luxury hotel and an office tower in Irving.
Philadelphia-based Arden Group has acquired control of the LeMeridien Galleria near the Dallas North Tollway and LBJ Freeway and has bought a Las Colinas office tower.
“We’ve been looking at the Dallas market for a long time,” Arden Group CEO Craig Spencer said Wednesday. “Sometimes an outsider can see opportunities that others don’t.
“We saw that in Las Colinas and at the Galleria.”
Terms of the purchases were not disclosed.
Arden Group bought the 258-room LeMeridien hotel from HEI Hotels & Resorts, which will maintain an ownership stake in the property.
“We are now the majority owner, and they will continue to manage it,” Spencer said. “We are going to do about $3 million in renovations to continue to upgrade the asset.”

Read More At: http://www.dallasnews.com/business/commercial-real-estate/headlines/20130724-arden-group-buys-properties-in-north-dallas-irving.ece

By STEVE BROWN
Real Estate Editor
Published: 24 July 2013 08:47 PM
Updated: 25 July 2013 06:25 AM