Thursday, August 08, 2013

Offers Due Monday on Landmark Statler Hilton Hotel Redo Deal in Downtown Dallas

Real estate brokers who are hunting a buyer for downtown Dallas’ landmark Statler Hilton Hotel plan to sort through bids for the property early next week.
“After 5 p.m. on Monday we will evaluate all offers received and assist our client in making the best decision possible moving forward,” Henry S. Miller Brokerage Multifamily executive vice president Lew Wood said Thursday in a statement.
Miller Brokerage was hired almost a month ago to find a buyer for the 57-year-old vacant hotel building on Commerce Street in downtown Dallas.
A proposal by Dallas real estate developer Jack Matthews to buy and redevelop the historic building into apartments and other uses fell through last month.
Miller Brokerage estimates that the redevelopment of the Statler Hilton will cost $80 million to $100 million.
Ricchi Investment Group, which bought the building more than two years ago, since then has spent time cleaning out the interior and working on plans for a conversion to apartments. Now they want to sell.
Redevelopment of the hotel – which faces the new Main Street Gardens park – is a top goal of downtown Dallas civic leaders and preservationists
The 19-story hotel designed by noted architect William B. Tabler has almost 800 rooms and considered a prized example of mid-20th century architecture.
The proposed redevelopment project includes renovation of the George Dahl-designed former Dallas Public Library next door.
Miller Brokerage has not disclosed how much the current owner wants for the hotel.
Ricchi paid an estimated $17.5 million for the property.
Read more at: Dallas News
Author: Steve Brown