Thursday, January 09, 2014

New downtown Dallas hotel sells to Virginia buyer

The new Homewood Suites in downtown Dallas has a new owner.
The 130-room Homewood Suites on Elm Street
opened last fall. (Steve Brown)
The 10-story Hotel and Elm and Griffin streets opened in October and has been sold by developer Lowen Hospitality Management.

Apple Ten Hospitality Management of Richmond purchased the 130-suite hotel.

Rick Besse, Bhavesh “B.J.” Patel and Sam Winterbottom of Newmark Grubb Knight Frank brokered the sale.

Even before this new Homewood Suites opened its doors, the buyer recognized it as a magnificent property, with unique guest amenities that would set it apart from the competition and help to drive room rentals,” Besse said. “This is the only Hilton-branded product, and in fact the only premium-branded extended-stay hotel, in all of downtown Dallas.”

Seller Lowen Hospitality redeveloped the former United
Fidelity Life Insurance Building – which had been vacant for more than a decade – into the hotel.

In 2012 the new owner of the downtown Homewood Suites purchased the HIlton Park Cities Hotel in North Dallas.