Wednesday, February 25, 2015

North Dallas Westin hotel sold to New York investor

One of North Dallas’ largest hotels has sold to a New York-based hotel firm.
AWH Partners LLC bought the 536-room Westin Dallas Park Center on LBJ Freeway near North Central Expressway.
The company said it plans to spend more than $20 million to remodel and update the hotel, which was built in 1982.
“Growing our presence in major markets like Dallas is very much in line with our overall strategy of occupying strong markets by investing in large hotels with big meeting space that offer an opportunity for value-add through renovation,” Bernard Michael, principal of AWH Partners, said in a statement. “We are extremely pleased with the outlook for this investment.”
The 20-story hotel has 42,000 square feet of meeting space, fitness center and outdoor pool.
HFF marketed the property for sale. Terms of the purchase were not disclosed.
Spire Hospitality will direct the reinvention and manage the property, according to AWH Partners.
AWH Partners is a 5-year-old company that owns almost two dozen hotels across the country.
Steve Brown, The Dallas Morning News