Tuesday, July 21, 2015
Prism Hotels & Resorts partnership gets $10.35M loan for upgrades at Dallas Market Center hotel
Dallas-based Prism Hotels & Resorts, in partnership with Tom Corcoran ( chairman of the board of Irving-based FelCor Lodging Trust), have landed a $10.35 million loan for its 200-room, full-service Holiday Inn Dallas Market Center at Dallas Market Center.
The three-year, floating-rate loan with two one-year extensions with Realty Finance Trust was secured on behalf of the partnership group by HFF's regional Dallas office.
Prism Hotels & Resorts, a property investment and management firm, along with Corcoran, plan to use the proceeds from the loan to retire existing financing and free up capital for upgrades to the Dallas Market Center hotel at 4500 Harry Hines Blvd. in Dallas.
The 110-acre Dallas Market Center district includes more than 5.5 million square feet of wholesale market space. The ownership group plans to make upgrades to the hotel in the near future.
This will build on renovations completed in 2007 and 2008, when the hotel was originally converted to a Holiday Inn flag. The Dallas Market Center hotel includes a health and fitness center, outdoor pool, business center and sports bar and restaurant and more than 1,200 square feet of meeting space.
Candace Carlisle/ Dallas Business Journal