HREC Investment Advisors has arranged the sale of the 160-room Sonesta Select – Dallas Central Expressway. The new owner is a Texas-based hotel investment group.
The property will undergo an extensive renovation to better serve Dallas’ Central Expressway Corridor.
HREC exclusively represented an affiliate of Service Properties Trust (SVC) as the seller in this transaction. The marketing and negotiations were led by Scott Stephens, senior principal/COO – Tampa office; Monty Levy, managing director – Atlanta office; Mark Rome, SVP – Dallas office and Texas broker of record; and Dan Miller, SVP – Dallas office.
According to Rome and Miller, “After completing a comprehensive marketing campaign, we provided multiple competitive offers to the seller for consideration. Once the best offer was identified, we worked diligently with the seller and buyer to navigate a ‘choppy’ lending environment to see the transaction through to closing.”
Levy added, “Yet again, HREC benefited our valued client, SVC. We have now sold more than 20 hotels for SVC over the past five years.”
The hotel is positioned off US Highway 75, within a two-mile radius of the 235-store NorthPark Shopping Center, Presbyterian Hospital and more than 12.3 million sq. ft. of Class A office space.
