Hilton high rise fetches $72m

Real Estate Weekly, July 16, 2008

DALLAS: Jones Lang LaSalle Hotels is pleased to announce that it provided brokerage advisory services to Ashford Hospitality Trust in the sale of the Hilton Dallas Lincoln Centre to AP VEF Hilton Dallas Owner's LLC, an affiliate of Apollo Real Estate Advisors, L.P. for $72.25 million.

The Hilton Dallas Lincoln Centre is a 20-story, glass facade high rise which contains 500 guestrooms and 35,000 s/f of meeting space. Jones Lang LaSalle's Real Estate Investment Banking team also arranged the acquisition financing for the buyer in a separate transaction.

"This sale demonstrates there is both debt and equity liquidity for quality hotel assets in major markets," said Romy Bhojwani, a senior vice president for Jones Lang LaSalle Hotels.

"Ashford was interested in selling the hotel it had recently acquired in a large portfolio due to its existing concentration of hotels in the Dallas/Ft. Worth Metroplex, and the high capital expenditures required to renovate the property. Jones Lang LaSalle Hotels located several interested buyers seeking to spend the capital and take the longer term view to implement a new strategic capital plan for the property," he continued.

"Apollo will implement a significant capital improvement plan that will result in a complete renovation of the guestrooms, meeting space and public areas, and the addition of a branded restaurant," said Evan Stone, a managing director for Jones Lang LaSalle. "The implementation of this capital plan will upgrade the hotel and position it to be a leader in the Galleria/North Dallas market."

The Dallas-Fort Worth Metroplex continues to experience ongoing economic growth, ranking near the top in the nation. It ranks among the top regions in the nation for number of conventions and meeting attendees. With many cultural and sports attractions, including seven major sports teams and 150 museums, Dallas-Fort Worth also has a strong base of tourism travel.