Somera Realty Value Fund acquired the Hilton DFW Lakes located in Grapevine, Texas
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Somera Realty Value Fund acquired the Hilton DFW Lakes located in Grapevine, Texas
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2006-01-11
Somera Realty Value Fund in partnership with Quorum Hospitality Services acquired the 395-room four-diamond Hilton DFW Lakes located in Grapevine, Texas. The venture believes that prior ownership allowed the property's physical condition to deteriorate somewhat in relation to its newer direct competitors and the Hilton brand standards. Therefore our venture will carry out a comprehensive refurbishment to address core competitive needs of the hotel, which should allow for increases in occupancy while growing Average Daily Rates
The Hilton DFW Lakes features 37,000 square feet of meeting space in 40 conference rooms including the 14,400 square foot Texas Grand Hall, a 9,380 square foot International Ballroom, and three amphitheaters. The Hilton is one of only three facilities certified by the International Association of Conference Centers (IACC) in the DFW Metroplex. Guest amenities include six food and beverage outlets, a business center, a ±2,000 square foot state-of-the-art fitness center, heated indoor and outdoor swimming pools, two indoor and six outdoor tennis courts, two racquetball courts, a jogging track, a playground, a basketball court, and a gift shop.
Somera made this investment because since 1987, Quorum has provided services to over 50 hospitality assets and specializes in the operation of first class and luxury hotels; Quorum is intimately familiar with this asset having built and operated it for a number of years; prior management had poor operating efficiencies and let the hotel's physical conditions deteriorate; and the strong cash flow nature of the hotel, which allows for a very favorable fixed-rate debt, is projected to provide returns above our current requirements.
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