Marcus & Millichap, a company specialising in commercial real estate services, has facilitated the sale of the TownePlace Suites and Fairfield Inn & Suites Dallas Downtown in Texas, US.
Financial details of the deal were not disclosed.
Go deeper with GlobalData
The nine-storey, dual-branded hotel is situated within Dallas’s central business district (CBD).
This sale was conducted on behalf of seller Butler Brothers Hospitality Group, with the buyer being a joint venture between Lowen Hospitality and Vashee & Associates.
The Butler Brothers Hospitality Group will retain ownership and management of the 237 apartments and 20,000ft² of commercial space within the Butler Brothers Building.
This property features a red brick façade and offers a total of 132 rooms under the TownePlace Suites brand and 142 rooms under the Fairfield Inn & Suites brand.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIt also has an outdoor pool and patio with barbecue grills, a fitness centre, a business centre, a meeting space spanning 1,050ft², and a convenience store.
Marcus & Millichap Dallas executive managing director investments Chris Gomes said: “The hotel is in an iconic Classical Revival-style building constructed in 1910, called the Butler Brothers Building.
“In 2016, the building underwent extensive renovations and was repositioned by Alterra Worldwide, a Dallas-based commercial real estate developer and general contractor, as a dual-branded hotel and apartment complex in a condominium structure. This sale is part of the condominium offering.”
The hotel’s location is within walking distance of the Kay Bailey Hutchinson Convention Centre, with Trammell Crow Park also in proximity.
Last year, TownePlace Suites by Marriott, a brand within Marriott Bonvoy’s portfolio, unveiled TownePlace Suites Richmond Colonial Heights in Virginia.
This property marked the brand’s 500th hotel.
