posted on May 27, 2011 00:28
A Connecticut-based hotel ownership firm has acquired the foreclosed Sheraton Dallas North hotel for an undisclosed amount of money.
The 309-room Dallas hotel is the second acquisition for HEI Hotels & Resorts this year. The Sheraton Dallas North is near the Galleria.
"This is a core HEI asset in a prime location in the foremost business center of Dallas and, once renovations are completed, will align perfectly with our portfolio of upper-upscale properties in leading U.S. markets," Steve Mendell, the firm's president of acquisitions and development, said in a written statement.
No additional details were immediately given on the hotel renovations.
The acquisition of the hotel underscores the firm's desire to purchase value-added hotels, officials said. HEI hopes to drive profitability through its renovation.
5/19/11, Candace Carlisle, Dallas Business Journal