After a long waiting period, the foreclosed Le Meridien Dallas North Hotel has finally found itself in the hands of a new owner in the form of HEI Hotel & Resorts, a hotel investor that, bought the Le Meridien hotel property during a foreclosure auction last week, The acquisition of the Le Meridien Dallas North Hotel marks the fourth hotel purchase for HEI for the year 2010.
The Le Meridien Dallas North Hotel went through extensive renovation and remodeling in the year 2009 and had been posted for foreclosure, after its former owner, APHM-ND LP of California was reported to have defaulted on the debt. HEI Hotels & Resorts, before purchasing this hotel property, had taken the responsibility of clearing the outstanding debts on the Le Meridien Dallas North Hotel, of which the original loan itself was of $32 million. The newly purchased hotel property has a 3,500 square feet of meeting space, along with an indoor swimming pool and a fitness center. Holliday Fenoglio Fowler LP, an investment banking and broker firm is said to be the negotiator for the HEI transaction, and at the foreclosure auction, HEI is said to have bid $17 million for the property.
According to Steve Mendell (President, Acquisitions & Development, HEI),
“This is a first-class hotel with a prime location in the foremost business center of Dallas and aligns perfectly with our portfolio of upper-upscale and luxury properties in leading U.S. markets. This is the fourth acquisition of HEI Hospitality Fund III, and we continue to seek out assets that leverage the experience of our acquisitions team and our investment resources.”
Via Dallas News