DALLAS-The $50 million sale of the 407-unit Westin City Centeris proof that investors are increasingly confident about the futureperformance of upscale luxury hotels located here, according toBert Stevens, a first vice president with CBRE’s Hotel Partnersdivision.
“This is one of the largest transactions in Dallas in the pastthree years,” Stevens tells GlobeSt. “It signifies an improvingmarket. Dallas has been one of the top two markets in the nation interms of revenue gains in the last two quarters. During the secondquarter, Dallas had revenue gain of 7.3% with higher priced hotelleading the gain.”
Stevens expects the sector to show even more improvement sincesupply has dwindled substantially. “On the construction side, theonly property that is similar is the convention center hotel,” henotes.
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