IRVING, TX-Investcorp International Inc. of New York has sold the 168-key Wyndham Las Colinas to a local investor that plans renovations to the property. The transaction sales price was undisclosed, though the Dallas Central Appraisal District assesses the 25-year-old hotel at $7.3 million.
The hotel, located at 110 W. John Carpenter Fwy., was part of a nine-property portfolio of full-service hotels refinanced for $120 million by Investcorp in late 2011. The portfolio had previously belonged to a joint venture consisting of Goldman Sachs and Highgate Holdings.
Rockwood Real Estate Advisors negotiated the sale of Wyndham Las Colinas, with Andrew Kern and David Altobello representing the seller. “We’re pleased to complete this transaction for our client. Given the quality of the asset and the strong recovery in the Dallas market, we were able to generate significant interest among hotel investors,” Altobello said in a press release about the transaction.
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