Suburban Dallas Marriott Trades for $56M

ADDISON, TX-Host Hotels & Resorts has sold the Dallas/Addison Marriott Quorum here for $55.7 million. The buyer, Wheelock Street Capital, has tapped Dallas-based operator Aimbridge Hospitality to manage the hotel.

“We are pleased to add another sizeable hotel asset to our hospitality platform and are excited to increase our exposure to the fundamentally strong and growing Texas economy,” says Wheelock Street principal Patrick Campbell, based in Greenwich, CT. “With fresh capital invested in the asset and Aimbridge running day-to-day operations, we believe the hotel has significant upside.”

From the standpoint of Bethesda, MD-based-Host, the sale “further reduces our exposure in suburban, non-target markets and brings our total dispositions since the beginning of 2012 to over $805 million," says Struan B. Robertson, EVP and CIO at the REIT. The Marriott was Host's only Dallas-area propery, although its portfolio includes four lodging assets in Houston and two in San Antonio.

Built in 1982, the hotel features more than 20,000 square feet of flexible meeting space, the Addison Grill restaurant, Starbucks, a large fitness center, indoor and outdoor pools, concierge lounge, business center and a structured parking garage. It's located in Addison on the Dallas North Tollway, the major north-south thoroughfare connecting downtown Dallas with the Galleria submarket, Addison and Plano. Thehotel is located at the center of a 23-million-square-foot office market and less than two miles from the 1.7-million-square-foot Galleria Mall.