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GRAPEVINE, TX-Somera Capital Management has acquired the Hilton DFW Lakes Hotel and Conference Center here in a multimillion-dollar deal with Hilton Hotels Corp. that gave the Santa Barbara, CA buyer its first hotel holding in Texas. The price of the property was not disclosed.The investment and management group said it will spend more than $6 million to renovate the 395-room hotel and capitalize on the growth of the Dallas-Fort Worth and Grapevine markets. The renovation work is expected to be almost fully completed by the summer of 2006.”By renovating this hotel we will create a superior product in the vibrant and expanding DFW/Grapevine market,” David Brown, president and chief executive officer of Somera Capital Management says in a statement.Quorum Hotels and Resorts, a Dallas-based hotel operator which was involved in developing and operating this asset more than 20 years ago, will manage the property under the Hilton flag, the company says.Somera’s latest acquisition sits on a 40-acre site overlooking a lake just five minutes from the Dallas-Fort Worth Airport and features conference rooms, business and fitness centers along with four onsite restaurants. It joins Somera’s portfolio of 12 other hotels located primarily in California. The firm also owns hotels in Portland, ME and Phoenix.The Hilton DFW Lakes Hotel and Conference Center was the second Texas acquisition for Somera, a boutique real estate investment firm, which also owns the West Oaks Mall in Houston. The company also has retail, apartment, industrial and office holdings, most of them in the western US, in its portfolio.The company’s latest acquisition was funded through Somera Realty Value Fund LP, a value-added, closed-end private-equity real estate fund, in addition to affiliates of Zelman Development Co.

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