Tampa, Fla. (January 16, 2015) – The Plasencia Group is pleased to announce the sale of the Hilton Garden Inn Dallas Market Center in Dallas, Texas. The firm represented an affiliate of Songy Highroads LLC, the owner of the 240-room hotel. A joint venture between Pillar Hotels & Resorts and an affiliate of Dallas-based Highland Capital Management acquired the property. Pillar Hotels & Resorts will manage the hotel.
Robert Wiemer, Senior Vice President of The Plasencia Group’s Southwest Region, led the disposition assignment alongside investment advisors Joe Corcoran and Paul Williams, both Vice Presidents at The Plasencia Group. According to Mr. Corcoran, “Highland Capital and Pillar Hotels & Resorts’ acquisition of the Hilton Garden Inn Market Center gives them a premium property in a sub-market of Dallas that is in high demand.”
The Hilton Garden Inn benefits from its proximity to Dallas’ thriving Market Center, Southwestern Medical District, and Design District. The hotel’s location along Interstate 35 is convenient, accessible and visible to the area’s major demand segments. Further, the asset is poised to benefit from increased activity through Love Field, located approximately three miles away. Passenger traffic at the airport is expected to double to approximately four million passengers over the next few years following the expiration of the Wright Amendment in October 2014. Capital expenditure programs exceeding $2 billion throughout the nearby Southwestern Medical District should attract additional travelers to the area.