Bank of America provided a $43m first mortgage loan to AWH Partners and Building and Land Technology for the acquisition of the Westin Dallas Park Central.
The full-service hotel, in central Dallas, Texas, is situated on 3.6 acres at 12720 Merit Drive, within the Park Central mixed-use development, which includes three LEED Gold-certified office towers and more than 845,000 square feet of Class A office space.
The joint venture purchased the asset free and clear of debt for an undisclosed price last month from FelCor Lodging Trust Incorporated and Starwood Hotels & Resorts Worldwide.
The Westin-branded hotel features 42,000 sq ft of indoor function space that includes a 15,050 sq ft grand ballroom.
Bernard Michael, principal of AWH Partners, said: “Growing our presence in major markets like Dallas is very much in line with our overall strategy of occupying strong markets by investing in large hotels with big meeting space that offer an opportunity for value-add through renovation.”
HFF arranged the sale and financing.