Las Colinas Hyatt Place Seller Advised by Intergroup’s Tandy O. Lofland
August 3, 2016 - Tandy O. Lofland, CEO of Intergroup Realty, Inc. announced the firm, along with Mark J. Rome, president of MJ Rome, advised the seller in the recent $14 million sale of the Hyatt Place Dallas/Las Colinas in Irving, Texas. The Texas-based brokers were able to leverage their relationships with the seller and a proven regional investor to facilitate a transaction for one of the premier select-service hotels in the thriving Las Colinas sub-market. The 122-room hotel enjoys world-class corporate and leisure demand due to its prime location in the 12,000-acre, upscale Las Colinas mixed-use development, one of the largest master-planned communities in the U.S.
The seller is an affiliate of Summit Hotel Properties, Inc. and the purchaser is a private investment group from the Dallas-Fort Worth area. This is the second recent transaction between seller and purchaser arranged by the brokers, Tandy O. Lofland and Mark Rome. The hotel will undergo certain upgrades and improvements and will continue to operate as a Hyatt Place franchise
Las Colinas is home to headquarters or major offices of such corporations as ExxonMobil, AT&T, Kimberly-Clark, Fluor, Citigroup, Microsoft, Nokia, and many others and also contains thousands of residential units plus numerous hotels, retail developments, golf courses, and other facilities and amenities.
For over 30 years Intergroup or its affiliates have developed or undertaken transactions for hundreds of projects and properties worth billions of dollars in the United States, Latin America, Caribbean, and Europe with an emphasis on middle-market, upscale, and luxury hotels, resorts, and mixed-use developments involving such companies as Four Seasons, Hilton, Marriott, Starwood, Hyatt, InterContinental Hotel Group, Carlson, Wyndham, Choice, Accor, Barceló, and others. Intergroup represents or has relationships with many owners, domestic and international investors, private equity firms, operators, and REITs. Intergroup is actively involved in acquisitions, dispositions, equity sourcing, redevelopments, new developments, recapitalizations, partnership formations, and advisory assignments in many U.S. markets and major destinations as well as in select foreign locations. www.intergroupcompanies.com
Tandy O. Lofland