PKF Brokers Sale of Wyndham Dallas
DALLAS, TX, June 26, 2006. Officials of PKF Capital Markets Group, a leading, national brokerage firm specializing in the hospitality industry, today announced that it has successfully brokered the sale of the 310-room Wyndham Dallas North by the Galleria hotel. The upscale hotel was acquired by San Diego-based American Property Management Company from Fairfield Hospitality Investments, Vancouver, British Columbia, Canada, for an undisclosed price.
"The hotel is in excellent condition, and the new owners indicate that they intend to further upgrade the facilities with the addition of a Starbucks Coffee shop and expansion of the banquet and meeting space to enhance the property's competitiveness," said Patrick Bajdek, PKF Capital Markets Group director. "The owners also said they expect the hotel to remain under the Wyndham flag."
Located in the heart of North Dallas at 4801 LBJ Freeway adjacent to the Galleria Mall, the 14-story hotel offers 14,000 square feet of meeting space, an indoor and heated outdoor swimming pool, whirlpool, sauna, upscale restaurant, cocktail lounge and fitness facility. The property is situated within a short distance of more than 200 Fortune 500 company offices, as well as extensive retail shopping outlets.
Bajdek noted that the hotel real estate market remains quite active. "We are beginning to see the effects of rising interest rates on pricing, but overall hotel real estate activity across the country remains quite robust," he said.
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