Acquisitions & Hotel Openings

The Buccini/Pollin Group Acquires Sheraton DFW Airport Hotel in Irving, Texas for $46 Million

IRVING, TX. July 26, 2017 — Officials of The Buccini/Pollin Group, a privately held, full-service real estate acquisition, development and management company (BPG), today announced that it has completed the acquisition of the 302-room Sheraton DFW Airport Hotel for $46 million. PM Hotel Group, a leading, national hotel management company based in Washington, DC, will operate the hotel.

“The Sheraton DFW Airport Hotel marks our 7,600th room either developed or acquired since our inception in 1993,” said Dave Pollin, co-founder, BPG. “The Dallas/Fort Worth marketplace continues to hold great interest for us as we further expand our portfolio of full-service hotels in markets with high barriers to entry that appeal to both business and leisure travelers. Alongside our DoubleTree by Hilton Dallas DFW Airport Hotel, this marks our second hotel in the DFW area. We continue to be impressed by the dynamic growth of the DFW Airport region as it is much more than a typical airport market.”

Located within minutes of DFW Airport at 4440 West John Carpenter Freeway, the recently renovated hotel is near such attractions as the Texas Motor Speedway, Six Flags Over Texas and AT&T Stadium. The hotel underwent an extensive $7 million upgrade to: the lobby, including a new signature lobby lounge experience; guest rooms; an expanded and redesigned Club Lounge; and all function rooms. Guests can enjoy complimentary internet access and the Sheraton Signature Sleep Experience in a spacious setting. The hotel is equipped with a state-of-the-art fitness center, outdoor pool, 25,000 square feet of meeting space and the Link@Sheraton, a full-service business center.

2017 has been a particularly active year for BPG. Other highlights include:

•Acquired the HOTEL DU PONT, an historic, Four Diamond, grande dame in the heart of Wilmington, Del.

•Undergoing/completed over $30 million in renovations, upgrades and repositioning, including: a complete reimagining of the 353-room Sheraton Raleigh Hotel in N.C.; opening the first Renaissance Hotel in downtown Philadelphia; and an addition and comprehensive renovation of the Fairfield Inn King of Prussia, Pa.

•Completing construction in October, 2017 of the 310 room Embassy Suites Midtown Manhattan, the only Embassy Suites in New York City.

•Opening the 177 room Canopy by Hilton Hotel Washington, DC – Bethesda North in December.

•Opening the 153 room Canopy by Hilton Portland, Ore. – Pearl District in early 2018.

“We are on track to have another record year of portfolio growth,” Pollin added. “Our pipeline remains full and Wall Street’s view of the hospitality industry remains upbeat, both signs of continued optimism for the remainder of the year.”

About The Buccini/Pollin Group

The Buccini/Pollin Group, Inc. (Buccini/Pollin) is a privately held, integrated real estate acquisition, development and management company with offices in Washington DC, Wilmington, Philadelphia, and Baltimore. Buccini/Pollin has developed and acquired hotel, office, residential, retail, and parking properties throughout the United States. Buccini/Pollin has acquired, developed and owns real estate assets having a value in excess of $4.0 billion, including over 40 hotels, 6 million square feet of office and retail space, 10 major residential communities and multiple entertainment venues, such as Talen Energy Stadium, home of the Philadelphia Union Major League Soccer team. The principals of Buccini/Pollin, along with PM Hotel Group (hotel operating company), BPG Real Estate Services (office property management and leasing), ResideBPG (residential property management and leasing), BPGS Construction (construction management), oversee all aspects of project acquisition, finance, development, construction, leasing, operations, and disposition for its portfolio properties. The Buccini/Pollin Group has over 3,500 employees in 12 states. For more information, please visit www.bpgroup.net.

Contact:
Chris Daly
chris@dalygray.com
(703) 435-6293

Coming Up In The September Online Hotel Business Review




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Feature Focus
Hotel Group Meetings: Blue Skies Ahead
After a decade of sacrifice and struggle, it seems that hotels and meeting planners have every reason to be optimistic about the group meeting business going forward. By every industry benchmark and measure, 2017 is shaping up to be a record year, which means more meetings in more locations for more attendees. And though no one in the industry is complaining about this rosy outlook, the strong demand is increasing competition among meeting planners across the board – for the most desirable locations, for the best hotels, for the most creative experiences, for the most talented chefs, and for the best technology available. Because of this robust demand, hotels are in the driver’s seat and they are flexing their collective muscles. Even though over 100,000 new rooms were added last year, hotel rates are expected to rise by a minimum of 4.0%, and they are also charging fees on amenities that were often gratis in the past. In addition, hotels are offering shorter lead times on booking commitments, forcing planners to sign contracts earlier than in past years. Planners are having to work more quickly and to commit farther in advance to secure key properties. Planners are also having to meet increased attendee expectations. They no longer are content with a trade show and a few dinners; they want an experience. Planners need to find ways to create a meaningful experience to ensure that attendees walk away with an impactful memory. This kind of experiential learning can generate a deeper emotional connection, which can ultimately result in increased brand recognition, client retention, and incremental sales. The September Hotel Business Review will examine issues relevant to group business and will report on what some hotels are doing to promote this sector of their operations.