Arden Group and HEI Acquire Le Méridien Galleria
Thursday July 25th, 2013 - 4:51PM E
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DALLAS—Arden Group and HEI Hotels & Resorts have acquired the Le Méridien Galleria in Dallas.
The 258-suite hotel features more than 3,800 sq. ft. of meeting space, an indoor pool, whirlpool, fully equipped business center, business center and onsite dining options.
Craig A. Spencer, CEO, Arden Group, stated, “We are pleased to have acquired this all-suite, full-service hotel at a time when the market has clearly rebounded and is poised for continued growth. This acquisition is consistent with our strategy of investing in markets experiencing robust job growth, making this our fourth hotel purchase in the past nine months. Arden’s strategic asset management oversight, combined with HEI’s management expertise, will allow us to increase RevPAR and achieve our operational goals, as well as enhance appreciation of the asset over time. We will invest an additional $3 million for continued upgrades to the hotel.”
The property was acquired from an HEI affiliate. HEI will continue to manage the hotel.
Tags: • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.