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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.