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NGKF Hotels Sells Homewood Suites in Downtown Dallas

Former office building near Dallas Convention Center converted to hotel

Dallas, TX (01/09/2014)

9:00 AM

Newmark Grubb Knight Frank (NGKF) announced that NGKF Hotels has completed the sale of a 130-suite hotel that recently opened in a converted office building in downtown Dallas. The renovated, 10-story property on the northeast corner of North Griffin and Elm streets opened for business as a Homewood Suites this fall.

Rick Besse, ISHC, a senior managing director at NGKF in Dallas, with Bhavesh "B.J." Patel and Sam Winterbottom, from the Atlanta office, represented the seller, Lowen 1025 Elm LP.

"Even before this new Homewood Suites opened its doors, the buyer recognized it as a magnificent property, with unique guest amenities that would set it apart from the competition and help to drive room rentals," Mr. Besse said.

The developer capitalized on the former office building's architecture and generous space to create oversized guest suites and amenities not typically found in hotels, including a half basketball court, golf simulator room sponsored by Cleveland Golf, media room with seating for 20, video game room and a billiard room. The golf simulator room allows guests to practice their game by hitting balls into a simulated golf course. There is also a large exercise room with cardiovascular equipment and free weights, an indoor swimming pool and a Jacuzzi.

Other amenities include eight meeting rooms totaling 4,412 square feet, a business center, guest laundry, and high-speed internet access. Parking includes approximately 90 spaces in a seven-story, above-ground garage.

The hotel is on the Dallas Area Rapid Transit line as well as the Dallas bus route, and has direct access to the Woodall Rodgers Freeway, which connects to I-35E to the west and to Central Expressway (US 75) to the east. The hotel is also connected to the underground walking tunnels that enable pedestrians to reach area office towers while avoiding the summer heat.

"This is the only Hilton-branded product, and in fact the only premium-branded extended-stay hotel, in all of downtown Dallas," Mr. Besse said. "We expect the meeting rooms will be highly attractive to area businesses and government, given that City Hall, U.S. Bankruptcy Court and other government buildings are only blocks away."

The hotel is also adjacent to several high rise office towers and is a few blocks from many of the city's most significant demand generators for hotels, including the convention center, the West End Entertainment District, federal and county courthouses, Dealey Plaza, John F. Kennedy Memorial, Pegasus Plaza, American Airlines Center, The House of Blues, Dallas Aquarium, the Neiman Marcus Flagship Store, El Centro College and the newly opened Perot Museum of Nature and Science.

About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.

With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.

NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.