Newmark Grubb Knight Frank (NGKF) Hotels has completed the sale of a 146-room Courtyard by Marriott hotel in North Dallas to a private investor for an undisclosed price.
The new owner will complete the required property improvement plan (PIP) and continue the operation of the hotel as a Courtyard by Marriott. Significant upgrades are planned, including a new bistro and lobby renovation. The property at 2930 Forest Lane (at Josey Lane) is a three-story, limited-service hotel on the south side of the LBJ Freeway, where Dallas borders the city of Farmers Branch, Texas.
Rick Besse, a senior managing director with NGKF Hotels in Dallas, marketed the asset on behalf of the seller, a national hotel investment and management company.
“This hotel enjoys robust demand from businesses in both North Dallas and Farmers Branch,” Mr. Besse said. “Its accessibility from LBJ Freeway is a huge plus and the recent departure of a major hotel brand from the area has helped the performance of the property. Even with the current major construction on the LBJ Freeway, this Courtyard by Marriott has seen improved performance in the last year.”
Mr. Besse spearheaded the transaction, identifying select buyers directly with the offering. “Insight into the local market enabled the team to find an interested investor quickly,” stated Mr. Besse. “We received responses quickly and that helped us to deliver a rapid closing for the seller.”
Built in 1987 on nearly four acres, the hotel offers more than 1,250 square feet of meeting space in addition to its guest rooms.
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 11,000 professionals, operating from more than 340 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.