W Dallas Victory Hotel in Uptown Dallas sells
JLL represented the seller in the transaction and sourced acquisition financing for the new owner
DALLAS, November 5, 2019 – JLL announced today that it has closed the sale of and arranged acquisition financing for the W Dallas Victory Hotel, a 252-room lifestyle hotel positioned in Uptown Dallas’ live-work-play environment of Victory Park.
JLL marketed the property on behalf of the seller, Estein USA. A partnership between HN Capital Partners and Dunhill Partners, Inc. purchased the asset. Additionally, JLL placed the three-year, floating-rate financing with three one-year extension options with Starwood Property Trust.
W Dallas Victory is situated on 1.65 acres at 2440 Victory Park Lane adjacent to the 21,000-seat American Airlines Center, home to the Dallas Mavericks, the Dallas Stars and more than 260 annual events. Victory Park is Uptown’s fastest-growing entertainment district. It contains 5,700 residents and 2.6 million square feet of Class A office in addition to countless gourmet eateries and walkability to other area attractions, including the Perot Museum of Nature and Science, House of Blues, Cinepolis Luxury Cinema and Katy Trail. The 33-story W Dallas Victory Hotel is a contemporary lifestyle hotel with a variety of amenity offerings, including a top-tier restaurant, lobby bar, terrace bar, resort-style infinity pool and pool deck on the 16th floor and 10,800 square feet of meeting and event space. The building also contains non-owned ground-floor retail and residential condominiums on floors 18 to 32.
The JLL Capital Markets team included Senior Managing Director Michael Kavanau and Senior Associate Parker Sherrill.
The JLL Capital Markets debt placement team was led by Senior Director De’On Collins, who worked in conjunction with Randy Fleisher, principal of Hamilton Realty Finance, to source financing for the new owner.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
According to a 2019 JLL Hotel Investment Outlook Report, global hotel transaction volumes are predicted to reach $67 billion by the end of the year. In the U.S., the outlook for hotel investments is relatively positive, with the market upholding 2018’s level of transactions.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Estein USA
Since the early 1990s, Estein USA’s investments have been made exclusively in the United States and expanded to office buildings, power centers, hotels, industrial buildings and lifestyle centers. Aside from its own capital, Estein USA raises its investment funds through its German affiliates. The vast majority of the firm’s investors have partnered continually and exclusively with Estein USA, some having been with the firm since the 1970s. Over its 40-year history, Estein USA has invested more than $6.5 billion in total equity. Visit esteinusa.com to learn more.
About Dunhill Partners, Inc.
Dunhill Partners was founded in 1984 by William L. Hutchinson and is a commercial real estate investment firm that currently owns and manages more than five million square feet of retail commercial property. Dunhill specializes in the acquisition, leasing and management of commercial real estate. For more than 30 years, the firm has been dedicated to the fundamental principle of building value for its investors. With properties from Texas to Hawaii, Dunhill Partners is a true leader in commercial real estate ownership. Learn more at dunhillpartners.com.
About HN Capital Partners
HN Capital Partners is an opportunistic investment manager founded by Vipin Nambiar in a partnership with Hunt Investment Group (an affiliate of Hunt Consolidated Inc.). HN Capital seeks unique investment themes and runs multiple strategies. The firm takes a longer-term approach to compounding capital, and hospitality and experience focused real estate is one of the investing areas of the firm.