GREENWICH, Conn.—Wheelock Street Capital announced that an affiliate of the company acquired the 547-key Dallas/Addison Marriott Quorum by the Galleria hotel located in the Dallas, Texas submarket.
Wheelock acquired the hotel from affiliates of Host Hotels and Resorts, a publicly traded REIT. Wheelock will franchise the asset as a Marriott hotel, and has engaged Aimbridge Hospitality, a third-party operator based in Dallas, to manage the hotel. The asset sold for $55.7 million.
The hotel, built in 1982, features over 20,000 square feet of flexible meeting space, the Addison Grill restaurant, Starbucks, a fitness center, indoor and outdoor pools, concierge lounge, business center, and a structured parking garage. The hotel is located at the center of a 23 million square foot office market, with major employers including, Bank of America, Mary Kay Cosmetics, Dresser, and USAA.
“We are pleased to add another sizeable hotel asset to our hospitality platform and are excited to increase our exposure to the fundamentally strong and growing Texas economy” said Patrick Campbell, a principal of Wheelock Street Capital. “With fresh capital invested in the asset and Aimbridge running day-to-day operations, we believe the hotel has significant upside.”