IRVING, TX—The Buccini/Pollin Group completed the acquisition of the 282-room DoubleTree by Hilton DFW Airport North here.
The hotel will be operated by PM Hospitality Strategies, Inc.
The eight-story hotel is situated near such business demand generators as Allstate, Siemens, Verizon, AT&T, IMB and Microsoft. Hotel amenities include approximately 17,000 sq. ft. of function space, outdoor pool, 24-hour fitness center, full-service business center and airport shuttle service. Guests can choose between Flatland Grille & Bar, featuring contemporary Texas cuisine, and Starbucks Café, for their dining selections.
The acquisition is the latest for Buccini/Pollin Group, which in 2014 completed the development or acquisition of more than $225 million of hotel projects in Delaware New York, Tennessee and Texas, according to the company.
“BPG continues to execute its strategic plan of acquiring full-service, stabilized hotels in primary and secondary markets and selectively developing new hotels in high barrier-to-entry urban locations. [Last year] was one of the strongest years the hotel industry ever has experienced, and all signs point toward continued prosperity in the New Year,” stated Dave Pollin, company co-founder. “As occupancies and average daily rate climb further, new supply remains limited, and many hotel owners look to monetize their stakes, hotel sales are likely to increase. We plan to be an active player as we grow our portfolio of well-respected hotel brands in markets with high barriers to entry and demonstrated demand growth.”
In addition to the DoubleTree, the company acquired 320-room Hilton in Knoxville, TN; opened the 293-unit Homewood Suites by Hilton in New York City; and developed the 180-room Westin Wilmington and 136-room Hampton Inn & Suites Wilmington/Christiana, both in Delaware. Concurrently, BPG has a 320-suite Embassy Suites by Hilton under construction in Manhattan and a 170-key Hampton Inn & Suites under construction adjacent to Nationals Park in Washington, DC and is developing two Canopy by Hilton hotels, one each in Portland, OR, and metro Washington, DC.