DALLAS—Holliday Fenoglio Fowler, L.P. (HFF) has closed on the sale of the Sheraton Dallas by the Galleria, a 309-room, full-service hotel in Dallas’ Galleria submarket.
HFF marketed the property on behalf of the seller, HEI Hotels & Resorts. A partnership between Driftwood Hospitality Management, LLC (Driftwood) and an institutional real estate investor purchased the asset. Driftwood has assumed management of the hotel.
Sheraton Dallas by the Galleria is located at 4801 Lyndon B. Johnson Freeway across from the 1.7 million-sq.-ft. Galleria Dallas regional mall, which welcomes more than 19 million visitors annually. The property has received more than $12 million in capital improvements since 2012. There is 13,741 sq. ft. of function space across 21 meeting rooms; Front Yard, a full-service restaurant serving breakfast, lunch and dinner; Sheraton Club Lounge; a 24-hour fitness center; 24-hour business center and an outdoor pool.
The HFF investment sales team representing the seller was led by John Bourret, managing director, Austin Brooks, associate director, and Daniel Peek, senior managing director and head of HFF’s hotel group.