An
affiliate of RLJ Lodging Trust sold the Embassy Suites by Hilton Dallas Love
Field in December to Scenic Capital Advisors.
DALLAS — Austin,
Texas-based Scenic Capital Advisors, LLC has acquired the 248-key Embassy
Suites by Hilton Dallas Love Field from an affiliate of Bethesda,
Maryland-based RLJ Lodging Trust for an undisclosed amount.
RLJ
announced during its fourth-quarter earnings that it had sold this hotel and the
Residence Inn Houston by the Galleria, in separate transactions in December, for
a combined $49.5 million.
The property’s
seller was listed as FelCor Dallas Love Field Owner, LLC. RLJ acquired FelCor
Lodging Trust in 2017 in an all-stock transaction that valued FelCor at
approximately $1.2 billion. Atlanta-based Hunter Advisors brokered the sale.
This marks
Scenic’s seventh hotel asset in Texas in the last four years.
The eight-story
hotel is located adjacent to Dallas Love Field Airport and benefits from
consistent demand from air travel and health care from the nearby Southwestern
Medical District. The property also features 4,400 sq. ft. of meeting space.
Scenic said it plans extensive renovations of the property.
“The Embassy
Suites at Love Field is a high-quality asset and marks our seventh acquisition
in Texas in the past four years,” said Thomas Chen, principal at Scenic Capital
Advisors. “We look forward to completing a comprehensive renovation and
repositioning the hotel to capture future growth within the Love Field
submarket.”