The Sheraton Hotel in Arlington, located near the the city’s convention center and Globe Life Park, home of the Texas Rangers, was been sold to the Plano-based Urbana Varro commercial real estate investment firm.
The deal for the 19-story, 311-room hotel closed on Oct. 21. Urbana Varro Hospitality Management Co., an affiliate, took over hotel operations, the company said.
The property was sold by Highgate Hotels in Irving, which had owned the hotel at 1500 Convention Center Drive since 2005.
In 2008, Highgate spent $15 million renovating the hotel and its rooms in anticipation of the opening of nearby AT&T Stadium, home to the Dallas Cowboys. Highgate once considered a 300-room expansion and had asked for city incentives.
The hotel was also once a Marriott brand.
Located in the center of Arlington’s Entertainment District, the Sheraton is Urbana Varro’s first property in the Metroplex.
“The Sheraton Arlington Hotel will provide us with exposure in the thriving Dallas market and will be a great addition to our growing portfolio,” said Jeremy Soder, Urbana Varro’s chief marketing officer, in a statement. “While several other buyers were evaluated throughout the selection process, we prevailed, primarily because we were successful in demonstrating our financial ability to close large transactions.”
Added CEO Allan Gutierrez: “Sheraton Arlington Hotel complements our hotel portfolio of premium branded assets acquired below replacement costs that offer excellent opportunities to enhance value through renovation.”
The executives were said to be in a meeting Wednesday and could not be reached for further comment about their plans for the property.
Urbana Varro bought the hotel under the entity UVH Arlington and financed the deal with a $33.6 million note with RCC Real Estate In New York, deed records show.
Since its founding in 2002, Urbana Varro said it has bought and sold $300 million worth of commercial property. In addition to hotels in Georgia, California, South Carolina, Florida, Alabama and Texas, the investment company also owns shopping centers and office buildings.
In Texas, it owns TownePlace Suites by Marriott in Austin, Houston and College Station, according to its website.