HOUSTON, TX, November 6, 2019: HVS Brokerage & Advisory announced that it has closed on the sale of the 120-key Element by Westin Dallas - Lewisville Development Project, located in Lewisville, Texas.
The property was purchased by Arcturus Investments, a development group based in Irving, Texas, from Shreem Capital, which is also located in Irving, Texas.
“With rising construction costs, the impact of new supply, and the recent decline in Lewisville market performance, this transaction presented some challenges. As a fully entitled development site, we positioned this property as a future opportunity with significant upside given the brand’s Marriott affiliation and strong location within the Lewisville market. Our extensive marketing process identified a local investment group that purchased this development project on an all-cash basis,” said Ben Levin, Vice President, HVS Brokerage & Advisory.
“We believe that the Element by Westin is a strong brand and that it will be the premier extended-stay option in Lewisville when the hotel is developed. The HVS team did a great job focusing their marketing efforts on qualified Marriott developers. We look forward to working with the HVS team again in the future,” commented Jiger Patel, co-founder and Managing Partner of Shreem Capital.
The property benefits from its strategic location near a multitude of corporate demand drivers, including Xerox, Kellogg’s, SYSCO, TIAA-CREF, Med Fusion Laboratories, Mary Kay, Bed Bath & Beyond, and Lone Star Toyota. Leisure demand generators include the LEGOLAND Discovery Center and SEA LIFE Aquarium at Grapevine Mills Mall, the Great Wolf Lodge, and the Gaylord Texan Resort & Convention Center, as well as Grapevine’s historic Downtown District, Lewisville Lake, and the Music City Mall.
HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, Benjamin Levin, and James Rebullida participated in this transaction.
Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620
The property was purchased by Arcturus Investments, a development group based in Irving, Texas, from Shreem Capital, which is also located in Irving, Texas.
“With rising construction costs, the impact of new supply, and the recent decline in Lewisville market performance, this transaction presented some challenges. As a fully entitled development site, we positioned this property as a future opportunity with significant upside given the brand’s Marriott affiliation and strong location within the Lewisville market. Our extensive marketing process identified a local investment group that purchased this development project on an all-cash basis,” said Ben Levin, Vice President, HVS Brokerage & Advisory.
“We believe that the Element by Westin is a strong brand and that it will be the premier extended-stay option in Lewisville when the hotel is developed. The HVS team did a great job focusing their marketing efforts on qualified Marriott developers. We look forward to working with the HVS team again in the future,” commented Jiger Patel, co-founder and Managing Partner of Shreem Capital.
The property benefits from its strategic location near a multitude of corporate demand drivers, including Xerox, Kellogg’s, SYSCO, TIAA-CREF, Med Fusion Laboratories, Mary Kay, Bed Bath & Beyond, and Lone Star Toyota. Leisure demand generators include the LEGOLAND Discovery Center and SEA LIFE Aquarium at Grapevine Mills Mall, the Great Wolf Lodge, and the Gaylord Texan Resort & Convention Center, as well as Grapevine’s historic Downtown District, Lewisville Lake, and the Music City Mall.
HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, Benjamin Levin, and James Rebullida participated in this transaction.
About HVS Brokerage & Advisory
The Brokerage & Advisory Division is a specialized group within HVS that offers brokerage, debt and equity financing, and investment search services focused exclusively on the hospitality industry. With a global footprint and over 40 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want. As of November 2019, the group has nine engagements in excess of $100 million that it is actively marketing for sale; additionally, another four assets are under contract and are anticipated to close soon.Media Contact:
Lizzette Casarin
Marketing Director
[email protected]
+1 (720) 244-7620