Urbana Varro, a national commercial real estate investment, development, and management firm, today announced its acquisition of the full service 311 room Sheraton Arlington Hotel located in the heart of the entertainment district in Arlington, Texas.
Urbana Varro acquires Arlington Sheraton HotelSheraton Arlington Hotel is strategically located adjacent to the Arlington Convention Center and within walking distance to AT&T Stadium, home of the Dallas Cowboys, and Globe Life Park in Arlington, home of the Texas Rangers. It is attractive to business and leisure guests visiting the area because of its 21,500 square feet of meeting space and its close proximity to Six Flags Over Texas and Hurricane Harbor, as well as several nearby shopping centers.
“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, Chief Marketing Officer for Urbana Varro. “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.”
Urbana Varro closed on the property on October 21, 2014, and its affiliate, Urbana Varro Hospitality Management Company, assumed all operations for the property at that time.
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“We are excited to acquire this significant full-service hotel in Arlington, which has evolved within the past few years as a prime tourist attraction and sports hub for the D/FW Metroplex,” said Feliz Jarvis, Chief Hotel Operations Officer for Urbana Varro. “This transaction wouldn’t be possible without our investors, and we look forward to working with Sheraton and Starwood Hotels & Resorts, one of the premier, global hotel companies.”
“Sheraton Arlington Hotel complements our hotel portfolio of premium branded assets acquired below replacement costs that offer excellent opportunities to enhance value through renovation,” added Allan Gutierrez, Chief Executive Officer for Urbana Varro.