Marcel Verbaas Of Xenia Hotels & Resorts Sells Fairmont Dallas Hotel For $111M

The 545-room Fairmont Dallas, located at 1717 North Akard Street in the Dallas market, was sold for a transaction amount of $111 million. This equates to approximately $203,670 per key. The property features a significant size with 545 keys, emphasizing its status as a prominent hotel asset.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $111,000,000
• Keys: 545
• Price Per Key: $203,670
• Seller: Marcel Verbaas
• Seller Company: Xenia Hotels & Resorts, Inc.
• Cap Rate: 10%

Xenia Hotels & Resorts sold the Fairmont Dallas after acquiring it in 2011 for $69 million, yielding an unlevered IRR of 11.3% over the holding period. The sale allows the seller to avoid $80 million in near-term capital needs.