WASHINGTON, D.C., January 5, 2015 – Officials of The Buccini/Pollin Group, a privately-held, full-service real estate acquisition, development and management company (BPG), today announced that it has completed the acquisition of the 282-room DoubleTree by Hilton DFW Airport North. The hotel will be operated by PM Hospitality Strategies, Inc. (PMHS), a leading, national hotel management company. The acquisition capped off a banner year for BPG, which completed the development or acquisition of more than $225 million of hotel projects in Del., New York, Tenn., and Texas.
“BPG continues to execute its strategic plan of acquiring full-service, stabilized hotels in primary and secondary markets and selectively developing new hotels in high barrier-to-entry urban locations. 2014 was one of the strongest years the hotel industry ever has experienced, and all signs point towards continued prosperity in the New Year,” said Dave Pollin, co-founder. “As occupancies and average daily rate (ADR) climb further, new supply remains limited, and many hotel owners look to monetize their stakes, hotel sales are likely to increase. We plan to be an active player as we grow our portfolio of well-respected hotel brands in markets with high barriers to entry and demonstrated demand growth.
“The Hilton DFW Airport North acquisition meshes nicely with this strategy as leading prognosticator PKF-Hospitality Research predicts that occupancies will hit a record high of 69 percent in 2016, fueled in part by corporate expansions; American Airlines completing its merger integration; and two major national events – the NCAA Football Championship and the Academy of Country Music Awards – taking place in the near future,” Pollin continued. “We identified Texas, and Dallas in particular, as a market to focus on due to its diversified economy, strong employment growth, and skilled workforce. We believe that this is the ideal time for us to continue expanding our footprint beyond our East Coast home base, and all signs suggest that Dallas is a smart long-term play.”
Located less than two miles from DFW Airport in Irving, Texas, the eight-story hotel is situated near such business demand generators as Allstate, Siemens, Verizon, AT&T, IMB and Microsoft. Hotel amenities include approximately 17,000 square feet of function space, outdoor pool, 24-hour fitness center, full-service business center and continual airport shuttle service. Guests can choose between Flatland Grille & Bar, featuring contemporary Texas cuisine, and Starbucks Café, for their dining selections.
BPG was one of the most active hotel developers and owners in the country in 2014. In addition to the DoubleTree, the company acquired 320-room Hilton in Knoxville, Tennessee, opened the 293-unit Homewood Suites by Hilton in Manhattan in June, and developed the 180-room Westin Wilmington and 136-room Hampton Inn & Suites Wilmington/Christiana, both in Delaware. Concurrently, BPG has a 320-suite Embassy Suites by Hilton under construction in Manhattan and a 170-key Hampton Inn & Suites under construction adjacent to Nationals Park in Washington, D.C. In October, BPG announced the development of two Canopy by Hilton hotels, one each in Portland, Ore., and metro Washington, D.C.
