Apollo Real Estate Advisors has acquired the Hilton Lincoln Center hotel in Dallas for $72.3 million (€48.45 million) from hospitality REIT, Ashford Hospitality Trust. The hotel was purchased through Apollo’s $600 million Value Enhancement Fund VIII, according to a statement from Ashford.
The REIT said the deal valued the property at $145,000 “per key.” The hotel is located close to Dallas Fort Worth airport in northern Dallas. Ashford owns a large portfolio of hotels across the US including the Hilton, Embassy Suites, Hyatt, Marriott, Sheraton and Westin brands.
Ashford said the deal reduced their concentration of hotels in the Dallas region, with the capital being used to cut their debt. A spokeswoman for Apollo declined to comment further on the statement.
Apollo closed its previous value-added fund, Apollo Value Enhancement Fund VI in 2006 on $276 million. The value enhancement series, which was first launched in 1993, has raised a total of $1.9 billion in equity commitments.