Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Hilton Dallas/Rockwall Lakefront, a 231-room, full-service hotel in The Harbor mixed-use waterfront destination on Lake Ray Hubbard in the Dallas-area community of Rockwall, Texas.
The HFF team marketed the property on behalf of the seller, TRC Capital Partners, LLC. Driftwood Acquisitions & Development, LPpurchased the property unencumbered of the existing management contract.
Hilton Dallas/Rockwall Lakefront features a lakefront, resort-style outdoor pool; fitness center; lakeside access; 31,532 square feet of flexible meeting space, which includes the Pergola, a new 3,479-square-foot outdoor venue with unobstructed lake views; and three food and beverage options. The five-story hotel was completed in 2008 and renovated in 2017. Hilton Dallas/Rockwall Lakefront is situated on 8.92 acres on the eastern side of Lake Ray Hubbard at 2055 Summer Lee Drive with an adjacent 1.9 acres for additional development. It is in The Harbor, Dallas’ premier 460,000-square-foot mixed-use waterfront destination in the award-winning Rockwall community, which is one of Texas’ fastest-growing cities and is less than 25 miles from downtown Dallas.
The HFF investment advisory team representing the seller included managing director John Bourret and director Austin Brooks.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.
About TRC Capital Partners, LLC
TRC Capital Partners (TRC) is a Houston-based, privately held development and investment firm managing both private and institutional capital. Over the past 25 years, TRC has invested both private and institutional capital in assets with an aggregate value of over $1.4 billion. The TRC portfolio has included over $700 million in hospitality assets and over $350 million in commercial real estate. In addition, TRC has invested in companies with aggregate values in excess of $400 million in sectors such as energy, food service, homebuilding, multifamily development, banking, and financial services companies ranging from commercial leasing to mortgages. Visithttp://www.trccapitalpartners.com for more information.
About Driftwood Acquisitions & Development, LP
Driftwood Acquisitions & Development, LP – known as DAD to its investors and associates – is a Miami, Florida-based company with a first-of-its-kind business model, providing the perfect vehicle for accredited investors to co-invest in institutional quality cash flowing hotel assets. The company finds and quickly acquires the best opportunities in the U.S. hotel market with its own capital. Once these hotels are secured and under management, DAD opens each asset to individual clients to participate, allowing the investor to build his or her own portfolio rather than investing in traditional blind pools. This eliminates risk factors and uncertainty, providing an innovative vehicle to strategically invest in hotel opportunities.
In addition to this acquisitions business model, DAD is a reputable leader in the EB-5 Investor program, a government initiative to attract foreign investment to create jobs in the U.S. Through this program, DAD has helped foreign investors get their U.S. residency and created hundreds of jobs in South Florida by developing EB-5 qualified hotels.
Since launching in 2015, DAD has seen continued solid growth. The company’s portfolio today totals eleven acquisitions and four new-build developments, with a pipeline of many other diverse hotel and resort properties across the United States.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.