DALLAS, TX – HFF announced today that it has arranged a refinancing for the Magnolia Hotel (top left photo), a 29-story, 329-room hotel in Dallas’ central business district.
HFF worked exclusively on behalf of the borrower, Magnolia Hotels, to secure the 10-year fixed-rate loan through JP Morgan Chase Bank, N.A.
Originally built in 1921, the property served as the headquarters for Mobil Oil’s predecessor, Magnolia Petroleum Company, until 1997 when it was renovated into the Magnolia Hotel.
The property is located at 1401 Commerce Street across from AT&T’s world headquarters and within close proximity to the Dallas Convention Center, the American Airlines Center, the Dallas Museum of Art and the flagship Neiman Marcus department store.
Along with the 329 guest rooms and suites, the Magnolia Hotel features 9,500 square feet of meeting space, a fitness center, business center and the Magnolia Club restaurant and lounge.
“The refinancing was made possible by the strong performance of the Magnolia Hotel Dallas coupled with the outstanding efforts by JP Morgan and HFF,” said Chris Scheer, CFO for Magnolia Hotels.
The HFF team representing the borrower included senior managing director Dan Peek (middle right photo) and directors Travis Anderson and John Bourret.
Magnolia Hotels is a privately-held hotel management and development company headquartered in Denver, Colorado. The current portfolio of Magnolia Hotels is comprised of four-star, award-winning independent boutique hotels, all situated in historic buildings and prime downtown locations in Dallas, Denver, Houston and Omaha.
Contacts:
Daniel Peek, HFF Senior Managing Director, (305) 448-1333, dpeek@hfflp.com
Travis Anderson, HFF Director, (214) 265-0880, tanderson@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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