Plano-based Urbana Varro has acquired the 311 room Sheraton Arlington which is adjacent to the Arlington Convention Center and the Texas Rangers’ Globe Life Park. Urbana Varro, a national commercial real estate investment, development and management firm, closed on the property on Oct. 21. Its affiliate, Urbana Varro Hospitality Management Company, assumed all operations for the property at that time. Urbana Varro plans to renovate the property.
“We are excited to acquire this significant full-service hotel in Arlington, which has evolved within the past few years as a prime tourist attraction and sports hub for the D/FW Metroplex,” said Feliz Jarvis, Chief Hotel Operations Officer for Urbana Varro. “This transaction wouldn’t be possible without our investors, and we look forward to working with Sheraton and Starwood Hotels & Resorts, one of the premier, global hotel companies.” Urbana Varro officials said they beat out other buyers interested in the property. “The Sheraton Arlington Hotel will provide us with exposure in the thriving Dallas market and will be a great addition to our growing portfolio,” said Jeremy Soder, chief marketing officer for Urbana Varro. “While several other buyers were evaluated throughout the selection process, we prevailed, primarily because we were successful in demonstrating our financial ability to close large transactions.” No purchase price for the transaction was released. According to the Tarrant Appraisal District, the property is valued at $17.8 million and was owned by Wynn Hotels LP in Irving.