SRH Hospitality Inks Ground Lease to Develop 261-Key Westin

SRH Hospitality structured a long-term ground lease with a Florida-based hedge fund involving 6.8 acres. The proceeds from the transaction are funding current development of a 261-room Westin hotel in the Fort Worth suburb of Southlake, TX.

CBRE’s Nate Sahn, Robert Brennan, and Pravin Boteju represented Addison, TX-based SRH Hospitality in the transaction. “Initially, when CBRE approached us on the ground lease structure  . . we were hesitant but willing to listen. After better understanding the enhanced benefits to our capital stack as a result of lower equity needs, enhanced returns to our investor group and significantly better loan coverage, we engaged CBRE in structuring a long-term ground lease for our hotel project,” said SRH Hospitality’s Jerry Crenshaw.

The six-story hotel, at 1200 SH 114 and Carroll Avenue, will have a 25,000-square-foot conference center with an elegant ballroom, full-service restaurant and bar and a rooftop lounge area. The hotel is scheduled for a Q1 2020 opening.

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