Dallas Sheraton Scores $270M Refi

Elliott Investment Management and Chartres Lodging Group secured a $270 million refinance loan plus an additional $30 million mezzanine loan for the Sheraton Dallas, an immense property with 1,841 rooms, the state’s largest.

The loan will be made through Goldman Sachs & Co. and JP Morgan Securities.

The floating-rate, interest-only loan would mature in two years, in April 2026.

The Dallas Business Journal reports the property has received about $99.6 million in capital improvements since 2015; most of that was spent between 2018 and 2020. The renovations included a new lobby and public space, meeting space improvements and the addition of new restaurants and bars.

The central and south towers were built in 1959, the north tower was added in 1981 and the hotel’s convention center was completed in 1998.