|By Steve Brown, The Dallas Morning News|
Knight Ridder/Tribune Business News
Apr. 8, 2005 - UBS Realty Investors has paid about $95 million to buy the Westin Galleria hotel in Far North Dallas.
The 432-room hotel tower is attached to the Dallas Galleria shopping mall, which UBS bought in 2002.
Westin will continue to manage the hotel, Peter Casey, a spokesman in UBS' New York office, said Thursday. The property will also be renovated.
Though UBS did not disclose terms of the sale, real estate brokers confirmed the purchase price.
"Certainly they are paying less than replacement cost -- from that point, it's a good price," said John Keeling with hotel analyst PKF Consulting. "That property is the best hotel in that market, but that market isn't what it used to be.
"The hotel market has expanded further north" to Plano and Frisco, he said.
UBS -- a subsidiary of the Swiss bank UBS AG -- spent about $300 million for the Galleria mall.
Since then, the 1.9 million-square-foot shopping center has been extensively remodeled.
Both the shopping mall and the Westin hotel were part of the Galleria's original development, which opened in 1982.
UBS bought the hotel and the mall from the original developer, Houston-based Hines.
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