June 02, 2011--A Virginia investor has purchased the 224-room Hilton Dallas-Park Cities hotel in Preston Center.

The 10-year-old hotel on Luther Lane near the Dallas North Tollway was just renovated last year.

The full-service hotel was sold by a partnership set up by Dallas' R.M. Crowe Co., which developed the hotel.

Terms of the sale -- which as negotiated by Holliday Fenoglio Fowler -- were not disclosed.

Richmond-based Apple Nine Hospitality Ownership Inc. assumed a $23.5 million loan on the property held by Wells Fargo Bank, county records show.

"This was a unique opportunity to acquire a premier property in the Preston Center, and we anticipate that it will be a strong performing property for Apple for many years to come," Apple Nine's senior vice president Sam Reynolds said in a statement.

The new owners say they plan to upgrade the 11-story building.

The Apple REIT Cos. was founded in 1999 and owns properties in almost 20 states.

The investor already owns several hotels in the Dallas-Fort Worth area.

Holliday Fenoglio's John Bourret, Whitaker Johnson and Dan Peek worked on the sale.

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