The Boston office of Holliday Fenoglio Fowler, L.P. has arranged a $44.6 million acquisition financing for the Harvey Hotel, a 506-room hotel at the Dallas Fort Worth Airport in Irving, Texas.
HFF managing director Bob Herron worked on behalf of The Procaccianti Group to secure the four-year, adjustable-rate loan through Anglo Irish Bank. The loan to value was 70%. The Harvey is being converted to a Westin-flagged hotel; work has commenced.
Based in Cranston, Rhode Island, The Procaccianti Group has acquired a number of full service hotels in the past several years making it one of the largest privately held operators in the country.