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Hotel Investor Al Mori Acquires the 294-room Radisson Hotel, Richardson, Texas

By Steve Brown, The Dallas Morning NewsMcClatchy-Tribune Regional News

Feb. 5, 2008 --A Richardson high-rise hotel has been sold to a local investor.

The 294-room Radisson Hotel at 1981 N. Central Expressway has been acquired by hotel investor Al Mori. The property was sold by Carlson Hotels Real Estate Inc.

The new owner plans to spend $2.5 million to remodel the hotel, said Bert Stevens, with real estate broker CB Richard Ellis. Mr. Stevens and Bidjaan Kassam with CB Richard Ellis negotiated the sale.

The property was not widely marketed, Mr. Stevens said Monday.

Built in 1981, the 12-story hotel tower is on the west side of North Central south of Campbell Road.

"The property has successfully operated as a Radisson for a number of years and will remain with the brand," Mr. Stevens said.

Terms of the purchase were not disclosed, but financing was arranged with Credit Suisse. The hotel is valued for taxes at $15.7 million.

The buyer, Mr. Mori, also owns the nearby Holiday Inn Select Hotel. His HM-NM Inc. purchased that 220-room property in late 2006.

The Radisson is the second hotel in Richardson's Telecom Corridor to recently change hands.

In November, an Atlanta company, Noble Investment Group, bought the 342-room Richardson Hotel and plans to convert it into a Hyatt Regency.

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Copyright (c) 2008, The Dallas Morning News

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