Fairmont Dallas Sold

Inland American Lodging Group has acquired the 545-room Fairmont Dallas for $69 million. The property, which has undergone about $15 million worth of upgrades in the past four years, offers 70,000 square feet of meeting space. Inland American, a subsidiary of Inland American Real Estate Trust, plans to invest in additional improvements to keep the hotel up to luxury standards. Last October, IALG also bought the 407-room Dallas Marriott City Center; that property is in the middle of renovations that will finish up by the end of the year.