Statler Hotel, Dallas, Texas

Octagon advanced two loans totaling $25.4 million to the Statler Hilton project in Dallas, Texas. The initial stage bride loan included an 18-month term collateralized by state historic tax credits (HTC). The second advance funded after a majority advance from the senior lender with a term of 31 months, collateralized by federal HTCs.

Conrad Hilton purchased Statler Hotels in 1954 and while under construction, the Dallas project took on the new Statler-Hilton name. A magnificent star-studded opening in 1956 was one of the biggest celebrations the city had hosted for years. The hotel included the use of a number of aspects that were the first of their kind: a cantilevered structural system to reduce structural columns, elevator music, 21” Westinghouse televisions in every room, and innovative heating and cooling, among others.