26-2153A
Authorize the acceptance or rejection of an offer received from TEOF Hotel LP (“Borrower”), a Texas limited partnership to (1) pay the City $5,707,000 (plus any pertinent accrued interest) and the City’s legal fees upon the sale and title closing of the Lorenzo Hotel (“Property”) located at 1011 South Akard Street, owned by Borrower, in exchange for the release of the City of Dallas lien on the Property; (2) execute an agreement not to pursue any additional funds owed by Borrower or Lawrence E. Hamilton, III, as trustee of the Lawrence E. Hamilton Living Trust (“Guarantor”) to the City approved as to form by the City Attorney; and (3) execute any other documents deemed necessary by the U.S. Department of Housing and Urban Development (HUD) and/or the City Attorney’s Office (the execution of all such and aforementioned documents contingent on HUD’s final approval of terms) - Financing: This action has no cost consideration to the City (see Fiscal Information)
What this record is
- Held by
- TEOF Hotel LP
- Amount
- $5.71M
- Runs until
- Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗
- Type
- contract
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Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- Office of Economic Development
- Requested by
- Office of Economic Development (ECO)
- Introduced
- June 15, 2026
- On agenda
- June 24, 2026
- Enactment no.
- 26-1109; REJECTED BY COUNCILMEMBER MORENO]
Where it was heard
City CouncilWatch what Dallas buys
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