New York-based Apollo Real Estate Advisors has purchased a high-profile North Dallas hotel.

Apollo paid $72.25 million for the 482-room Hilton Dallas Lincoln Centre hotel at the southeast corner of Dallas North Tollway and LBJ Freeway.

The hotel was acquired from Ashford Hospitality Trust Inc.

Hilton will continue to manage the property, which will be remodeled.

Built in the 1980s, the curved, silver-glass hotel is part of the four-building Lincoln Centre complex, which also includes office space.

Evan Stone and Romy Bhojwani of Jones Lang LaSalle worked on the sale.

Ashford acquired full ownership of the hotel in December in a deal with Hilton Hotels.

The hotel real estate investment trust said Thursday that it has sold $289 million in assets so far this year.

"The Hilton Lincoln Centre Dallas transaction reduces our concentration of hotels in the Dallas-Fort Worth area and eliminates the requirement to spend significant" future funds for improvements on what the company considered a nonstrategic asset, Ashford president Monty Bennett said in a prepared statement.

The company said it would use the funds from the sale for debt reduction and other uses.

Earlier this month, Ashford sold properties in Montreal and in the Washington, D.C., area.

In the Dallas area, Apollo is a partner in the Stoneleigh Hotel, which just underwent a major renovation.

Apollo is one of the country's largest opportunistic real estate investors, with more than $5 billion in equity invested in projects.