Yet Another High-End Dallas Hotel Sold as the Downtown Fairmont Goes For $69 Million
Yesterday Bloomberg noted that high-end American hotels are being sold to buyers from Hong King, Singapore and China in the hopes of catering to "a growing number of affluent Asians traveling abroad." Among those sold: the Rosewood Crescent Hotel and the Rosewood Mansion on Turtle Creek, now in the possession of Hong Kong billionaire Cheng Yu-Tung. Turns out, that's not the only Dallas hotel trading hands: Inland American Lodging Group, which last year bought the Marriott City Center on Pearl, says today that it's picked up the Fairmont Dallas for $69 million.
The hotel, which opened in '69, "exudes an air of elegance and luxury, combined with a dash of Texas flair," says the freshly minted press release. Hence the purchase -- and the promise of restoring the hotel to its former glory. From the release:
The Fairmont Dallas offers unparalleled accommodations that have received approximately $50 million of capital improvements since 1997, including $14.9 million ($27,300 per key) over the last four years. Inland American intends to invest in additional capital improvements that will allow the hotel to maintain and improve upon its luxury status.
"This unique asset represents a significant acquisition for Inland American at an attractive price per room," said Marcel Verbaas, president and CEO, Inland American Lodging Advisors, Inc. "The Fairmont Dallas fits all of our value and strategic investment criteria. The acquisition of this hotel will contribute to the ongoing enhancement of the overall quality of our portfolio and further diversifies our portfolio by customer and asset mix. This transaction also extends our commitment to furthering the success of downtown Dallas and the Arts District."