Main Photo: The current Cityplace Tower, Dallas
Date: August 2019
Location: Dallas, Texas, USA
Name: InterContinental Dallas – opening 2022
No. of Keys: 223
Seller: The hotel will be within the 42-story Cityplace Tower, which was acquired by NexPoint in August 2018 from Parmenter Realty Partners and Angelo, Gordon & Co.
It was built as the headquarters of Dallas-based Southland Corp. — then the owner of the 7-Eleven convenience store chain — the pink granite tower was planned as the centrepiece of one of the country’s largest urban redevelopment projects.
Buyer: NexPoint introduced plans this week to open an InterContinental Hotels & Resorts-branded property in Dallas within the 42-story Cityplace Tower. The 223-key hotel, slated to open in early 2022, will occupy eight of the building’s floors.
The hotel will feature a restaurant with a fourth-floor terrace, a full bar and a lounge. Amenities will include an outdoor pool, a fitness centre, a business centre and onsite parking.
The announcement marks the beginning of NexPoint’s redevelopment plans for the office building and the surrounding acreage. Other plans include expanding the surface parking lot, enhancing the shared spaces and amenities for tenants, renovating the lobby, introducing concourse-level food and retail offerings and constructing a new fitness centre.
NexPoint is an alternative investment platform and affiliate of the Dallas-based asset management firm Highland Capital Management. NexBank Realty Advisors, another affiliate of Highland, manages the Cityplace Tower and will oversee its renovations. IHG will operate the hotel.
NexPoint real estate chief Matt McGraner says in a statement that the hotel not only addresses hospitality demand but also provides amenities to tenants already in the building.
“In all our plans for Cityplace, our focus is on optimizing the functionality of the building, elevating the experiences of all visitors and tenants, and advancing the surrounding area,” he says.
IHG development officer Joel Eisemann says the hotel will be a tremendous addition to their portfolio. InterContinental Hotels & Resorts has more than 200 InterContinental hotels open worldwide and 60 more in the pipeline.
“With its iconic design and sweeping panoramic views of the Dallas skyline, and premiere Uptown neighborhood location, the Cityplace Tower is a natural fit for an InterContinental hotel,” Eisemann says.
THPT Comment: Impressive looking building that was originally planned as a twin-tower building. Once again a top-notch branded hotel is seen to be a real enhancement for a multi-use office/shopping centre.
First Seen: Dallas Culture Map
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