Partners Group and Trinity Investments Acquire Four Seasons Resort Dallas Las Colinas
Main Photo: The Four Seasons Dallas
Date: May 2022
Name: The Four Seasons Dallas at Las Colinas
Location: Las Colinas, Dallas Metroplex, Irving, Texas, USA
Number of Keys: 431
Seller: The hotel was acquired by NY-based Extell Development off Blackstone RE for around $235m, in 2018. We think Blackstone paid $150m for the hotel in 2014. The hotel was built in 1984
Buyer: A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC
A joint venture between Partners Group and Trinity Fund Advisors LLC, announced the acquisition of the Four Seasons Resort Dallas at Las Colinas, a 431-key luxury hotel located in Irving, Texas. Following the transaction, Partners Group and Trinity plan to undertake a multi-million-dollar capital improvement plan that will establish the property as the premier group and leisure destination in the Dallas Metroplex.
“We have conviction in the Dallas Metroplex area due to its strong local economy, solid employment rates, and population growth,” said Jason Longo, Member of Management, Private Real Estate at Partners Group. “The area is becoming an important regional business hub and this premier resort is ideally positioned to benefit from rising corporate demand for venue space and increasing visitor numbers to the area. We look forward to working with Trinity on our value creation plan for the property.”
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over US $170 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006
The Four Seasons Resort Dallas at Las Colinas is the only luxury golf resort in the Dallas Metroplex, featuring 90,000 sqf of meeting and event space, multiple food and beverage outlets, a swimming pool, and a 14,000 sqf spa. Guests also have access to the amenities at the adjacent Four Seasons Golf and Sports Club, which includes 12 tennis courts, an indoor swimming pool, a 6,000 sqf fitness center, and the TPC Las Colinas golf course. The capital improvement program calls for the renovation of all guest rooms and villas, re-concepting the hotel’s food and beverage outlets, renovating the meeting space, and activating the outdoor pool area to elevate the property’s best-in-class amenity set to amongst the top luxury resorts in the country.
“This property is a premier resort destination centrally located within one of the fastest-growing markets in the country, which has seen more than 10 consecutive years of record demand and RevPAR growth,” said Sean Hehir, Managing Partner, President, and CEO of Trinity. “We are pleased to acquire this high-quality asset at an attractive basis and look forward to leveraging our operational expertise to maximize its value.”
Trinity is a private real estate investment firm with a 26-year history of specialising in value-add opportunities. Based in Honolulu, Hawaii, with an office in Beverly Hills, California, Trinity focuses on unique real estate investments in world-class markets and has invested more than US $8 billion in the United States, Mexico, Europe, and Japan.
The Dallas Metroplex is one of the most dynamic and fastest-growing markets in the United States, experiencing significant growth through the COVID-19 pandemic. The City of Irving is a thriving epicenter for business and entertainment in the region, offering attractive residential communities within a desirable suburban setting. The heart of the city is the upscale, 12,000-acre Las Colinas master-planned community, characterized by prominent office towers, retail centres, and residential communities. With nearly 41 million square feet of office space, Las Colinas is home to more than 2,000 companies and 400 corporate headquarters, including Irving’s prestigious Fortune 500 and 1000 companies, which include McKesson, Fluor, Kimberly-Clark, Pioneer Natural Resources, Vistra Energy, and Celanese. Due to its highly diversified economy and the rapid expansion of the financial services and technology sectors, the Dallas Metroplex is poised to continue its growth trajectory and recover more quickly than most major markets across the United States over the next several years.
Price: Undisclosed
THPT Comment: When serious players like Partners Group and Trinity acquire a serious hotel like this Four Seasons…and then plan to invest a further multi-million dollars, you know the end result is going to be stunning!
First Seen: CoStar
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market. For more information – Visit www.thpt.co.uk or email info@thpt.co.uk
