Dallas’ Hospitality Scene Gets a Boost with New Hotel Acquisition
A Rooftop Bar like No Other
Ray Washburne’s Charter Holdings, in partnership with Liberty Hospitality, has acquired the Tru by Hilton Dallas Market Center in the city’s vibrant Design District. The 152-key hotel, built in 2020, is set to undergo a transformation that will introduce Dallas’ largest open-air rooftop bar, complete with a restaurant. This exciting development comes as the city experiences a surge in business travelers seeking leisure activities.
A New Era for the Hotel
The hotel, located at 1949 North Stemmons Freeway, was previously owned by Napali Capital, a Texas-based investment company focused on commercial real estate opportunities for physicians. The property was originally an adaptive reuse of a 1965 bank building, developed by Magnolia Hospitality Group. With this new acquisition, Washburne’s restaurant group, M-Crowd, will operate the rooftop bar, bringing their expertise in creating exceptional dining experiences.
Dallas’ Hotel Market on the Rise
According to Dan Klingerman, president of the Liberty Group, Dallas is thriving as a major economic and cultural hub, driving significant growth in the hotel market. While revenue per available room declined by 3.6% to $89 in the third quarter, demand has made considerable strides due to an increase in group travel for conferences and conventions. In fact, Dallas was the fourth most-visited destination for business travel in the country from July through September.
The Shift towards Wellness
A notable trend has emerged this year, with a third of millennial and Gen Z travelers adding leisure days to their business trips, seeking a better work-life balance. This shift towards wellness is expected to continue, making hotels like the Tru by Hilton Dallas Market Center, with its rooftop bar and restaurant, highly attractive to travelers.
A Bright Future for Hotel Investment
As interest rates are expected to decrease and lending becomes more stable, a resurgence of hotel investment is likely on the horizon. With its prime location and unique amenities, the Tru by Hilton Dallas Market Center is poised to capitalize on this trend, solidifying Dallas’ position as a top destination for business and leisure travelers alike.
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