The Hilton Dallas/Plano Granite Park in Plano, Texas, has changed hands. Driftwood Hospitality has acquired the 299-room hotel in a 90-acre master-planned, mixed-use project of Granite Park in Plano.
Terms of the transaction were not disclosed. However, the acquisition was reportedly financed with a $56.8 million loan.
The hotel will undergo renovations of the guestrooms and meeting space. Driftwood Hospitality Management, an affiliate of Driftwood, has assumed the hotel’s management responsibilities.
Accredited investors can invest in the hotel through Driftwood’s DealDirect investment platform starting in July.
The acquisition marks Driftwood’s third hotel acquisition in the Dallas-Fort Worth market. The North Palm Beach, Fla.-based company also owns the 231-key Hilton Dallas/Rockwall Lakefront and the 248-key Hilton Dallas Southlake Town Square.
“In a climate where few properties are trading, we were fortunate to identify and acquire a high-quality, cash-flowing hotel asset in an exceptional location underpinned by strong corporate and leisure demand within the Dallas-Fort Worth Metroplex, which is one of the five fastest growing economies in the U.S.,” said Carlos Rodriguez Sr., CEO of Driftwood Capital.
The full-service hotel, which opened in 2014 and cost $80 million to build, has been designed by BOKA Powell and was developed by Granite Properties. The hotel features an outdoor swimming pool, two dining venues, a Carso Market for meals and coffee, a business center, a fitness center and 33,833 square feet of meeting and event space that can accommodate up to 1,300 guests.
Hilton Dallas/Plano Granite Park is located centrally within Granite Park, which has 2.3 million square feet of office and retail space. The community is adjacent to Legacy Central Business Park at the junction of Dallas North Tollway and State Highway 121, with direct access to the Dallas-Fort Worth International Airport, about 20 minutes away.
A vertically integrated commercial real estate, Driftwood and its principals have transacted on over $5 billion in hospitality assets since 2015. These include new ground-up hotel development projects, cash-flowing hotels and hotel-backed loans.