grantboston
08 January 2008, 11:27 AM
Hotel group plans Uptown project
Plans are for either Marriott or Starwood property, broker says
08:15 AM CST on Tuesday, January 8, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
A Maryland-based hotel group has purchased land in Uptown for a new project.
The site, about one acre on Pearl Street just north of Dallas' Arts District, was bought by an affiliate of Baywood Hotels of Greenbelt, Md.
"I'm told they are planning to build a hotel with either a Marriott or Starwood flag," said Dallas real estate broker Mike Turner, who negotiated the sale.
The mostly vacant property is just north of a motor bank and across from the Federal Reserve Bank of Dallas. It is one of the last undeveloped tracts in that area.
"We've had it under contract in the past three different times," said Mr. Turner, who worked on the transaction with Dallas broker Newt Walker. "We finally closed the sale last week."
Officials in Baywood Hotel's headquarters office and at the Texas division in San Antonio were unable to provide details about the planned project.
Baywood was formed in 1975 and now has more than $200 million in assets. The company operates hotels with brands including Marriott, Hilton, Holiday Inn, Staybridge Suites, Country Inn & Suites and Comfort Suites.
Real estate broker Sperry Van Ness represented the hotel company in its purchase.
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-hotel_08bus.ART.State.Edition1.2aee2e0.html
Come on St. Regis!
Plans are for either Marriott or Starwood property, broker says
08:15 AM CST on Tuesday, January 8, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
A Maryland-based hotel group has purchased land in Uptown for a new project.
The site, about one acre on Pearl Street just north of Dallas' Arts District, was bought by an affiliate of Baywood Hotels of Greenbelt, Md.
"I'm told they are planning to build a hotel with either a Marriott or Starwood flag," said Dallas real estate broker Mike Turner, who negotiated the sale.
The mostly vacant property is just north of a motor bank and across from the Federal Reserve Bank of Dallas. It is one of the last undeveloped tracts in that area.
"We've had it under contract in the past three different times," said Mr. Turner, who worked on the transaction with Dallas broker Newt Walker. "We finally closed the sale last week."
Officials in Baywood Hotel's headquarters office and at the Texas division in San Antonio were unable to provide details about the planned project.
Baywood was formed in 1975 and now has more than $200 million in assets. The company operates hotels with brands including Marriott, Hilton, Holiday Inn, Staybridge Suites, Country Inn & Suites and Comfort Suites.
Real estate broker Sperry Van Ness represented the hotel company in its purchase.
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-hotel_08bus.ART.State.Edition1.2aee2e0.html
Come on St. Regis!