Three Properties Change Hands
NATIONAL REPORT—Hotels in Texas, Colorado and California have new ownership. They are:
Driftwood Capital Acquires Hilton in Dallas
Driftwood Capital has acquired the Hilton Dallas Southlake Town Square, a 248-key, five-story hotel located in the Dallas suburb of Southlake, approximately 10 minutes from Dallas-Fort Worth International Airport. Driftwood Capital acquired the asset from Hobbs & Curry family limited partnership for an undisclosed price, and plans to invest $5 million in property renovations over the next 12 months. The property will be managed by Driftwood Capital’s sister company, Driftwood Hospitality Management (DHM).
Driftwood will open the property to investors for syndication in early February with a minimum investment of $50,000. Driftwood Capital retains a 10% stake in all its hotel investments.
Built in 2007, Hilton Southlake offers about 18,000 sq. ft. of meeting space, and is near corporations such as Fidelity Investments, Deloitte and TD Ameritrade.
Trio Purchase Two Colorado Resorts
High Street Real Estate Partners, RGP Partners and Acron Real Estate Investments have acquired The Westin Snowmass Resort and Wildwood Snowmass in Snowmass, CO, and have selected Davidson Hotels & Resorts to manage the properties. As part of the transition, both properties will undergo transformational renovations to guestrooms, F&B outlets and public spaces.
Situated in the heart of Snowmass Village with ski-in/ski-out access to Snowmass Mountain, The Westin Snowmass Resort features 254 rooms and 17 suites. The resort offers two restaurants, an on-site Starbucks, a Westin Spa, a mountainside heated pool, a hot tub & sun deck, a Westin Workout fitness center and 25,000 sq. ft. of indoor and outdoor meeting and event space, including an 11,800-sq.-ft. ballroom.
Wildwood Snowmass offers 121 rooms and suites and The Bar at Wildwood. It is minutes from the slopes of Snowmass.
Lowe Acquires Miramonte Resort & Spa
Lowe, a national real estate developer, investor and manager, has acquired the 215-room Miramonte Resort & Spa in Indian Wells, CA. Concurrent with the completion of the acquisition, Lowe will begin implementing a reopening plan for the resort, which has been closed since March due to COVID-19. Reopening of Miramonte is anticipated for early 2021.
The resort offers 215 suites and bungalows, an array of dining spots, three outdoor pools and a 12,000-sq.-ft. spa. It was most recently renovated in 2017 with upgrades to the resort’s dining options including the lobby bar and lounge. Miramonte’s more than 20,000 sq. ft. of indoor event space was redesigned blending elements of classic Palm Springs modernism with sleek contemporary finishes.