Billionaire John Goff and Fort Worth-based Crescent Real Estate LLC has closed on one of Dallas' ultra-luxurious hotels in Uptown, with plans to spend $30 million in upgrades.
The real estate magnate and Crescent acquired the Rosewood Crescent hotel through a recently established invitation-only real estate fund, called GP Invitation Fund I, with an investment capacity of $4 billion.
"Hotel Crescent Court is a timeless and iconic asset in the best location in Dallas," said Goff in a written statement. "I believe this is a very unique opportunity — one of which I have a personal passion."
This is a return home for Goff, a longtime Uptown developer that was previously an owner of the hotel in the early 1990s. As part of the ownership group's return, the new ownership group plans to return the hotel to its historic name, Hotel Crescent Court.
Hotel Crescent Court anchors The Crescent, an 11-acre mixed-use development in Uptown that is in the midst of its own $33 million transformation. Crescent Real Estate now own the entire triangular-shaped block from McKinney Avenue to Maple Avenue to Cedar Springs Road in Uptown.
The development includes the 220-room hotel (29 of which are suites), Nobu restaurant and a 22,000-square-foot space. Hotel Crescent Court also include The Crescent Club.
The $30 million in upgrades is planned to include renovations to guest rooms, meeting and banquet spaces, the spa and to improve the hotel's customer service. Dallas-based waldrop+nichols studio is the project's interior designer.
Upon completion, Goff said the Hotel Crescent Court will offer the amenities of a newly built hotel with the classic design associated with the Texas landmark.
The new ownership group has hired HEI Hotels to operate Hotel Crescent Court. Andrew Davidson, who was the former general manager of Park Hyatt in Washington, D.C., has been appointed as the hotel's general manager.
Crescent Real Estate also owns neighboring luxury Uptown hotel, The Ritz-Carlton. The developer is also nearing completion on the $225 million, Cesar Pelli-designed McKinney & Olive office and retail development.
Article courtesy of Dallas Business Journal:
http://www.bizjournals.com/dallas/news/2016/07/05/exclusive-goff-crescent-buys-plans-30m-in-upgrades.html?ana=e_dal_bn_exclusive&u=rm6JDa2K4UZHVHAsKAE5yA0a96f6e6&t=1467816211&j=74609312#i1
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