A new dual-branded Marriott hotel in Dallas closed construction financing, with a tentative opening date set for spring 2018.
The 256-room property will consist of the AC by Marriott Dallas North and the Residence Inn by Dallas North, and is owned and being developed by Civitas Capital Group and Atlantic Hotels Group. The property is being considered the "anchor" of the Dallas Midtown Redevelopment project, a $3.5 billion mixed-use development with 6.5 million square feet of office tower space; 9,000 residential units; 1 million square feet of retail, restaurant and entertainment space; and an 18-acre park.
Both hotels will have separate entrances. The AC will consist of 140 rooms, while the Residence Inn will have 116. Both hotels will share a pool, meeting space, bar and back-of-house.
Civitas is attached to the property for its ability to attract foreign investors through EB-5 financing, as well as its use of traditional equity. Civitas' equity partner is JD Capital, which is a known private equity entity in China.
The architect for the development will be 5G Studio Collaborative. Simmons bank is the senior lender, Clark Contractors acts as the general contractor and Dowdle Real Estate is the land broker. An affiliate of Atlantic Hotels Group will manage the property.