A joint venture between global private markets firm Partners Group, acting on behalf of its clients, and funds managed by Trinity Real Estate Investments affiliate Trinity Fund Advisors has signed a management agreement with Marriott International to expand The Ritz-Carlton brand in the Dallas Metroplex in 2024.
In June, the joint venture acquired the Four Seasons Resort Dallas at Las Colinas, a 431-room hotel located in Irving, Texas, with plans to undertake a multimillion-dollar capital improvement that will ultimately convert the property to Marriott International's Ritz-Carlton brand.
Beginning Dec. 15, Marriott will assume management of the resort, which will be renamed The Las Colinas Resort, Dallas. Upon the completion of a planned $55 million propertywide renovation, the property will become The Ritz-Carlton Dallas, Las Colinas. The capital improvement program calls for renovating all guestrooms and villas, reconcepting the hotel’s food and beverage outlets, renovating 90,000 square feet of meeting and event space, activating the outdoor pool area and updating the 14,000-square-foot spa. Completion of the renovation is targeted for 2024.
“We are excited to expand The Ritz-Carlton brand in the Dallas Metroplex,” said Greg Dickhens, a managing partner of Trinity. “Through our agreement with Marriott International, we will be able to offer the Dallas Metroplex a destination experience suited to the demands of today’s sophisticated travelers across both the meetings and leisure segments. This is another example of how we are able to leverage our asset management expertise and industry relationships to create meaningful value for our investors and guests.”