Partnership picks up Dallas' historic Ambassador Hotel

A limited partnership led by Jim Lake Cos. bought the historic Ambassador Hotel in downtown Dallas, and plans to redevelop the property at the southeast corner of Interstate 30 and S. Ervay St.

The hotel is the oldest luxury hotel in Dallas, dating to 1904.

The partnership, Ambassador Hotel Partners, bought the property from a Christian-based nonprofit based in Illinois called, Institute in Basic Life Principles.

Lake said he plans to select a hotel development partner by the end of the summer. The historic Ambassador Hotel is eligible for state and federal historic tax credits and he plans to take advantage of those credits as the hotel is a designated historic landmark.