Carey Watermark buys Le Meridien Dallas, The Stoneleigh

Dallas’ landmark Stoneleigh Hotel has been purchased by a New York investor, according to The Dallas Morning News.

Carey Watermark Investors said Monday that it acquired the 176-room hotel located on Maple Avenue in Uptown.

Built in 1923 as a residential hotel, the Stoneleigh got a $36 million redo in 2008.

The hotel has had a couple of different operators since then, and is currently part of Starwood Hotels & Resorts’ Le Meridien brand. The new owners say that the Stoneleigh will stay under Le Meridien’s flag.

“The acquisition of Le Meridien Dallas, The Stoneleigh represented the opportunity to secure a fully-renovated, iconic asset in one of the most attractive locations in the Dallas Metroplex, a region where economic growth is amongst the strongest in the nation,” Michael Medzigian, chief executive officer of Carey Watermark Investors, said in a statement. “As a top-ranking property in Dallas, we expect the hotel to continue to benefit from the strength of the local economy, as well as the diverse corporate and leisure attractions in the area.”

The new owners plan to spend $4 million for guestroom and corridor updates, the addition of an outdoor event space, a swimming pool and additional upgrades.

Carey Watermark Investors is a real estate investment trust that makes investments primarily in the lodging and lodging-related properties.