Fort Worth-based Crescent Real Estate's recently established investment fund acquired the Rosewood Crescent hotel in Dallas. The hotel will be independently operated and renamed Hotel Crescent Court, returning to the property's original historic name. In addition, Crescent plans to invest $30 million in the property.
The Hotel Crescent Court is located on the 11-acre grounds of The Crescent office towers and retail complex in the heart of Dallas uptown. Built in 1985, it has 220 guestrooms, 29 of which are suites. Additionally, the hotel has approximately 20,000 square feet of flexible meeting space, NOBU restaurant and a 22,000-square-foot spa. Hotel Crescent Court also includes The Crescent Club, an exclusive private dining and fitness club.
Crescent engaged the Dallas-based Waldrop+Nichols studio to provide interior design services for the multi-million dollar renovation. Plans already are underway and include updates to guestrooms, the spa and banquet and meeting spaces, as well as improvements to customer service. HEI Hotels, an independent hotel manager, will operate the hotel, while Andrew Davidson has been appointed GM of the property. Davidson, a 30-year veteran of the upscale hospitality industry, most recently worked as GM of the luxury Park Hyatt in Washington D.C.
John Goff, Chairman of Crescent, was previously an owner of Hotel Crescent Court and has ties to uptown Dallas. Goff and Crescent-related companies owned the hotel in the early 1990s and have owned The Crescent. Currently, Crescent affiliates manage and lease The Crescent, own The Ritz-Carlton, Dallas adjacent to Hotel Crescent Court and are completing development of McKinney & Olive, a 530,000-square-foot Cesar Pelli-designed office and retail project.
“Hotel Crescent Court is a timeless and iconic asset in the best location in Dallas,” Goff said. “I believe this is a very unique opportunity—one for which I have a personal passion.
“When we complete the upgrades at Hotel Crescent Court, we will offer guests the experiences and amenities of a modern, newly built hotel while maintaining the classic and unique design features associated with this Texas landmark,” said Goff.
Goff and Crescent acquired the Hotel Crescent Court through the recently established GP Invitation Fund I (GPIF). Announced last month, the fund will have in excess of $4 billion in investment capacity by partnering with long-standing institutional relationships. The fund already has closed or committed to six new investments totaling approximately $400 million. Crescent is targeting investments in all real estate property types, primarily focused on properties in U.S. markets.