Driftwood Capital, a vertically integrated commercial real estate firm, has acquired the Hilton Dallas/Plano Granite Park from Granite Properties. The 299-key hotel is centrally located within the 90-acre mixed-use community of Granite Park in the north Dallas suburb of Plano.
This deal marks the company’s third hotel acquisition in the Dallas-Fort Worth market; it also owns the 231-key Hilton Dallas/Rockwall Lakefront and the 248-key Hilton Dallas Southlake Town Square.
Driftwood Capital plans to renovate the hotel’s guestrooms and meeting space, and the company’s affiliate Driftwood Hospitality Management has assumed management responsibilities.
Investors may be able to invest in the hotel through Driftwood Capital’s DealDirect investment platform beginning in July.
“In a climate where few properties are trading, we were fortunate to identify and acquire a high-quality, cash-flowing hotel asset in an exceptional location underpinned by strong corporate and leisure demand within the Dallas-Fort Worth Metroplex, which is one of the five fastest growing economies in the U.S.,” Carlos Rodriguez Sr., CEO of Driftwood Capital, said in a statement.
The Hilton Dallas/Plano Granite Park has 299 guestrooms, including king and double queen configurations, as well as suites. Amenities include an outdoor pool, two on-site dining options, Carso Market for ready-made meals and coffee, a fitness center and a business center. The hotel also has 33,833 square feet of meeting and event space that can accommodate up to 1,300 guests.
Beyond the hotel, Granite Park has 2.3 million square feet of existing office and retail space, including Fannie Mae, Coca-Cola North America, Ford Motor Credit and Vine Oil and Gas. The master-planned community is adjacent to Legacy Central Business Park at the confluence of Dallas North Tollway and State Highway 121 with direct access to the Dallas-Fort Worth International Airport 20 minutes away.