A joint venture of two Dallas-based companies—NewcrestImage and Dabu Group—has acquired the full-service Marriott Dallas/Fort Worth Westlake. The hotel was previously owned by BRE Hotels & Resorts. Other terms of the transaction were not disclosed.
The hotel was designed in the 1980s by architect Ricardo Legorreta with bright colors, geometric shapes and a blend of light and shadow.
Newmark Lodging Capital Markets arranged the sale on behalf of the seller. The team was led by Vice Chairman Miles Spencer and Director Parker Sherrill. The Marriott is close to corporate offices, historic downtown Grapevine, DFW International Airport, Texas Motor Speedway and the 120-store Southlake Town Square shopping area.
“This deal represents a very attractive opportunity to join with a strong investment partner in acquiring a property that boasts strong rate performance and is strategically located in an active market,” Mehul Patel, managing partner and CEO of NewcrestImage, said in a statement.
The Marriott, which will undergo a complete renovation, has 294 rooms, many with private balconies, along with amenities such as a concierge level with private lounge, a restaurant, a Starbucks coffee shop, an outdoor pool, a business center and approximately 15,000 square feet of meeting space.