NEW YORK—Carey Watermark Investors Incorporated (CWI 1) announced that it has acquired Le Meridien Dallas, The Stoneleigh. The historic hotel includes 176 guestrooms and is located in the chic Uptown Dallas district
Originally built in 1923, Le Meridien Dallas, The Stoneleigh is a AAA Four Diamond Art Deco hotel that is listed on the National Register of Historic Places. The hotel underwent an extensive $36 million renovation in 2008, which fully repurposed and repositioned the property as an upper-upscale lodging facility. Since 2008, $4.5 million has been spent to further upgrade the property and in early 2016, an additional $4 million renovation is planned for guestroom and corridor updates, the addition of an outdoor courtyard event space, a pool and other enhancements.
Dallas is an attractive growth market, evidenced by its 6.4 percent population growth from 2010 to 2014, which also places it in the top five growth cities in the United States. From 2009 to 2014, the downtown Dallas lodging market achieved an 8.4 percent compound annual growth rate in RevPAR, significantly above the U.S. average of 6.8 percent for the same period.
The hotel benefits from its attractive location in the Uptown Dallas district, directly north of downtown Dallas, offering a diverse mix of office, residential, and retail demand drivers. The hotel is within walking distance of numerous dining, nightlife, and entertainment options for locals and leisure travelers alike.
Le Meridien, a Starwood Hotels & Resorts brand, is a global hotel brand with a portfolio of more than 100 luxury and upper-upscale hotels across more than 50 countries worldwide. The hotel will continue to be managed by Merritt Hospitality, an affiliate of HEI Hotels & Resorts, a hospitality owner and operator that owns and manages 48 full-service, upper-upscale, luxury, and premium select-service hotels and resorts throughout the United States. Merritt Hospitality currently manages the Westin Pasadena, Westin Minneapolis, Sheraton Austin at the Capitol and the Boca Raton Marriott at Boca Center for CWI 1.
The property features 8,900 square feet of meeting and event space, and a lobby bar and lounge. Additionally, there is an American-style full-service restaurant, outdoor pool, and business center.
Michael Medzigian, chief executive officer of CWI 1, said, “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. 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. Although Dallas-Fort Worth is already the fourth largest metro area in the country, it continues to diversify and grow at a considerable pace and we are very excited about its continued and long-term growth potential.”