The Hyatt Regency DFW International Airport Hotel was sold in the largest transaction of its kind in North Texas since the beginning of the COVID-19 pandemic.
The 811-room hotel from the 1980s is located next to Terminal C at DFW Airport.
It was originally a project by Dallas’ Woodbine Development, which sold the huge hotel lot in 2014. Now Woodbine has bought back the Hyatt as part of a deal negotiated by commercial real estate company Hodges Ward Elliott.
“The Hyatt Regency is an integral part of the economic engine of DFW Airport,” said John Bourret of Hodges Ward Elliott in a statement. “The property has seen firsthand how the recovery of the travel market has already accelerated significantly.
“The Hodges Ward Elliott team have been fortunate to find the ideal buyer for this unique property and we are delighted to arrange the sale of this highly visible property.”
The Hyatt Regency has 92,000 square feet of meeting space and four dining options.
Hodges Ward Elliotts Bourret, Austin Brooks and David Auer brokered the sale through a New York-based investment company. Conditions of sale were not disclosed.
DFW Airport Hyatt originally had 1,369 guest rooms in two towers.
In 2001 the airport demolished the West Side Tower to make way for the construction of its new international terminal.
Woodbine Development expanded and modernized the east tower of the hotel from 2005.
“We owned it with the Hunt family for nearly 30 years before selling it in 2014 and buying it back last week,” said T. Dupree Scovell, Woodbine’s managing partner and chief investment officer, in an email.
Scovell said upgrades are planned for the large hotel.
“We’re going to spend around $ 3.5 million initially to improve the facility,” he said. “Ideally, we can work with the airport to improve the garage and the connection to the terminal.”
Hotel sales stalled with the outbreak of the pandemic last year, but home purchases have increased in recent months.
More than a dozen North Texas hotels developed by Grapevine-based NewcrestImage were recently sold to Summit Hotel Properties, an Austin real estate fund.
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https://www.dallasnews.com/business/real-estate/2021/11/30/d-fw-hyatt-sale-is-the-largest-single-local-hotel-deal-since-covid/
