Driftwood Capital, a vertically built-in industrial actual property agency offering engaging returns in hospitality, pronounces the acquisition of the Hilton Dallas/Plano Granite Park. The 299-key lodge is centrally situated inside the 90-acre master-planned, mixed-use group of Granite Park within the north Dallas suburb of Plano. This marks the corporate’s third lodge acquisition within the Dallas-Fort Price market; it additionally owns the 231-key Hilton Dallas/Rockwall Lakefront and the 248-key Hilton Dallas Southlake City Sq..
Driftwood Capital plans to renovate the lodge’s guestrooms and assembly house, and Driftwood Hospitality Administration (DHM), an affiliate of Driftwood Capital, has assumed administration duties.
Accredited buyers could have the chance to put money into the lodge via Driftwood Capital’s DealDirect funding platform starting in July.
“In a local weather the place few properties are buying and selling, we have been lucky to establish and purchase a high-quality, cash-flowing lodge asset in an distinctive location underpinned by sturdy company and leisure demand inside the Dallas-Fort Price Metroplex, which is among the 5 quickest rising economies within the U.S.,” mentioned Carlos Rodriguez Sr., CEO of Driftwood Capital.
Situated at 5805 Granite Pkwy, the Hilton Dallas/Plano Granite Park options 299 spacious guestrooms, together with king and double queen configurations, in addition to well-appointed suites. Company can get pleasure from a spread of facilities, together with an outside pool, two on-site eating choices, Carso Marketplace for ready-made meals and occasional, a health heart, and a enterprise heart. The lodge additionally boasts a formidable 33,833 sq. ft of versatile assembly and occasion house, accommodating as much as 1,300 company.
The property is centrally located inside the extremely sought-after Granite Park, a grasp deliberate, mixed-use group with 2.3 million sq. ft of current workplace and retail house, together with famend tenants akin to Fannie Mae, Coca-Cola North America, Ford Motor Credit score, and Vine Oil and Fuel. The grasp deliberate group is adjoining to Legacy Central Enterprise Park on the confluence of Dallas North Tollway and State Freeway 121 with direct entry to the Dallas-Fort Price Worldwide Airport, simply 20 minutes away.
The Dallas-Fort Price Metroplex, identified for its strong financial system and powerful company presence, is a burgeoning expertise hub and a most well-liked enterprise location. As one of many fastest-growing economies in america, the area presents distinctive airlift connectivity, attracting over 89 million passengers yearly via Dallas Fort Price Worldwide Airport and Dallas Love Discipline Airport.
About Driftwood Capital
Driftwood Capital is among the nation’s main hospitality sponsors. A vertically built-in industrial actual property agency with funding, improvement, lending and administration platforms, Driftwood’s distinctive enterprise mannequin offers accredited buyers entry to institutional-quality lodge belongings or capital options on a direct deal foundation following deal closing. Since 2015, Driftwood Capital and its principals have transacted on greater than $5 billion in hospitality belongings, together with new ground-up lodge improvement tasks, cash-flowing accommodations and hotel-backed loans. Driftwood’s in-house staff oversees deal sourcing, underwriting, financing, asset administration, operations, improvement and authorized points. For extra data, go to www.driftwoodcapital.com.
