Developers Bring $45M Dream Hotel to Uptown Dallas; Westmount Aquires 270-Unit Suburban M-F Complex
- Jan 27, 2014
By Amalia Otet, Associate Editor
Hyphen Construction Group Inc., a hospitality-focused general contracting firm based in Addison, has been tapped by McKinney Hotel Developers LLC to build the new Dream Dallas Hotel. The project, which bears a $45 million price tag, will break ground this summer and is scheduled for completion in December 2015. Hyphen will be involved in all phases of the development, including architecture, design, purchasing and construction.
To be located in the heart of the Uptown district, at 3207 McKinney Ave., the boutique hotel will feature 128 rooms, a 6,000-square-foot ground-level restaurant, as well as a lofted pool deck with adjacent lounge overlooking the city skyline.
“Dream Hotels have a history of success because we only work with the best, like legendary Strategic/Tao Group, Serafina Restaurant Group, Addison Hospitality and celebrity chef Geoffrey Zakarian,” said Brendan McNamara, senior vice president of brand development and design at Hampshire Hotels, which owns the Dream brand. “Hyphen Construction Group has earned a reputation that puts them into some elite status for construction companies. They share our passion for perfection and have proven that they have expertise to turn the Dream concept into reality.”
In 2011, Hampshire Hotels Management entered into an agreement with Wyndham Hotel Group, the world’s largest hotel company, which granted Wyndham exclusive rights to franchise and manage the Dream brand globally, according to a CultureMap story.
Currently, there are five Dream hotels around the world, including two in New York City; one in South Beach, Fla.; one in in Bangkok, Thailand; and one Cochin, India.
In multifamily news, Westmount Realty Capital LLC has acquired Alta Vista Ridge Apartments, a 270-unit Class A garden-style community in the Dallas suburb of Lewisville, from Wood Partners. The three-story asset will be rebranded as “Westmount at Vista Ridge.”
Financing for the acquisition was arranged by the Dallas office of NorthMarq Capital, as reported by Citybizlist. Dallas-based Knightvest Management has made an equity investment and was also selected as property manager.
Built in 2006-07, the 291,240-square-foot complex offers a mix of one-, two- and three-bedroom units with hardwood floors, efficient appliances, large walk-in closets and washer and dryer in the home. It is conveniently located at 2241 South Business Highway 121, near DFW Airport and the Highway 121 Office Corridor. Residents enjoy easy access to a plurality of shopping and dining options at the nearby Grapevine Mills Mall and Vista Ridge Mall. Recreational amenities are available from the 8,000-acre Lake Grapevine and 29,000-acre Lake Lewisville.
The new owners plan to give the property an extensive makeover, to include interior improvements and amenity upgrades. With a start date set for the first quarter of this year, renovations are expected to be complete in 18 months.
Photo credits: Rendering of the Dream Dallas Hotel courtesy of Hyphen Construction via Hotels News Resource; Westmount at Vista Ridge via Westmount Realty Capital LLC official website