Civitas Capital Group («Civitas»), a leading independent specialty asset management and financial services firm, and Atlantic Hotels Group («Atlantic»), an experienced hotel developer, owner, and operator, have closed on the sale of the recently opened 256-room dual-branded AC Hotel and Residence Inn Dallas by the Galleria. Terms were not disclosed.
Described by The Dallas Morning News as an “eye-popping modern building,” AC Hotel and Residence Inn Dallas by the Galleria is considered an anchor of the 400-plus-acre renovation corridor between the Galleria and Preston Road along LBJ Freeway that has been identified for redevelopment. According to the Morning News, the project, known as Dallas Midtown, is estimated to be valued at as much as $4 billion.
AC Hotel and Residence Inn Dallas by the Galleria is a five-floor property with more than 17,000 square feet of combined meeting space. AC Hotel Dallas by the Galleria offers 140 carefully curated guest rooms that feature a sleek European style along with workstations and flat-panel TVs. Residence Inn Dallas by the Galleria offers 116 suites designed for longer-stay guests. Every guest room is a suite with studio, one-, and two-bedroom options that afford extended-stay guests more functional living space.
«We are extremely excited about the uniqueness of the property, both in terms of the design and amenities, and that it will contribute to the emergence of the Midtown area, which we know is an important goal for the City of Dallas,» says David Perel, Managing Director, Head of Lodging Investments for Civitas. «We believe that the dual branded nature of the project, along with the common areas and meeting space, will serve a broad variety of consumers. We continue to be attracted to the dual branded hotel concept, which provides efficiencies both in terms of development and operations. This is the second dual branded hotel we have developed within the City of Dallas and will continue to look for such opportunities both locally and regionally.»
Civitas’ and Atlantic have jointly developed several hotels in the DFW Metroplex and within the Marriott International system over the past 18 months, including (in addition to the aforementioned property) the dual branded Aloft and Element Hotel at Dallas Love Field, the Residence Inn Dallas at the Canyon, and the soon-to-be-opened Springhill Suites McKinney.
About Civitas Capital Group
The Civitas Capital Group family of companies provides a range of products and services for institutional investors, family offices, and qualified individuals. Through its affiliates, the firm offers investment strategies to people interested in investing in the EB-5 Program for immigration purposes or in the U.S. real estate market through our Alternative Investment division. For more information, please visit civitascapital.com.
About Atlantic Hotels Group
Atlantic Hotels Group is a rapidly expanding hotel owner and operator. Atlantic continues to embark on a strategic growth plan that compliments and supplements hotel ownership and operations. Franchisees of Marriott, Hilton, Starwood, and InterContinental Hotels, Atlantic combines extensive resources and unparalleled depth and dexterity that allow the company to succeed in any marketplace. For more information, please visit atlantichotelsgroup.com.
About AC Hotels by Marriott
AC Hotels by Marriott®, a lifestyle brand that celebrates a new way to hotel complemented by a European soul and Spanish roots, boasts more than 120 design-led hotels in 15 countries and territories. Design driven AC Hotels by Marriott® edit away the unnecessary to remove friction, providing thoughtfully designed moments of beauty, allowing guests to focus on what’s important to them. The properties modern design for modern business include buzzing AC Lounges, the perfect place for locals or visitors to get work done in style or to enjoy handcrafted cocktails and tapas. High-design guest rooms and public spaces with sleek furnishings and intuitive technology features such as the Media Salons and AC Libraries inspire and connect. AC Hotels by Marriott® is proud to participate in the industry’s award-winning loyalty program, Marriott Rewards® which includes The Ritz-Carlton Rewards®. Members can now link accounts with Starwood Preferred Guest® at members.marriott.com for instant elite status matching and unlimited points transfer. For more information, visit ac-hotels.com. For more information, visit http://achotels.marriott.com and follow us on Facebook, Twitter, and Instagram.
About Residence Inn by Marriott
Residence Inn by Marriott is the global leader in the extended-stay lodging segment, with more than 700 properties located in 10 countries and territories. Designed for long stays, the brand offers spacious suites with separate living, working, and sleeping zones. Fully functional kitchens; grocery delivery service; 24-hour markets and complimentary breakfasts help guests maximize their time and thrive while they travel. Each Residence Inn offers free Wi-Fi in both public and guests spaces to ensure continuous connectivity while on the road. As a member of the Marriott International portfolio, Residence Inn is proud to participate in the industry’s award-winning loyalty program, Marriott Rewards® which includes The Ritz-Carlton Rewards®. Members can now link accounts with Starwood Preferred Guest® at members.marriott.com for instant elite status matching and unlimited points transfer. For more information or reservations, visit residenceinn.marriott.com. For travel tips, the latest on the brand or to connect with other travelers, «like» Residence Inn on Facebook and follow @ResidenceInn on Twitter and Instagram.
About Marriott International, Inc.
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 6,500 properties in 30 leading hotel brands spanning 127 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company also operates award-winning loyalty programs: Marriott Rewards®, which includes The Ritz-Carlton Rewards®, and Starwood Preferred Guest®. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.
This press release does not constitute an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Civitas’ track record includes projects and work product of Juno Development, an entity that merged with Civitas in January of 2013 after having worked together for many years. Past performance is not necessarily indicative of future results.