Fort Worth-based Crescent Real Estate LLC today announced it has acquired Dallas’ Rosewood Crescent hotel.
Crescent acquired the hotel through its recently established investment fund. The hotel will be independently operated and renamed Hotel Crescent Court, returning the historic, iconic name to the Texas landmark. Crescent plans to invest $30 million in the luxury property, according to a press release.
The Hotel Crescent Court is located on the 11-acre grounds of The Crescent office towers and retail complex in the heart of Dallas’ vibrant Uptown. Built in 1985, it has 220 guest rooms, 29 of which are suites. Additionally, the hotel has approximately 20,000 square feet of flexible meeting space, NOBU restaurant and a 22,000-square-foot spa. Hotel Crescent Court also features The Crescent Club, an exclusive private dining and fitness club.
For the renovation, Crescent has engaged Dallas-based waldrop+nichols studio to provide interior design services. Waldrop+Nichols studio has done work for Starwood, Omni Hotels and other high-end hotels. The plans include significant renovations to guest rooms, the spa, and banquet and meeting spaces, as well as improvements to customer service, according to Crescent. HEI Hotels, an independent hotel manager, will operate the hotel. Andrew Davidson has been appointed general manager of the hotel. Davidson, a 30-year veteran of the upscale hospitality industry, most recently worked as general manager of the luxury Park Hyatt in Washington, D.C.
John Goff, chairman of Crescent, was previously an owner of Hotel Crescent Court and has strong ties to Uptown Dallas. Goff and Crescent-related companies owned the hotel in the early 1990s and have owned The Crescent. Currently, Crescent affiliates manage and lease The Crescent, own The Ritz-Carlton, Dallas adjacent to Hotel Crescent Court and are completing development of McKinney & Olive, a 530,000-square-foot Cesar Pelli-designed office and retail project.
“Hotel Crescent Court is a timeless and iconic asset in the best location in Dallas,” said Goff. “I believe this is a very unique opportunity—one for which I have a personal passion.
“When we complete the upgrades at Hotel Crescent Court, we will offer guests the experiences and amenities of a modern, newly built hotel while maintaining the classic and unique design features associated with this Texas landmark,” said Goff.
Goff and Crescent acquired the Hotel Crescent Court through the recently established GP Invitation Fund I (GPIF). Announced last month, the fund will have in excess of $4 billion in investment capacity by partnering with long-standing institutional relationships. The fund already has closed or committed to six new investments totaling approximately $400 million. Crescent is targeting investments in all real estate property types, primarily focused on properties in U.S. markets.