Carey Watermark Investors, a publicly registered non-traded real estate investment trust sponsored by W.P. Carey (NYSE: WPC), purchased Le Meridien Dallas, The Stoneleigh, a historic hotel in the Uptown Dallas district.
Originally built in 1923, Le Meridien Dallas, The Stoneleigh is an iconic, AAA Four Diamond Art Deco hotel that is listed on the National Register of Historic Places. The 176-room hotel underwent a $36 million renovation in 2008. Since 2008, $4.5 million has been spent to further upgrade the property and in early 2016, an additional $4 million renovation is planned for guestroom and corridor updates, the addition of an outdoor courtyard event space, a pool and other enhancements.
The hotel is located directly north of downtown Dallas, offering a diverse mix of office, residential and retail demand drivers. The hotel is within walking distance of numerous dining, nightlife and entertainment options for locals and leisure travelers alike. From 2009 to 2014, the downtown Dallas lodging market achieved an 8.4 percent compound annual growth rate in RevPAR (revenue per available room), significantly above the U.S. average of 6.8 percent for the same period.
Le Meridien, a Starwood Hotels & Resorts brand, is a global hotel brand with a portfolio of more than 100 luxury and upper-upscale hotels across more than 50 countries worldwide. The hotel will continue to be managed by Merritt Hospitality, an affiliate of HEI Hotels & Resorts, a hospitality owner and operator that owns and manages 48 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the United States.